Core Insights - Cartrack has partnered with Volkswagen Group Info Services AG to integrate multi-brand vehicle data across Europe [1] - This collaboration enables the direct integration of real-time fleet data from various Volkswagen brands into Cartrack's SaaS fleet platform [1] Company Overview - Cartrack is a leading global mobility solutions provider and a subsidiary of Karooooo Limited (NASDAQ: KARO) [1] - The partnership enhances Cartrack's capabilities in fleet management by incorporating data from Volkswagen Passenger Cars, Volkswagen Commercial Vehicles, Audi, Škoda, SEAT, and CUPRA [1]

Report Industry Investment Rating - No information provided Core Viewpoints - The Asia IG space was 1 - 2bps wider this morning, with better selling on KR/JP/HK T2s [4]. - Tactical buyers continued to pick up cheaper offers in higher - yielding LGFV names in preparation for next year, while lower - yielding CNH issues remained under selling pressure [3]. - The report maintains a buy rating on PCORPM 7.35 Perp due to better carry, trading liquidity, smooth access to diverse funding channels, and notably lower refinancing pressure [11]. Summary by Relevant Catalogs Trading Desk Comments - There was better selling on Japanese names such as NOMURA/JERA/KUB/MITCO/MIZUHO/MUFG. Small selling on the BBLTB curve occurred due to news of new USD issues. PBs were buying Asia/Yankee FRNs with wider spreads. Mixed two - way flows were seen on AU/KR lower - spread names. Chinese onshore accounts were buying FRNs of leasing/security houses. Macau gaming names had price changes ranging from unchanged to 0.2pt lower, LIHHK 26 was 0.5pt higher, the NWDEVL complex was unchanged to 0.9pt lower, LASUDE 26 was down by 0.7pt. In Chinese properties, VNKRLE 27 was 0.2pt lower while VNKRLE 29 was 0.2pt higher, and some other property papers had price drops [2]. Analyst Comments - PCORPM's net leverage improved due to lower net working capital. Its revenue declined by 10% yoy in 9M25, mainly due to lower sales volume and selling price. However, gross profit increased by 15% yoy, EBITDA grew by 11% yoy, and net profit surged 37% yoy. Free cash flow jumped 361% from 9M24 to PHP47bn. The report maintains a buy on PCORPM 7.35 Perp [8][9][11]. - WESCHI proposes to issue a new USD bond to fund a tender offer for WESCHI 26 at 101.238. Holders of WESCHI 26 who subscribe to the new bond may get priority in the tender offer and preferential allocation. The offer expires on 28 Nov '25 5pm CET, and WESCHI 26 was 0.4pt higher this morning [4]. Top Performers and Underperformers - Top performers include PTTTB 4 1/2 10/25/42 (price 88.7, change 0.6), CRNAU 9 1/4 10/01/29 (price 92.4, change 0.6), CQSXGU 6.95 08/07/28 (price 99.1, change 0.6), LIHHK 4.8 06/18/26 (price 94.9, change 0.5), ROADKG 6 03/04/29 (price 19.5, change 0.5) [5]. - Top underperformers include NWDEVL 5 1/4 PERP (price 45.1, change - 0.9), TENCNT 3.68 04/22/41 (price 85.5, change - 0.9), NWDEVL 6 1/4 PERP (price 44.7, change - 0.8), LASUDE 5 07/28/26 (price 68.1, change - 0.7), NWDEVL 10.131 PERP (price 48.3, change - 0.6) [5]. Macro News Recap - On Monday, S&P (-0.92%), Dow (-1.18%), and Nasdaq (-0.84%) were lower, and UST yield was lower. The 2/5/10/30 - year yield was at 3.60%/3.72%/4.13%/4.73% [7]. Offshore Asia New Issues - Priced: Guilin ETDZ Holding Group issued a 3 - year USD40mn bond with a 5.0% coupon at 5.0% and is unrated [15]. - Pipeline: Sichuan Kaizhou Development Holding plans a 3 - year bond with a 6.5% coupon and is unrated; The Hong Kong Mortgage Corporation plans a 5 - year bond at T + 50 with a rating of Aa3/AA+/- [16]. News and Market Color - 98 credit bonds were issued onshore yesterday with an amount of RMB120bn. Month - to - date, 1,027 credit bonds were issued with a total amount of RMB1,115bn, a 27.9% yoy increase. S&P upgraded Bharti Airtel to BBB from BBB - and Del Monte Pacific 2QFY26 sales rose 10% yoy to USD234.9mn [17]. - Danantara will restore all grounded Garuda Indonesia aircraft by next year. Geely Automobile seeks a USD1.5bn - equivalent one - year loan for ZEEKR take - private. S&P downgraded Longfor to BB - from BB. NWD announced early tender results of its USD bonds and perps. Rio Tinto pauses a AUD215mn (cUSD140mn) BioIron green steel project. Transurban launches tender offers for TCLAU 3.375 03/22/27 and EUR bonds due 2028 and 2030 [23].

