Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Manufacturing and Services Sector - **Date**: October 31, 2025 Core Insights - **Manufacturing PMI Performance**: The manufacturing PMI experienced a notable decline in October, primarily attributed to the timing shift of the Mid-Autumn Festival, which caused front-loaded production in September. The combined manufacturing PMI for September and October stands at 49.4, consistent with August's reading [2][4][7] - **Non-Manufacturing PMIs**: Both construction and service PMIs underperformed, indicating ongoing challenges in housing and consumer activities. However, there was a positive development in infrastructure, with the civil engineering PMI increasing by 5 percentage points month-over-month [3][7] - **Fiscal Stimulus Impact**: A fiscal and quasi-fiscal stimulus of RMB 1 trillion is expected to alleviate local government funding pressures and support investment, contributing to a projected GDP growth of 4.7% year-over-year in Q4 2025 [4][7] Additional Important Details - **Price Indices**: The Producer Price Index (PPI) is anticipated to have decreased by 0.1% month-over-month, while year-over-year it may rise to -2.2% due to a favorable base effect [7] - **Trade Relations**: The US-China trade truce, which includes a 10% reduction in fentanyl tariffs and the suspension of US technology barriers, is expected to reduce near-term trade uncertainties and positively influence capital expenditures [4][7] - **PMI Breakdown**: The manufacturing PMI breakdown shows a decline in new orders and production, with new orders at 48.8 and production at 49.7 in October [6] This summary encapsulates the key points discussed in the conference call, highlighting the current state of the manufacturing and services sector in China, the impact of fiscal policies, and the implications of trade relations on economic growth.

Q4 & FY'25 Financial Results November 3, 2025 Today's Presenters Jure Sola Chairman & CEO Jon Faust EVP & CFO 2 Safe Harbor Statement Certain statements made during this presentation, including our financial outlook for the first quarter fiscal 2026 and expectations for growth generally, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements a ...

U.S. factory activity retreated at a slightly sharper pace this month, as production fell into contraction, according to a survey of manufacturing firms https://t.co/wg7L3J5Aln ...

Market Overview - U.S. stocks showed mixed performance, with the Dow Jones index falling by 0.41% to 47,369.42, while the NASDAQ rose by 0.54% to 23,853.68 and the S&P 500 gained 0.22% to 6,855.42 [1] - Consumer discretionary shares increased by 1.8%, while materials stocks decreased by 0.6% [1] Economic Indicators - The ISM manufacturing PMI decreased to 48.7 in October from 49.1 in the previous month, falling short of market expectations of 49.5 [2][11] - The S&P Global manufacturing PMI rose to 52.5 in October from 52.0 in September, surpassing the preliminary reading of 52.2 [11] Commodity Market - Oil prices fell by 0.1% to $60.93, while gold prices increased by 0.4% to $4,011.80 [5] - Silver prices decreased by 0.5% to $47.905, and copper prices fell by 0.9% to $5.0420 [5] Company News - Cipher Mining Inc. shares surged by 22% to $22.82 following a $5.5 billion, 15-year lease agreement with Amazon Web Services for 300 MW of AI workload space and power [9] - Resolute Holdings Management, Inc. saw an 88% increase in shares to $138.76 after reporting quarterly financial results [9] - Tharimmune, Inc. shares rose by 14% to $3.35 after entering a $540 million private placement for its Canton Network Blockchain strategy [9] - uniQure N.V. shares dropped by 50% to $33.64 after receiving FDA feedback regarding its investigational gene therapy AMT-130 [9] - Alvotech shares fell by 33% to $5.13 after the FDA issued a complete response letter for its biosimilar candidate AVT05 [9] - ALPS Group Inc shares decreased by 50% to $1.29 following the announcement of a public offering pricing [9]

Market Overview - U.S. stocks showed mixed performance, with the Dow Jones index falling by 0.41% to 47,369.42, while the NASDAQ rose by 0.54% to 23,853.68 and the S&P 500 gained 0.22% to 6,855.42 [1] - Consumer discretionary shares increased by 1.8%, while materials stocks decreased by 0.6% [1] Economic Indicators - The ISM manufacturing PMI fell to 48.7 in October from 49.1 in September, below market expectations of 49.5 [2][11] - The S&P Global manufacturing PMI rose to 52.5 in October from 52.0 in September, surpassing the preliminary reading of 52.2 [11] Commodity Prices - Oil prices decreased by 0.1% to $60.93, while gold prices increased by 0.4% to $4,011.80 [5] - Silver prices fell by 0.5% to $47.905, and copper prices dropped by 0.9% to $5.0420 [5] European Market Performance - European shares were mixed, with the eurozone's STOXX 600 gaining 0.07% and Spain's IBEX 35 Index rising 0.03% [6] - London's FTSE 100 fell by 0.16%, Germany's DAX 40 increased by 0.73%, and France's CAC 40 decreased by 0.14% [6] Asian Market Performance - Asian markets closed higher, with Hong Kong's Hang Seng gaining 0.97%, China's Shanghai Composite rising by 0.55%, and India's BSE Sensex increasing by 0.05% [7] Company News - Cipher Mining Inc. shares surged by 22% to $22.82 following a $5.5 billion, 15-year lease agreement with Amazon Web Services for AI workloads [9] - Resolute Holdings Management, Inc. saw an 88% increase in shares to $138.76 after reporting quarterly financial results [9] - Tharimmune, Inc. shares rose by 14% to $3.35 after entering a $540 million private placement for blockchain strategy [9] - uniQure N.V. shares dropped by 50% to $33.64 after receiving FDA feedback on its investigational gene therapy [9] - Alvotech shares fell by 33% to $5.13 following a complete response letter from the FDA regarding its biosimilar candidate [9] - ALPS Group Inc shares decreased by 50% to $1.29 after announcing the pricing of a public offering [9]

