Investment Rating - The report indicates a cautious outlook for the second half of 2025, expecting real GDP growth to slip below 4.5% year-on-year [3][9]. Core Insights - The divergence between real and nominal GDP has widened, with real GDP growth at 5.2% year-on-year in Q2, supported by front-loaded production and strong fiscal support, while nominal GDP fell to 3.9% year-on-year due to deepening deflation [2][9]. - Growth is anticipated to slow in the second half of 2025 due to weaker exports, fading fiscal impulse, and a continued deflation feedback loop [3][9]. - The report suggests that deflation is likely to persist, with a modest fiscal stimulus package of Rmb0.5-1 trillion expected in September/October, but this may not effectively address the underlying issues [4][9]. Summary by Sections Economic Performance - Q2 GDP growth was better than expected at 5.2% year-on-year, driven by fiscal and export front-loading [9]. - Nominal GDP year-on-year dropped by 0.7 percentage points to 3.9%, marking the first growth below 4% since COVID-19 [2][9]. Sector Analysis - Industrial production showed a year-on-year increase of 6.8% in June, with manufacturing up by 7.4% [6]. - Fixed asset investment year-to-date growth was 2.8%, with manufacturing investment at 5.1% and infrastructure at 5.3% [6]. - The property sector continues to struggle, with sales down by 7.2% and new starts down by 13.1% year-on-year [6]. Future Outlook - The report anticipates a slowdown in growth to below 4.5% year-on-year in the second half of 2025 due to various factors including weaker global trade and continued deflation [3][9]. - June activity indicators show reduced transshipment and weaker retail sales, indicating a deepening drag from the housing sector [3][9].

Core Insights - Mueller Streamline Co. is investing over $7 million to expand its manufacturing facility in Wynne, Arkansas, which is expected to create 60 new jobs over the next two years [1][4]. Company Expansion - The investment will enhance distribution and packaging operations, initially adding 40 jobs, increasing total employment at the Wynne campus to approximately 170 [3]. - The company has a history of supporting local economies since acquiring Halstead Industries in 1998, including building a new distribution center and acquiring operations in Springdale and Fayetteville [2]. Economic Impact - The expansion aligns with the Arkansas government's commitment to community support and economic recovery following a tornado in 2023 [4]. - Local officials, including the Mayor of Wynne and the executive director of the Arkansas Economic Development Commission, emphasize the importance of this investment for economic growth and job creation in eastern Arkansas [5][6]. Job Opportunities - Mueller will be hiring for various positions in Wynne, with applications currently open [6].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - PPI deflation in China has deepened, with PPI inflation dropping to -3.6% year-on-year in June, marking the 33rd consecutive month of deflation [1][2] - The Chinese government is expected to implement incremental demand-side easing measures in the property market rather than large-scale stimulus, as long-term fundamentals do not support significant new apartment construction [4] - Upcoming macroeconomic data releases are anticipated to show solid performance, with Q2 real GDP growth forecasted at 5.2% year-on-year, slightly above the Bloomberg consensus of 5.1% [8] Summary by Sections PPI and CPI Trends - PPI inflation decreased from -3.3% in May to -3.6% in June, while CPI inflation increased slightly from -0.1% to +0.1% year-on-year [1][2] Property Market Outlook - Recent property data indicates a decline in house prices and home sales, leading to speculation about government stimulus; however, the report suggests that any measures will be modest and focused on renovation rather than new construction [4] Economic Data Expectations - Key macroeconomic indicators, including trade, credit, and GDP data, are expected to be released soon, with forecasts for trade and industrial production above consensus, while credit and retail sales forecasts are below consensus [8]

Core Insights - Jewett-Cameron Trading Company Ltd. reported a significant decline in revenue and net loss for Q3 2025, primarily due to the impact of tariffs on imported metal products and supply chain disruptions [1][9][12]. Operational Highlights - The company experienced a 21% decrease in total revenue for Q3 2025, amounting to $12.6 million compared to $15.9 million in Q3 2024, largely due to deferred purchases by retailers amid tariff uncertainties [6][9]. - Sales of Lifetime Steel Posts® products grew by 85% compared to Q3 2024, driven by the rollout of displayers, which increased by approximately 88% since November 2024 [6][9]. Tariff Impact and Response - The company faced increased tariffs on Chinese goods, with a 25% tariff implemented in 2019 and further increases announced in 2025, leading to a 50% global tariff on steel and aluminum imports as of June 2025 [3][4]. - Retailers have deferred purchases of imported metal products due to tariff volatility, causing significant turmoil in the company's markets and stressing logistics [4][5]. - The company is diversifying suppliers to mitigate tariff impacts and is implementing price increases across its product portfolio to align with rising costs [7][8]. Financial Results - Gross profit margins decreased to 15.0% in Q3 2025 from 18.6% in Q3 2024, attributed to higher tariff and shipping costs, as well as a shift towards lower-margin products [10]. - Operating expenses decreased to $2.6 million in Q3 2025 from $2.9 million in Q3 2024, due to operational efficiency initiatives and a 20% workforce reduction [11]. - The net loss for Q3 2025 was $(0.6) million, or $(0.18) per share, compared to a net income of $0.2 million, or $0.04 per share, in Q3 2024 [12][20]. Strategic Initiatives - The company is developing multi-source, multi-country strategic sourcing partnerships to reduce dependence on high-tariff countries and enhance production flexibility [7]. - Initiatives to improve operational efficiency and customer satisfaction are being enacted, including process improvements and technology enhancements [7][8].