Summary of the 2026 India Equity Strategy Outlook Industry Overview - The report focuses on the Indian equity market, highlighting a strong recovery expected in 2026 after a significant underperformance over the past three decades [2][3]. Key Points and Arguments Market Recovery Expectations - Indian equities are anticipated to bounce back strongly in the next 12 months due to supportive policy changes and a recovery in nominal growth, which should enhance earnings growth [3][4]. - The BSE Sensex is projected to have a 13% upside through December 2026, with a target of 95,000, assuming continued macro stability, fiscal consolidation, and increased private investment [4][53]. Economic Projections - GDP growth is expected to be 6.8% for F2026, with a gradual decline to 6.5% in the following years [8]. - Sensex earnings are projected to compound at a 17% CAGR through F2028, with EPS growth of 7.0% in F2026 and increasing to 19.5% by F2028 [4][8][54]. Risks and Concerns - The primary risk identified is a potential slowdown in global growth, which could hinder the upside for Indian stocks despite their low beta [5]. - Concerns regarding the expanding issuance pipeline and poor trailing equity returns are deemed misplaced, as domestic flows remain strong [5][34]. Portfolio Strategy - The recommended strategy favors domestic cyclicals over defensives and external-facing sectors, with an overweight position in Financials, Consumer Discretionary, and Industrials, while underweighting Energy, Materials, Utilities, and Healthcare [6][57]. Structural Changes and Long-term Outlook - India's long-term growth story is reinforced by various reforms, including fiscal consolidation and a shift towards equity ownership among households [3][28]. - The report emphasizes a structural rise in discretionary consumption and improvements in macro stability, which are expected to lower real rates and enhance equity valuations [28][44]. Key Catalysts for Growth - The report identifies several catalysts for growth, including: - A positive growth surprise anticipated in the coming months due to policy shifts and reforms [27]. - The potential for a trade deal between India and the US, which could further boost market sentiment [43]. - The upcoming AI Impact Summit in 2026, which may enhance India's position in the global AI landscape [39][43]. Conclusion - The report concludes that the Indian equity market is poised for a significant turnaround in 2026, driven by macroeconomic stability, policy reforms, and a favorable domestic investment environment [25][44]. Additional Important Insights - The report highlights the importance of demographic advantages and a functioning democracy in supporting long-term growth [48]. - It also notes the potential for a consumption revolution in India, which could attract global investors [48]. This comprehensive outlook provides a detailed analysis of the Indian equity market's potential recovery and the factors influencing its trajectory in 2026.

Economic Overview - The S&P 500 has declined by 1.5% in November, a month typically strong for the U.S. stock market, due to negative economic news and concerns over high valuations, particularly in artificial intelligence stocks [2][7] - The U.S. manufacturing sector has contracted for eight consecutive months, as indicated by the ISM Manufacturing Purchasing Managers' Index (PMI), which reflects declines across all five categories [4][5][7] Impact of Tariffs - Tariffs are significantly impacting U.S. companies and consumers, contrary to the belief that foreign exporters would bear the costs. This has led to rising Consumer Price Index (CPI) inflation since April [6] - Apple reported $1.1 billion in tariff-related cost increases for the September quarter, with expectations of rising to $1.4 billion in the December quarter [8] - Caterpillar anticipates an incremental tariff impact of $1.6 billion to $1.75 billion for 2025 [8] - Chipotle is experiencing mid-single-digit inflation due to tariffs, particularly affecting beef prices, leading to reduced consumer dining out [8] - Ford expects tariffs to create a $1 billion headwind in 2025, with similar impacts anticipated in 2026 [8] - Procter & Gamble raised prices on 25% of its products to offset approximately $1 billion in tariff-related costs [8] - Target reported a 20% decrease in second-quarter earnings, primarily attributed to tariff-related cost increases [8] - Walmart continues to see rising costs as it replenishes inventory at post-tariff price levels [8]