Let's turn to the broader market right now. The NASDAQ coming off its seventh consecutive monthly gain as Amazon today helping boost the index this morning on a new AI deal. Joining us now is Rosenberg Research founder and president David Rosenberg.It it's so hard to tell what's going on in the underlying economy when you look at the tenure at Forb One without without the data coming in. David, what what is your what is your assessment of what's happening. Well, uh we might not have the uh the BLS data uh b ...

Group 1 - Berkshire Hathaway Inc. is recognized as a "terrific company" by Jim Cramer, who highlighted its upcoming earnings report and the transition of leadership from Warren Buffett to Greg Abel at the end of the year [1] - The company operates a diverse range of businesses, including insurance, utilities, railroads, manufacturing, retail, and consumer products, and has investments in various industries such as energy and aerospace [2] - For Q3, Berkshire Hathaway reported operating earnings of $13.49 billion, reflecting a year-over-year increase of 33.6%, with total revenues nearing $95 billion [2] Group 2 - The net earnings per average equivalent Class A share were reported at $21,413, while Class B shares had net earnings of $14.28 [2]

Core Insights - US factory activity has contracted for the eighth consecutive month, primarily due to reduced production and weak demand [1] - The Institute for Supply Management's manufacturing index decreased by 0.4 points to 48.7, indicating ongoing contraction as readings below 50 signify a shrinking manufacturing sector [1] Production and Employment - The production index fell by 2.8 points to 48.2, marking the second contraction in the last three months, which has contributed to a depressed employment situation [2] - The ISM's employment gauge has declined for the ninth straight month, although at a slightly slower rate than in September [2][6] Trade Policy Concerns - Manufacturers express ongoing concerns regarding the uncertainty surrounding trade policy from the Trump administration, which affects their outlook [3] - The lack of clarity in trade relations is contributing to a cautious approach among manufacturers [4] Inflation and Input Costs - Inflationary pressures are easing, with the index of prices paid for raw materials dropping nearly 4 points to 58, the lowest level since the beginning of the year [4] - Since reaching a peak in April, the price gauge has decreased by nearly 12 points, suggesting that the worst of tariff-driven pressures on input costs may be over [5] Employment Strategies - Companies are increasingly focusing on reducing headcount due to uncertain demand, with a ratio of 3.4 comments on employment reductions for every comment on hiring [6] - Layoffs and not filling open positions are the primary strategies for managing workforce levels [6]

Core Insights - The Institute for Supply Management reported a decline in the purchasing managers' index of manufacturing activity, which fell to 48.7 in October from 49.1 in September [1] Summary by Category - **Manufacturing Activity** - The purchasing managers' index indicates a contraction in manufacturing, as the index value is below 50, signaling a decrease in manufacturing activity [1]

Market Performance - The S&P 500 Index is up +0.08%, while the Dow Jones Industrials Index is down -0.41%, and the Nasdaq 100 Index is up +0.55% [1] - December E-mini S&P futures are up +0.16%, and December E-mini Nasdaq futures are up +0.66% [1] M&A Activity - Kimberly-Clark announced a $40 billion acquisition of Kenvue, the maker of Tylenol, involving both stock and cash [2] - Eaton agreed to acquire Boyd's thermal business for $9.5 billion [2] Economic Indicators - The final-October S&P US manufacturing PMI was revised slightly higher by +0.3 points to 52.5, exceeding market expectations [5] - The October ISM manufacturing index fell by -0.4 points to 48.7, which was weaker than the expected rise [6] - The October ISM Prices Paid index decreased by -3.9 points to 58.0, also weaker than expectations [6] Federal Reserve Commentary - Fed Governor Stephen Miran indicated that current policy is too restrictive and suggested a more dovish approach to interest rates [4] - The markets are pricing in a 66% chance of a -25 basis point rate cut at the next FOMC meeting on December 9-10 [5] Legal Developments - The Supreme Court is set to hear arguments regarding the legality of President Trump's reciprocal tariffs, with potential implications for over $80 billion in tariffs already collected [7]