9 June 2025 | 9:10PM BST European Daily: UK—How Large is the Defence Dividend? (Moberly) UK—How Large is the Defence Dividend? The UK government has emphasised the growth upside from higher military spending, with the Prime Minister arguing this week that increased expenditure Sven Jari Stehn +44(20)7774-8061 | jari.stehn@gs.com Goldman Sachs International Filippo Taddei +44(20)7774-5458 | filippo.taddei@gs.com Goldman Sachs International Alexandre Stott +33(1)4212-1108 | alexandre.stott@gs.com Goldman Sach ...

9 June 2025 | 5:29PM EDT Global: GS Economic Indicators Update: Global Hard Data Show Resilience Please find an update of our proprietary global economic indicators below. The data behind these exhibits can be downloaded here. Interactive charts can be found on our living page here. Chart of the Week Exhibit 1: Global Hard Data Show Resilience as Soft Data Normalizes Our daily MAP surprise indices summarize the importance and strength (relative to consensus expectations) of economic indicators worldwide. Ac ...

9 June 2025 | 1:37PM HKT China: Export growth moderated in May on continued drop in US-bound exports Bottom line: China's trade growth moderated in May despite the substantial tariff rollback between the US and China, and came in below consensus expectations (exports: +4.8% yoy, imports: -3.4% yoy). The moderation in headline export growth reflects the continued fall in China's exports to the US with another 17% sequential decline after seasonal adjustment. The decline in imports appears widespread, consist ...

10 June 2025 | 12:24AM BST Andrea Ferrario +44(20)7552-4353 | andrea.ferrario@gs.com Goldman Sachs International Christian Mueller-Glissmann, CFA GOAL Kickstart US exceptionalism - fundamental shifts and technical headwinds from Section 899 Last week both US Manufacturing and Services ISM came in below consensus, while NFPs growth slightly beat consensus (but still points to slowing US growth) and the unemployment rate remained flat. Key economic data releases this week will be US CPI and UofM reports. The ...

June 9, 2025 02:09 PM GMT Cross-Asset Spotlight | Global M Update Signals, Flows & Key Data A weekly summary of key cross-asset monitors, data, moves, and models tracking sentiment, fund flows, and positioning. Key highlights from last week: | | As of Jun | | Q2 2026 Forecast | | | Q2 2026 Return Forecast | | Volatility | Base Case | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 06, 2025 | Bear | Base | Bull | Bear | Base | Bull | | Return/Risk | | Equities | | | | | | Total Returns | | ...

Core Viewpoint - OR Royalties Inc. has successfully amended its revolving credit facility, increasing its total availability to $850 million and converting it to a U.S. dollar denominated facility, reflecting confidence in its long-term growth prospects [1][2][4]. Credit Facility Details - The amended Credit Facility provides access to $650 million with an additional uncommitted accordion of up to $200 million, totaling $850 million, compared to the previous maximum of C$550 million [2]. - Advances under the amended Credit Facility will incur interest at the Secured Overnight Financing Rate (SOFR) or Canadian Overnight Repo Rate Average (CORRA) plus 1.45% to 2.75% per annum, based on the Company's leverage ratio, consistent with the previous agreement [3]. - The Credit Facility has a term of four years, maturing on May 30, 2029 [3]. Management Commentary - The President & CEO of OR Royalties emphasized that the expansion of the Credit Facility highlights the strength of the asset portfolio and positions the company well for strategic growth opportunities [4]. - The company has achieved a positive net cash position due to robust operating cash flows and disciplined capital allocation, reinforcing its financial foundation [4]. Acquisition Update - OR Royalties holds 4,000,000 shares of MAC Copper, valued at $49.0 million under a binding acquisition agreement with Harmony Gold Mining Company, expected to strengthen OR Royalties' balance sheet upon closing [5]. Company Overview - OR Royalties Inc. is an intermediate precious metal royalty company with a North American portfolio of over 195 royalties, streams, and precious metal offtakes, including 21 producing assets, anchored by a significant net smelter return royalty on the Canadian Malartic Complex [6].

文/梧桐数据中心 2025年1-5月，共计有29家公司登陆港交所，其中27家通过IPO方式上市，另有1家通过借壳SPAC上市（找钢集团-Ｗ），1家GEM转主板上市（比优集团），这两 家不纳入本次统计中。港股首发上市的27家公司的IPO中介机构包括23家券商、21家香港律师事务所、15家中国内地律师事务所、6家审计机构，其中，中金公司 保荐8单，位列第一，华泰国际6单、招银国际5单，位列二三；达维律所和通商律所分别占据香港、中国法律顾问之首，业务单数各5单；"四大"则包揽了近90%的 审计业务，安永、毕马威各9单，德勤、罗兵咸永道各3单。 一、保荐人业绩排名 2025年1-5月，共有23家保荐人为这27家香港IPO上市公司提供了保荐服务，其中联合保荐的拆开计算，各计1单。 榜单前三名： 第一名：中金公司（8单） 第二名：华泰国际（6单） 第三名：招银国际（5单） | 排名 | 保荐人 | 业务单数 | | --- | --- | --- | | - | 中金公司 | 8 | | 2 | 华泰国际 | 6 | | 3 | 招银国际 | 5 | | 4 1 | 中信证券 (香港) WOOD REE | | | 5 ...