Core Viewpoint - Rockland Trust Co has reduced its stake in Berkshire Hathaway, selling 50,487 shares for $25.66 million, which reflects ongoing portfolio rebalancing while Berkshire remains a core holding for many institutional investors [2][7]. Company Overview - Berkshire Hathaway has a market capitalization of $1,033.0 billion and reported a trailing twelve months (TTM) revenue of $383.9 billion and net income of $80.9 billion as of July 10, 2025 [4]. - The company operates as a diversified holding company with substantial operations in insurance, transportation, energy, and manufacturing, serving individuals, corporations, and government entities globally [5]. Financial Metrics - As of June 30, 2025, Berkshire Hathaway's remaining position in Rockland Trust Co's portfolio is valued at $10.8 million, representing 0.5% of the fund's 13F assets [2]. - The stock closed at $478.27 on July 10, 2025, reflecting a 16.5% increase over the past year, with a forward price/earnings ratio of 27.7 and an EV/EBITDA of 9.5 [3][4]. - The five-year revenue compound annual growth rate (CAGR) for Berkshire Hathaway is 7.9% [3]. Leadership Transition - Warren Buffett will step down as CEO at the end of 2025, which has contributed to a nearly 9% decline in shares over the past three months [6]. - Incoming CEO Greg Abel has been instrumental in expanding the company's non-insurance portfolio, particularly in energy and utilities, and Berkshire Hathaway holds nearly $350 billion in cash and short-term investments for future growth opportunities [8]. Investment Outlook - Despite the leadership change, Berkshire Hathaway is expected to maintain its investment philosophies under Greg Abel, suggesting that the stock remains a long-term buy [9].

Britain’s government promises to cut through the restrictions of planning laws. If the tennis club is held back by litigation, what hope is there for data centres, pylons and gigafactories? https://t.co/J1LAdwoFNl ...

Josh Stein is the 76th governor of the state of North Carolina. First year in office, I think I got to break it to you. It doesn't get any easier from here.No, congratulations. We're really excited here in North Carolina. We We are open for business.Since January 1, we have announced more than $20 billion of investment producing over 23,000 jobs here in North Carolina. We're one of the third fastest growing state in the country. We have a solid growing economy, but it's all about our people.We have the most ...

Core Insights - Ingersoll Rand Inc. has achieved significant milestones in sustainability, innovation, and operational excellence in 2024, as highlighted in its sustainability report titled "Enabling Growth: Leading Sustainably with Purpose" [1][3] Sustainability Leadership - The company has been recognized globally for its sustainability efforts, ranking in the top 1% of the industry in the 2024 S&P Global Corporate Sustainability Assessment for the third consecutive year [7] - Ingersoll Rand was named to the "A List" by CDP for environmental stewardship and supplier engagement leadership for the second consecutive year [7] Environmental Impact and Operational Excellence - The company has made 61% progress towards its Science Based Targets initiative (SBTi) validated Scope 1 and 2 greenhouse gas emissions reduction goal of 42% [7] - Ingersoll Rand surpassed its water reduction goal with a 38% absolute reduction, exceeding the target of -17% [7] - The company achieved 74% progress toward its zero waste to landfill goal, aiming for more than 50% of sites to achieve this status [7] - A total recordable incident rate (TRIR) of 0.54 was achieved, which is 72% better than the industry average [7] People-First Culture and Safety Excellence - Approximately 3,900 employees were granted equity through the Ownership Works program, with over 25,000 employees receiving equity grants since May 2017 [7] - The employee engagement index score was maintained at 81, placing Ingersoll Rand in the top 10% of manufacturing companies [7]

Company Overview - Stella-Jones Inc. is a leading North American manufacturer focused on infrastructure products essential for electrical distribution, transmission, and railway transportation systems [4] - The company supplies treated wood and steel utility poles, steel lattice towers, and treated wood railway ties to major electrical utilities and railway operators across North America [4] - Stella-Jones also manufactures industrial products such as timbers for railway bridges, marine and foundation pilings, and coal tar-based products, alongside premium treated residential lumber for outdoor applications [4] Upcoming Events - A conference call is scheduled for August 7, 2025, at 10:00 AM Eastern Daylight Time, with a live webcast available [2] - The press release related to the conference call will be published before market opens on the same day [3] - A web recording of the meeting will be accessible from August 7, 2025, at 1:00 PM EDT until August 14, 2025, at 11:59 PM EDT [3]

I want to now bring in our Bloomberg TV and radio audiences worldwide. We're going to simulcast this. Joining us now is White House Council of Economic Advisers Chairman Stephen Meyer.And, Stephen, thanks very much for joining us. We were just listening to David Kostin of Goldman Sachs giving an optimistic view of the stock market and the way companies are dealing with tariffs. And I wonder how you think about the uncertainty that this creates.You definitely must have calculated that in coming up with this ...