Group 1 - UBS Investment Bank's machinery, engineering construction, and U.S. building materials analyst, Steven Fisher, introduced the management of Oshkosh Corporation, including CEO John Pfeifer and Investor Relations representative Pat Davidson [1] - The session is part of a call where disclosures regarding the analyst's relationship with the companies discussed are provided, emphasizing transparency in the research process [2]

Group 1 - AGCO Corporation's management, including CFO Damon Audia and Investor Relations head Greg Peterson, participated in a session hosted by UBS Investment Bank [1] - The session was led by Steve Fisher, an analyst specializing in Machinery Engineering & Construction and U.S. Building Materials at UBS [1] Group 2 - The session included a disclosure regarding the relationship between UBS and the companies discussed, which is a standard requirement for research analysts [2]

Group 1 - The presentation features management from Jacobs, including CEO Bob Pragada and CFO Venk Nathamuni, indicating a focus on leadership insights and company strategy [1] - The event is hosted by Steven Fisher, an analyst from UBS Investment Bank, specializing in Machinery, Engineering, Construction, and Building Materials, highlighting the relevance of industry expertise [1] Group 2 - The session includes disclosures related to the analyst's relationship with the companies discussed, ensuring transparency in the research process [2]

Core Viewpoint - U.S. manufacturing has contracted for the ninth consecutive month in November, driven by declining orders and rising input prices due to ongoing import tariffs [1][2]. Manufacturing Sector Performance - The Institute for Supply Management (ISM) reported that the manufacturing PMI fell to 48.2 in November from 48.7 in October, indicating contraction in the sector, which constitutes 10.1% of the economy [4]. - Some manufacturers linked layoffs to the tariff environment, indicating a shift towards more permanent changes, including staff reductions and offshore manufacturing [2]. Impact of Tariffs - The imposition of 25% tariffs on over $460 billion worth of imports, particularly in the transportation equipment industry, has negatively impacted manufacturing, although some tariff relief has been provided [2][5]. - The Federal Reserve's Beige Book noted that while some districts reported slight increases in manufacturing activity, tariffs and uncertainty continue to pose challenges [5]. Industry-Specific Insights - Only four industries, including computer and electronic products and machinery, reported growth, while sectors such as wood products, transportation equipment, and textile mills experienced contraction [5]. - Chemical product manufacturers indicated that tariffs and economic uncertainty are dampening demand for construction-related products like adhesives and sealants [6].

Group 1 - Deere & Company will host its investor day event on December 8, 2025, at 10:30 a.m. eastern time, where senior leadership will discuss strategic ambitions and growth opportunities with analysts and investors [1] - The live webcast and presentation materials for the investor day can be accessed on the company's investor website, with recorded materials available afterward [2] - Deere reported a net income of $1.065 billion for the fourth quarter ended November 2, 2025, translating to $3.93 per share, and a total net income of $5.027 billion for the fiscal year [3]

Economic Indicators - Pre-market futures are showing positive movement, with major indices like the Dow, S&P 500, and Nasdaq all up, indicating a strong trading day [1] - Weekly Jobless Claims reported at 216K, below expectations of 225K, suggesting a resilient job market [4] - Durable Goods Orders increased by 0.5%, aligning with expectations, while non-defense, ex-aircraft durable goods orders rose by 0.9%, indicating potential growth in business spending [6] Company Performance - Deere & Co. reported fiscal Q4 results, missing earnings estimates by 3 cents at $3.93 per share, marking the first earnings miss in three years, although revenues exceeded expectations by 5.92% at $10.58 billion [7] - Shares of Deere & Co. are trading down 3.5% following the earnings report, despite a year-to-date gain of 17.6% [7] Consumer Behavior - An estimated 31 million people are expected to travel for Thanksgiving, indicating strong consumer spending on travel despite the performance of major airlines [8]

Economic Indicators - Pre-market futures are positive, with major indices showing gains: Dow +77 points, S&P 500 +18, Nasdaq +107 points, and Russell 2000 flat after a +2% increase the previous day [1] - Weekly Jobless Claims reported at 216K, below expectations of 225K, indicating a resilient job market [4][3] - Continuing Claims total 1.960 million, slightly up from the previous week's revised figure, suggesting stability in longer-term jobless claims [4][5] - Durable Goods Orders increased by 0.5%, aligning with expectations, while orders excluding transportation rose by 0.6% [6] Company Performance - Deere & Co. reported fiscal Q4 results, missing earnings estimates by 3 cents at $3.93 per share, marking the first earnings miss in three years, although revenues exceeded expectations by 5.92% at $10.58 billion [8] - Shares of Deere are trading down 3.5% following the earnings report, despite a year-to-date gain of 17.6% [8] Consumer Behavior - An estimated 31 million people are expected to travel for Thanksgiving, indicating strong consumer spending on travel despite the economic climate [9]

