Key TakeawaysJPMorgan has lowered its target price for Deutsche Telekom (DTEGY) shares to €39 from €43.5, signaling a revised outlook for the European telecommunications giant.The yield on Japan's 30-year government bond has increased by 3 basis points (bps), reaching 2.845%, reflecting continued upward pressure in the Japanese bond market.CME Group (CME) has temporarily halted commodities futures trading due to technical issues, impacting a range of products including cryptocurrencies.The CME trading halt ...

Summary of the 2026 Asia Macro Strategy Outlook Industry Overview - **Focus**: Asia Ex-Japan (AXJ) currencies and rates outlook for 2026 - **Key Themes**: Trade recovery, monetary policy changes, and economic rebalancing in China Key Points Currency Outlook 1. **Improved Trade Outlook**: Non-tech exports are expected to recover, benefiting AXJ currencies, particularly SGD, THB, MYR, and KRW, which have significant non-tech export shares in GDP [13][14][31] 2. **Projected Currency Appreciation**: AXJ currencies are anticipated to appreciate by approximately 3% in 1H26, driven by USD weakness and export recovery [9][31] 3. **Performance Variance**: KRW, MYR, and SGD are expected to outperform, while PHP is projected to underperform due to weaker domestic fundamentals [7][31] 4. **China's Limited Impact**: The economic rebalancing in China is expected to have a limited positive effect on AXJ currencies, with a stable exchange rate policy from the PBOC [19][20][64] Rate Outlook 1. **End of Easing Cycles**: Most AXJ central banks are nearing the end of their easing cycles, with the potential for rate hikes in 2026, particularly in Indonesia and the Philippines [46][49][130] 2. **Rising Yields**: AXJ yields are expected to rise in 2026 as growth improves and disinflationary pressures abate, particularly in 2H26 [38][53] 3. **Divergence from US Rates**: The influence of US rates on AXJ local rates has decreased, allowing for local yields to rise independently [40][49] Economic Factors 1. **Disinflationary Pressures**: Disinflationary pressures are expected to ease, supporting higher yields, with India and the Philippines seeing the most significant increases in inflation [53][55] 2. **Fiscal Policy Stability**: Most AXJ economies are expected to maintain stable budget balances, with some countries like China and Singapore potentially adopting more expansionary fiscal policies [55][56] Trade Ideas 1. **Short TWD/KRW**: A trade idea suggesting shorting TWD against KRW, targeting a rate of 45.40 with a stop at 47.70 [35][63] 2. **Receive 5-year CNY NDIRS**: This trade idea is based on the muted growth and inflation outlook for China [58][63] 3. **Receive 5-year THB NDTHOR**: Targeting a yield of 1.12% with a stop at 1.42% due to softer inflation and GDP [59][63] Additional Insights 1. **Korea's Growth Potential**: Korea is expected to see significant foreign equity inflows and benefits from both non-tech and tech exports [89][90] 2. **Malaysia's Strong Fundamentals**: Despite rich valuations, Malaysia's economic fundamentals remain robust, with a strong export recovery expected [127][130] 3. **Thailand's Uncertainty**: The upcoming elections and the central bank's efforts to manage currency valuation could moderate THB's appreciation potential [120][121] Conclusion - The AXJ region is poised for a modest recovery in both currency appreciation and yield increases in 2026, driven by improved trade dynamics and the conclusion of easing cycles across central banks. However, individual country performances will vary based on domestic economic conditions and external factors such as USD movements and geopolitical developments.

Core Viewpoint - Investors are seeking growth stocks that can deliver above-average growth and exceptional returns, but identifying such stocks is challenging due to inherent volatility and risks [1] Group 1: Growth Stock Identification - The Zacks Growth Style Score system aids in identifying promising growth stocks by analyzing real growth prospects beyond traditional metrics [2] - Houlihan Lokey (HLI) is highlighted as a recommended stock with a favorable Growth Score and a top Zacks Rank [2] Group 2: Earnings Growth - Earnings growth is crucial for investors, with double-digit growth being a strong indicator of future stock price gains [3] - Houlihan Lokey's historical EPS growth rate is 2.5%, but projected EPS growth for this year is 24.1%, surpassing the industry average of 19% [4] Group 3: Cash Flow Growth - Higher-than-average cash flow growth is essential for growth-oriented companies, allowing them to expand without relying on external funding [5] - Houlihan Lokey's year-over-year cash flow growth is 40.3%, significantly higher than the industry average of -3.5% [5] - The company's annualized cash flow growth rate over the past 3-5 years is 15.9%, compared to the industry average of 11.7% [6] Group 4: Earnings Estimate Revisions - Positive trends in earnings estimate revisions correlate strongly with near-term stock price movements [7] - Current-year earnings estimates for Houlihan Lokey have been revised upward, with the Zacks Consensus Estimate increasing by 2.2% over the past month [8] Group 5: Overall Assessment - Houlihan Lokey has achieved a Zacks Rank 2 and a Growth Score of A, positioning it well for potential outperformance in the market [9]

