February 17, 2026 05:00 PM GMT metal&ROCK | Europe Lithium Overdone? A surge in ESS deployment has driven a material shift in lithium demand and prices since mid-2025. However, with prices tripling, weakening EV sales and more producers looking at supply responses, we think the move is likely overdone, with some downside from here (MSe $15k/t 2H26). Key Takeaways A material demand shift in ESS: The shift from the feed-in tariff model to market pricing in China's renewable power market in mid-2025 unlocked p ...

19 February 2026 | 4:42PM EST Economics Research Global Market Views: Cyclical Tailwinds, Valuation Headwinds 1. More room for the cyclical rotation. The landscape is characterized by sturdy macro news but increasing signs of fragility in markets. At a broad level we think this contrast reflects that it is later in the market cycle than in the macro cycle—so there is a tension between 'hot valuations' in pockets of equities and credit, and an economy that is getting stronger, with growth likely to be helped ...

17 February 2026 Midcap Research When AI threatens the moat #3 - The next shoes to drop Marie Line Fort +33 1 42 13 85 21 marie-line.fort@bernsteinsg.com Philippe Lorrain +33 1 42 14 75 16 philippe.lorrain@bernsteinsg.com Flavien Baudemont +33 1 42 14 81 51 flavien.baudemont@bernsteinsg.com Derric Marcon +33 1 58 98 06 30 derric.marcon@bernsteinsg.com Harry Martin, CFA +44 20 7676 8965 harry.martin@bernsteinsg.com William Woods +44 20 7676 6806 william.woods@bernsteinsg.com Richard Nguyen +33 1 42 13 54 22 ...

Summary of Key Points from the Conference Call Industry Overview - The discussion revolves around global tariffs, particularly the implications of the Supreme Court ruling on the International Emergency Economic Powers Act (IEEPA) and its replacement with Section 122 tariffs. Core Insights and Arguments - **Tariff Levels**: Headline tariffs peaked in late 2025, with estimates indicating a reduction from approximately 13% to 11% due to the replacement of IEEPA with Section 122. Without Section 122, tariffs could fall to around 6-7% [6][12][27]. - **Complicated Path Ahead**: The path to higher tariffs is now more complex, with a risk skew towards lower tariffs, which supports expectations for lower US inflation in the second half of 2026 [6][10][29]. - **Sector vs. Country Tariffs**: The ruling suggests a shift from country-based tariffs to sector-based tariffs, which may have more legal grounding and could accelerate the tariff adjustment process [6][10][47]. - **Effective Tariff Rates**: The effective tariff rate remained subdued near 10%, and both nominal and effective rates are expected to decline post-IEEPA ruling [11][12][20]. Important but Overlooked Content - **Refunds Outlook**: The process for refunds related to tariffs remains unclear, with expectations that any refunds will be limited and delayed, potentially amounting to around $85 billion [31][30]. - **Bilateral Trade Agreements**: The ruling may not significantly alter existing bilateral agreements, as many countries are already facing lower tariff levels than before [32][66]. - **US-China Trade Relationship**: The US-China trade relationship is expected to remain stable, with a significant portion of tariffs tied to fentanyl and Section 301 investigations. Any reduction in IEEPA tariffs could be offset by increases in Section 301 tariffs [36][60]. - **Sector-Level Implications**: The transition to Section 122 tariffs is likely to reduce the dispersion in product-level tariffs, particularly benefiting consumer sectors, although the overall boost may be smaller than previously anticipated [68][69]. Conclusion - The Supreme Court ruling on IEEPA has significant implications for tariff structures, with a shift towards Section 122 tariffs expected to lower overall tariff levels and complicate future tariff adjustments. The focus on sector-based tariffs may provide a more stable framework moving forward, while the economic impact remains to be fully realized in the coming quarters.

董晓彬 兴业证券汽车首席: 好的，那个，尊敬的各位机构投资者，大家新年好！我是兴业汽车首席董小斌。那非常感 谢大家今天下午来参加我们春节系列电话会的第五期。那在最后一期的话，主要是想跟各 位领导再汇报一下我们对于整车板块的观点。我们的观点很鲜明，推荐的标的话就两个， 在今年一季度，整车整车推荐的标的就两个，一个是比亚迪，一个的话是江淮。另外如果 再加一个的话，就是江铃汽车，我们一直都是比较看好的。那也跟各位领导分别汇报一下 为什么在现阶段看好这样两个标的。 首先就是从行业的情况来看，就是大家的预期其实已经非常悲观了。一方面就是 1 月份的 这个主要的主机厂的这个产销快讯发布了之后，我们看到可能比大家预预估的还要差一些 股价的话其实也有了一些调整，另外的话就是在乘联会在春节假期前也发布了 1 月份的零 售的数据，下滑百分之十四点几。这个跟大家的体感或者说跟大家预期其实差不多。第二 个的话，其实从板块的持仓上来看，现在整车的持仓应该是历史最低。整个汽车的持仓的 话，现在主要是在零部件和机器人，机器人这边的话应该是占大头。 所以像比亚迪的机构持仓的话。应该也达到了一个历史的一个非常低的位置。所以无论是 行业的产销数 ...

President Donald Trump's new 10% universal tariff is sending fresh shockwaves through global markets, threatening to squeeze margins for companies dependent on overseas manufacturing. But while many multinational giants face rising uncertainty, a small group of companies may be uniquely insulated — and investors are starting to notice.The key differentiator is simple: domestic supply chains.Companies that manufacture and source heavily within the United States face significantly less exposure to import tari ...

Alphabet-owned Waymo on Tuesday opened its robotaxi service to some public passengers in Dallas, Houston, San Antonio and Orlando, the company announced. With the multi-city expansion, Waymo is now operating its service in 10 U.S. cities, extending its lead in the North American driverless ride-hailing market. The Google sister company is aiming to lock in loyal riders and win over skeptics, including six in 10 U.S. drivers who said they were fearful of driverless cars, according to a 2025 survey by the Ame ...

The major U.S. index futures are currently pointing to a slightly higher open on Tuesday, with stocks likely to regain ground following the sell-off seen in the previous session.Traders may look to pick up stocks at reduced levels following yesterday's slump, which dragged the Dow down to its lowest closing level in a month.Buying interest may be somewhat subdued, however, as uncertainty about tariffs continues to weigh on investors' minds.Traders may also be reluctant to make significant moves ahead of th ...

The world economy is generally divided into three regions. One is China. ...

This story was originally published on WardsAuto. To receive daily news and insights, subscribe to our free daily WardsAuto newsletter. Automakers and other industry stakeholders are keeping an eye on the potential spillover effects of last week’s Supreme Court ruling striking down many of President Donald Trump’s tariffs. In a 6-3 decision Friday, the court ruled against the imposition of open-ended reciprocal tariffs Trump installed under the 1977 International Emergency Economic Powers Act. The impos ...