Market Overview - The supply of homes for sale has increased by approximately 15% compared to a year ago, indicating a shift in the housing market dynamics [2] - In September, around 85,000 US sellers removed their homes from the market, marking a 28% increase from the previous year, the fastest pace in nearly a decade [1] Consumer Confidence and Labor Market - The Conference Board's consumer confidence index fell to 88.7%, a decline of nearly seven points from the prior month, the lowest since April, and below expectations [3] - Private payrolls data from ADP indicated an average loss of 13,500 jobs per week over the past four weeks, suggesting potential labor market challenges ahead of the Fed's December meeting [3] Federal Reserve and Economic Policy - Treasury Secretary Scott Bessent mentioned that President Trump may announce a new Fed chair by Christmas, with five strong candidates currently in consideration [5] - Kevin Hasset, Director of the National Economic Council, is emerging as a frontrunner for the Fed chair position, expected to align with Trump's preferences on interest rates [6] Economic Activity and Inflation - The upcoming Fed's Beige Book is anticipated to show little change in overall economic activity, with some districts reporting slight declines and others modest growth [10] - Inflation is expected to moderate, but high input costs continue to pressure businesses, indicating mixed consumer spending patterns [10] Company-Specific Insights - Deere is facing headwinds due to waning demand for machinery and lower grain prices, although recent trade deals may provide some benefits [12] - Lee Auto, a Chinese EV maker, has seen its US-listed shares decline over 20% year-to-date, attributed to a slowing Chinese economy and increased competition [14]

Summary of Japan Equity Strategy Outlook Industry Overview - The report focuses on the Japanese equity market, specifically the TOPIX index, with a target of 3,600 points by December 2026, indicating a potential increase of nearly 10% from current levels [2][9][15]. Core Insights and Arguments 1. **Economic Growth and Inflation**: Japan is transitioning from a low-inflation environment to one where inflation is expected to approach 2%, leading to growth, wage increases, and improved pricing flexibility [4][12]. 2. **Corporate Governance Reforms**: Reforms by the Tokyo Stock Exchange and the Financial Services Agency are enhancing corporate governance, prompting companies to rethink balance-sheet management [4][13]. 3. **Investment Opportunities**: The report highlights sectors poised for growth, including Construction & Materials, Machinery, Electrical Equipment & Precision Instruments, IT Services, and Banks, while expressing caution towards Food, Pharmaceuticals, and Transportation sectors [9][40][46]. 4. **External Risks**: Significant uncertainty from external shocks is acknowledged, with a wide dispersion between bullish and bearish equity outlooks. Key risks include a potential US economic slowdown and sharp appreciation of the Japanese yen [5][9][35]. 5. **Fiscal Policy**: The Takaichi administration is expected to emphasize economic security and strategic investments in technologies essential for national security, such as AI and semiconductors [5][39]. Important but Overlooked Content 1. **Earnings Projections**: EPS growth for TOPIX constituents is projected at +16% for 2026, with a further +9% increase in 2027, indicating robust corporate earnings momentum [19]. 2. **Valuation Metrics**: The report outlines a forward P/E ratio of 15.0x for the base case, with a potential range from 12.2x in a bear case to 17.0x in a bull case, reflecting a significant range of market expectations [14][19]. 3. **Sector-Specific Insights**: - **Cyclical Sectors**: The report recommends focusing on cyclical sectors that can withstand US economic uncertainties, particularly those backed by government investment [39][40]. - **Underperforming Sectors**: Structural headwinds in Food, Pharmaceuticals, and Transportation sectors are highlighted, with expectations of underperformance during economic expansions [46]. Conclusion - The overall outlook for Japanese equities remains positive, with a strong emphasis on building resilient portfolios to navigate potential external shocks. The anticipated fiscal policies and corporate governance reforms are expected to drive long-term growth and profitability in the Japanese market [5][15][19].

Core Viewpoint - Standex International Corporation will participate in the Melius Research Conference on December 10, 2025, with a presentation accessible on their Investor Relations website [1]. Group 1: Company Overview - Standex International Corporation operates in five broad business segments: Electronics, Engineering Technologies, Scientific, Engraving, and Specialty Solutions [2]. - The company has a global presence with operations in the United States, Europe, Canada, Japan, Singapore, Mexico, Turkey, India, and China [2]. Group 2: Financial Reporting - Standex International Corporation reported its financial results for the first quarter of fiscal year 2026, which ended on September 30, 2025 [3]. - The announcement of the first quarter fiscal 2026 financial results is scheduled for October 30, 2025 [4].