Core Viewpoint - Jefferies Financial Group Inc. is currently under investigation by the SEC regarding its disclosures related to Point Bonita, prompting investors to reach out to BFA Law for further information [1] Group 1 - The SEC probe focuses on the disclosures made by Jefferies Financial Group Inc. concerning Point Bonita [1] - Investors are encouraged to contact BFA Law to learn more about the ongoing investigation [1]

New York-based The Goldman Sachs Group, Inc. (GS) is a financial institution that provides a range of financial services for corporations, financial institutions, governments, and high-net-worth individuals. With a market cap of $240.6 billion, the company specializes in investment banking, trading and principal investments, asset management and securities services. Companies worth $200 billion or more are generally described as “mega-cap stocks,” and GS definitely fits that description, with its market c ...

Group 1 - The emergence of single-name ETFs in 2025 has significantly increased their presence in the market, allowing for continuous gains from underlying stocks [1] - Binary Tree Analytics (BTA) aims to enhance transparency and analytics in capital markets, focusing on Closed-End Funds (CEFs), Exchange-Traded Funds (ETFs), and Special Situations [1] - BTA has over 20 years of investment experience, leveraging a finance background from a top university to deliver high annualized returns with low volatility [1]

Group 1 - Saudi Aramco has appointed Citigroup as the preferred adviser for the planned sale of a stake in its oil export and storage terminals business after a competitive selection process [1] - The proposed transaction could generate several billion dollars for Aramco, although discussions are still in the early stages and no final decisions have been made regarding the sale's structure or timing [2] - The formal sale process is expected to begin next year, potentially attracting interest from large infrastructure funds [2] Group 2 - This move is part of Aramco's broader strategy to divest assets, including portions of its real estate portfolio, to generate capital for future investments [3] - Aramco's oil storage and export network includes significant facilities at Ras Tanura and terminals on the Red Sea, as well as interests in product terminals in the Netherlands and storage leases in Egypt and Okinawa, Japan [3] - The decision to explore the sale of a stake in the oil terminals business is a response to changing market conditions, including a 16% decline in oil prices this year, which has led to project delays and considerations for asset sales to maintain investment capacity [4] Group 3 - The impact on earnings has been mitigated by increased production, but asset sales are viewed as a means to strengthen Aramco's financial position [4] - Citigroup declined to comment on the appointment, and Aramco has not provided further details regarding the stake sale [5] - Financial institutions such as JPMorgan and Sumitomo Mitsui Banking are reportedly in discussions to support the transaction [6]