Core Viewpoint - Lexus is launching a customized karaoke vehicle inspired by the film "Wicked: For Good," which will debut at the film's premiere in New York City on November 17, 2025, showcasing a blend of luxury, technology, and artistic expression [1][2][3]. Group 1: Vehicle Features - The karaoke LX vehicle embodies the vibrant personalities of Elphaba and Glinda, featuring a luxurious design that reflects the essence of the "Wicked" narrative [2][3]. - The exterior of the LX is striking with a dazzling pink and deep emerald green color scheme, complemented by gold accents and a custom license plate [5]. - Inside, the vehicle boasts a lavish cabin with pink and green upholstery, ambient lighting, custom carpets, and an interactive sound system for group singing [6]. Group 2: Marketing and Experience - Lexus aims to create an experience that celebrates imagination and personal expression through the karaoke LX, inviting fans to engage with the beloved songs from the film [3][6]. - The vehicle will be showcased on the green carpet at the Lincoln Center for the Performing Arts, emphasizing its connection to the film's artistic themes [2][4]. Group 3: Film Context - "Wicked: For Good" is the epic conclusion to the globally successful film adaptation of the Broadway sensation, directed by Jon M. Chu, and is set to release in theaters on November 21, 2025 [11][9]. - The storyline revolves around the characters Elphaba and Glinda as they navigate their relationship and the impact of their choices on the world of Oz [11].

Group 1: Nvidia (NVDA) - Analysts at Bank of America reiterated a buy rating on Nvidia, while Rothschild & Co. raised its target price to $245 from $211 per share [1] - Oppenheimer set a price target of $265 per share, and Citi raised its target to $220 from $210, expecting Nvidia to post sales of $56.8 billion, exceeding analyst expectations of $54.6 billion [2] Group 2: Gap (GPS) - Barclays upgraded Gap to an overweight rating, citing a brand recovery under CEO Richard Dickson's leadership, focusing on long-term sales and margin recovery through product innovation and marketing excellence [3] - Jefferies also upgraded Gap to a buy rating with a price target of $30, anticipating strong momentum from brand revitalization to support growth [4][8] Group 3: Tesla (TSLA) - Stifel reiterated a buy rating on Tesla with a price target of $508, noting strong 3Q25 sales but potential headwinds due to the expiration of the U.S. EV tax credit [5] - Tesla reported revenue of $28.1 billion in its most recent quarter, surpassing estimates of $26.37 billion, and Stifel highlighted updates to Tesla's full self-driving system [6]

Group 1: Company Movements - Alphabet's stock rose approximately 5% after Berkshire Hathaway disclosed a $4.3 billion stake, making it the 10th-largest holding for Berkshire [1] - Nvidia's stock dropped about 2% following a regulatory filing that revealed Peter Thiel's hedge fund exited a $100 million position, adding pressure ahead of its earnings report [7] - XPeng's stock fell more than 3% after issuing weak Q4 revenue guidance, despite reporting a narrower loss in Q3 [4][12] Group 2: Sector Performance - The Nasdaq ended last week down 0.5%, with losses attributed to Alphabet, Amazon, Broadcom, and Meta [3][10] - Zymeworks surged about 35% and Jazz Pharmaceuticals rose 21% after reporting strong Phase 3 cancer drug data [3][11] - Lithium stocks experienced significant gains, with Ganfeng's chairman forecasting a 30% demand growth in 2026, leading to increases in stocks like Sigma Lithium (up 26%) and Albemarle (up 4%) [3][11][12] Group 3: Economic Indicators - The Empire State Manufacturing Index reached 18.7, the highest in a year, indicating improvements in new orders and inventories [6] - The upcoming September nonfarm payrolls report is anticipated to influence December rate-cut expectations, with analysts warning that a strong or weak number could shift market sentiment [2][9] - Inflation remains above 2%, partly driven by tariff effects, as noted by Fed Vice Chair Philip Jefferson, who indicated that current policy is still restrictive [2][9]