Group 1: Company Performance - JPMorgan remains a top player in investment banking, ranking 1 in global IB fees, with total IB fees soaring 37% to $8.91 billion in 2024 after declines in 2023 and 2022 [1] - In Q1 2025, JPMorgan's IB fees grew 12% year over year to $2.18 billion, driven by strong advisory and debt underwriting activity [1][9] - Morgan Stanley's IB revenues rebounded 36% in 2024 to $6.71 billion and rose another 8% in Q1 2025, indicating a recovery in the sector [5] - Goldman Sachs continues to dominate the IB business, maintaining a top position in announced and completed M&As, despite an 8% year-over-year fall in IB revenues in Q1 2025 [6] Group 2: Market Outlook - Near-term IB prospects for JPMorgan are clouded by market turmoil and monetary policy ambiguity, with a cautious stance adopted on the investment banking outlook [2] - Economic uncertainty is expected to hurt JPMorgan's IB business in Q2 2024, with IB fees projected to decline in the mid-teens range year over year [2] - Despite challenges, JPMorgan's long-term outlook for the IB business remains strong, supported by a healthy IB pipeline and an active M&A market, with an estimated CAGR of 2.2% for IB fees by 2027 [3] Group 3: Valuation and Earnings Estimates - JPMorgan shares have risen 10.8% this year, outperforming Morgan Stanley and Goldman Sachs [7] - The Zacks Consensus Estimate for JPMorgan's 2025 earnings implies a decline of 7% year over year, with a rebound of 5.2% expected in 2026 [9][13] - JPMorgan currently trades at a 12-month trailing price-to-tangible book (P/TB) of 2.81X, slightly below the industry average [10]

Core Points - Major corporate leaders, including CEOs from Uber, Dell, and Goldman Sachs, are set to announce a collective investment of billions into "Trump accounts" for employees' children [1][2] - The investment commitment will be made during President Trump's "Invest America" roundtable event, which promotes a pilot program that deposits $1,000 from the government into investment accounts for newborn Americans [2] - The program, previously known as "MAGA Accounts," aims to establish index fund accounts with $1,000 in government funds for U.S. citizens born between January 1, 2025, and December 31, 2028 [3] Corporate Participation - Notable participants in the roundtable include: - Michael Dell, CEO of Dell Technologies - Brad Gerstner, CEO of Altimeter Capital - Rene Haas, CEO of Arm Holdings - Parker Harris, CTO of Slack and cofounder of Salesforce - William McDermott, CEO of ServiceNow - Dara Khosrowshahi, CEO of Uber - David Solomon, CEO of Goldman Sachs - Vladimir Tenev, cofounder and CEO of Robinhood [4] Legislative Context - The provision for creating these accounts has already passed the House as part of a significant budget bill, which is currently pending in the Senate facing opposition from fiscally conservative Republicans [2]

Core Insights - The article highlights the significant performance of recent IPOs, particularly Circle's record-breaking debut, which saw a first-day increase of 168% and ended the week with a 247% rise [1][2]. Group 1: Recent IPO Performance - Circle Internet Group (CRCL) raised $1.1 billion at a market cap of $7.9 billion, with a first-day return of 168% and a total return of 247% by the end of the week [2][3]. - Omada Health (OMDA) raised $150 million at a market cap of $1.2 billion, achieving a first-day return of 21% [2][3]. - The article notes that Circle's USDC stablecoin holds nearly one-third of the market share, positioning the company to benefit from favorable trends in the cryptocurrency sector [2]. Group 2: Upcoming IPOs - Chime (CHYM) plans to raise $800 million with a projected market cap of $10.5 billion, reporting 8.6 million active members as of March 31, 2025 [6]. - Voyager Technologies (VOYG) aims to raise $303 million with a market cap of $1.6 billion, focusing on defense, national security, and space solutions [7]. - Ategrity Specialty Insurance (ASIC) plans to raise $100 million with a market cap of $719 million, specializing in excess and surplus insurance products for small and medium-sized enterprises [8]. Group 3: New Filings - Three IPOs and two SPACs submitted initial applications last week, including Aura Minerals (AUGO) seeking $100 million, CoastalSouth Bancshares (COSO) seeking $80 million, and Gifts International (GINT) seeking $6 million [3][5]. - HCM III Acquisition (HCMAU) and Cantor Equity Partners II (CEPC.RC) are the two SPACs seeking $220 million and $200 million, respectively [4][5].