Summary of J.P. Morgan's Emerging Markets Outlook and Strategy for 2026 Industry Overview - **Industry**: Emerging Markets (EM) - **Focus**: The report outlines the outlook for EM fixed income, local markets, sovereign credit, and corporate credit for the year 2026. Key Themes and Insights 1. **Macroeconomic Stability**: Lower macro volatility is expected to support EM local markets in 2026, with a forecast of stable growth and inflation rates. EM (ex-China) GDP growth is projected at 3.3%, while China’s growth is forecasted to decline to 4.4% from 4.9% in 2025 [17][18][19] 2. **Inflation and Monetary Policy**: EM headline inflation is anticipated to stabilize around 3.2% in 2026, following a decline in 2025. Central banks are expected to implement further rate cuts, particularly in high-yielding countries, but the pace of cuts will moderate [19][20] 3. **Investment Environment**: The report emphasizes a positive outlook for EM fixed income investments, suggesting that ongoing inflows into EM funds are likely due to historically low valuations and a shift away from a prolonged bear market in EM FX [20][21] 4. **Local Markets Strategy**: J.P. Morgan maintains an "Overweight" (OW) stance on EM FX and rates, with a focus on carry-oriented portfolios. The report highlights a bullish trend for EM FX against the USD, driven by rich USD valuations and a shift in global asset positioning [21][22] 5. **Sovereign Credit Outlook**: The EMBIGD spread is expected to end 2026 at 280 basis points, with a modest spread outperformance anticipated. High-yielding sovereigns are favored due to their better fiscal trajectories [23][24] 6. **Corporate Credit Outlook**: The CEMBI BD spread target for the end of 2026 is set at 210 basis points, with a forecasted return of +4.2%. The report indicates stable corporate fundamentals and a below-average default rate of 3% [24][33] 7. **Technical Factors**: Positive inflows into EM dedicated bond funds are projected at $40-50 billion for 2026, with a supportive backdrop for EM bond fund flows due to favorable FX returns and lower macro volatility [25][34] 8. **Regional Growth Dynamics**: The report notes that EMAX (Emerging Asia ex China and India) has shown resilience despite high tariffs, with growth expected to remain stable. Latam is projected to see accelerated growth amid significant political transformations [26][27][49] 9. **Political Risks**: Upcoming elections in key EM countries (Brazil, Hungary, Israel, Colombia, and Peru) are highlighted as significant for market dynamics in 2026, with potential impacts on fiscal policies and economic stability [27][28] 10. **Risks to the Outlook**: Two main risk scenarios are identified: a potential US economic slowdown leading to tighter monetary policy, and a collapse in US equity prices affecting EM markets. The report suggests that while drawdowns may occur, the overall impact on EM fixed income should be contained unless a recession is realized [48][49] Additional Important Insights - **AI and Tech Influence**: The report discusses the impact of AI-driven tech strength on EM exports, particularly in EMAX, where tech accounts for a significant portion of industrial production gains. However, growth in tech imports from Asia is expected to slow down [55] - **Fiscal Policy Considerations**: The need for supportive fiscal policies is emphasized, especially if domestic demand does not recover in EM regions [51] This comprehensive outlook provides a detailed analysis of the expected trends and dynamics in emerging markets for 2026, highlighting both opportunities and risks for investors.

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the oil industry, specifically the impact of potential Russia-Ukraine peace negotiations on crude and refined product prices. Core Insights and Arguments - **Crude Price Decline**: Brent crude prices have decreased by 5% to $62 per barrel as the market reassesses the likelihood of a Russia-Ukraine peace deal [1][2] - **Downside Risks**: There are estimated downside risks of $4-5 to Brent/WTI price forecasts for 2026 due to a potential peace deal, which could lead to a gradual recovery in Russian production and increased oil inventories in OECD pricing centers [1][5] - **Refined Product Prices**: A stronger immediate decline in refined product prices is expected due to: 1. A 0.9 million barrels per day (mb/d) decline in Russian refined product exports since March 2022, while crude exports have remained stable [1][15] 2. Higher geopolitical risk premiums currently priced into product margins compared to crude prices [1][21] 3. Potential normalization of freight rates if voyage journeys shorten [1][23] - **European Diesel Margins**: European diesel margins have dropped nearly 25% to $28 per barrel, reflecting the market's reaction to renewed peace talks [2] Additional Important Insights - **Production Forecasts**: The base case assumes that sanctions on Russia's oil sector will persist, leading to a decline in Russian liquids production to 9.0 mb/d by the end of 2027 from 10.1 mb/d in Q4 2025 [3] - **Gradual Recovery**: Even with the removal of sanctions, a gradual recovery in Russian oil production is expected due to structural issues such as technological and operational bottlenecks [6] - **Oil on Water**: The volume of Russian crude on water has increased by approximately 80 million barrels since the start of the war, which could lead to a reduction in prices if sanctions are lifted [7][10] - **Market Dynamics**: The ongoing conflict has tightened refined product markets more than crude markets, with significant declines in diesel and gasoil exports following EU sanctions [18] - **Risk Premiums**: A $7 per barrel premium for European gasoil/diesel margins over Brent is attributed to risks associated with Russia [22] - **Freight Rates**: Sanctions have shifted Russian oil flows from West to East, increasing tanker freight rates by around $3 per barrel since the war began [23] Recommendations - Investors are advised to short the 2026Q3-Dec2028 Brent timespread and for oil producers to hedge against 2026 price downside, while consumers should hedge against price increases expected from 2028 [27][28]

Core Insights - The article discusses the volatility of the preferred shares of Eagle Point Credit Company Inc. (ECC.PR.D), highlighting the investment risks associated with these financial instruments [1]. Company Overview - Eagle Point Credit Company Inc. has a focus on preferred shares that are characterized as very volatile, indicating potential investment risks [1]. Investment Strategy - Binary Tree Analytics (BTA) aims to provide transparency and analytics in capital markets, focusing on closed-end funds (CEFs), exchange-traded funds (ETFs), and special situations to achieve high annualized returns with low volatility [1].