Group 1: Technology Sector Insights - Investors are questioning the future of the artificial intelligence trade following Nvidia's upcoming earnings report, with concerns about potential market volatility [1][6] - Nvidia's CEO Jensen Huang indicated that the company has "half a trillion" dollars in chip orders for 2025 and 2026, suggesting a significant revenue increase for the next year [6] Group 2: Federal Reserve Developments - An ethics report revealed that former Federal Reserve Governor Adriana Kugler violated stock trading rules by purchasing individual stocks and trading during blackout periods [2][3] - New York Fed President John Williams met with Wall Street dealers to gather feedback on the Fed's standing repo facility, a tool designed to support market stability [4] Group 3: Investment Movements - Berkshire Hathaway disclosed a new stake in Alphabet, making it the company's 10th largest equity holding, with Alphabet shares rising nearly 5% in premarket trading [5] - Other investment firms, including Greenlight Capital and D1 Capital, also revealed new stakes in various companies, including AI-linked stocks [7] Group 4: Airline Industry Updates - The FAA announced the end of mandated flight cuts at 40 major airports, which had affected over 5 million travelers during the government shutdown [8][9] - Airline executives are advocating for legislative measures to ensure air traffic controllers and airport employees are compensated during future government shutdowns [9] Group 5: Automotive Industry Developments - Jeep is aiming for a turnaround after six years of declining domestic sales, recently reporting its best quarterly sales growth in over two years [11] - Ford opened a new 2.1-million-square-foot facility in Dearborn, Michigan, which includes modern amenities and a test track [12]

Group 1 - The Trump administration has actively implemented and adjusted tariffs, impacting the economy and various companies [1] - Investors may be hesitant to invest due to concerns over the adverse effects of tariffs, but there are investment options like ETFs available [2] - A tariff is a tax on imports, paid by importers, which can lead to increased prices for consumers [4] Group 2 - The recent 100% tariff on pharmaceuticals could disrupt the industry, although some drugmakers are planning to manufacture domestically [6] - Many industries, including technology, are affected by tariffs, prompting investors to consider specific ETFs like the iShares U.S. Tech Independence Focused ETF [7][9] - The iShares U.S. Tech Independence Focused ETF, launched by BlackRock, focuses on companies that produce goods domestically and has shown strong performance [8][9]

Industry Insights - The Boeing-Airbus duopoly remains dominant in the commercial aircraft market, with Boeing cautiously increasing its 737 output to 42 planes per month after receiving regulatory approval [7] - Embraer, the world's third-largest commercial aircraft maker, is hesitant to launch larger aircraft due to the financial risks associated with competing against Boeing and Airbus [8] - Major aircraft orders continue to be placed, including Emirates' order for 65 Boeing 777-9 jets and a significant order from Flydubai for Airbus, indicating ongoing demand despite supply chain challenges [9] Market Developments - The Dubai Airshow is attracting over 100,000 trade visitors and showcasing new entrants like Chinese-built COMAC jets, which aim to capture market share amid backlogs from Boeing and Airbus [10] - The event also features innovations such as eVTOL passenger services from Joby Aviation and Archer, set to launch next year between Dubai and Abu Dhabi [10] Corporate News - Ford has unveiled a high-tech headquarters designed to accommodate 4,000 workers, reflecting its commitment to innovation and growth [12] - Analysts have expressed approval of Walmart's CEO selection, viewing it as a strong move for the company's future leadership [12] - Tesla is reportedly seeking to eliminate Chinese parts from its American vehicles, indicating a shift in its supply chain strategy [12]