M Global Insight May 20, 2025 06:37 PM GMT Global Strategy Mid-Year Outlook All Eyes on US US risky and risk-free assets are attractive versus the RoW against a backdrop of a slowing but still expanding global economy despite policy uncertainty, along with deregulation and more rate cuts than priced in the markets. We are OW US equities, OW core fixed income, and expect a weaker dollar. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors sho ...

20 May 2025 | 3:52PM EDT Global Market Views: Smaller Tails Widen Some Paths, Narrow Others 1. Some paths widen, some narrow. Equity markets have relaxed over the past month following a succession of positive trade-related developments between the 90-day pause on reciprocal tariffs and the recent tariff reduction with respect to China. Tariff rates are now lower, but not low, and the same can be said about recession risks in the US. The lowering of trade tensions means that even if hard data 'catch down' to ...

May 20, 2025 06:44 PM GMT China Economics Mid-Year Outlook Lingering Deflation Despite Tariff Detente We revise our 2025 GDP forecast upward by 30 bps to 4.5% due to reduced tariff headwinds. But deflation persists, as structural issues (housing, consumption) continue to exert downward pressure on prices. We expect lighter, delayed stimulus focused on infrastructure. Milder growth slowdown amid lower tariffs: 2025/26 GDP growth raised to 4.5%/4.2% YoY (vs. 4.2%/4.0%Y previously). We now see GDP YoY stabiliz ...

Summary of Key Points from the Conference Call Industry or Company Involved - The discussion revolves around the impact of President Trump's tariff policy on the global economy and financial markets, particularly focusing on the trade relations between the US, China, and the UK. Core Points and Arguments 1. **Market Reactions to Tariff Announcements** - Global stock markets experienced a significant decline following the announcement of reciprocal tariff rates on April 2, leading to a "triple decline" in stocks, Treasury bonds, and the US dollar [1][26][49] 2. **Ceasefire and Market Stabilization** - A ceasefire was declared on April 9, pausing tariff implementations for 90 days, which helped stabilize markets as provisional agreements were reached with the UK and China [1][34][49] 3. **Investment Delays Due to Uncertainty** - Businesses are likely to delay or scale back investments due to ongoing concerns about tariffs, potentially triggering a global economic slowdown or recession [2][53] 4. **Historical Context of GATT** - The free trade system under GATT allowed certain unfair trade practices, which Trump aimed to address through reciprocal tariffs, shocking many in the business community [4][5][15] 5. **Negotiation Dynamics with China** - The US and China agreed to reduce mutual tariff rates by 115%, but the US still plans to impose a 30% tax on Chinese imports, reflecting ongoing tensions [39][40] 6. **Inflation Concerns** - The University of Michigan's Consumer Sentiment Index indicated rising inflation expectations, complicating the Federal Reserve's monetary policy [51][52] 7. **Impact of Tariff Uncertainty on Corporate Investment** - The unpredictability of tariff rates is likely to lead companies to adopt a more cautious approach to capital investment, affecting long-term business decisions [53][55] 8. **Political Influence on Economic Policy** - Major contributors to the Republican Party have the power to influence Trump's policies, as seen when the tariff pause was announced following market declines [34][35][36] 9. **Future of US Trade Policy** - The uncertainty surrounding Trump's future actions remains a significant risk for the US economy, as his impulsive decisions could lead to further market instability [58][61] 10. **Geopolitical Implications** - The US's need for strong trade relations with allies is emphasized, especially in the context of competing with China's economic power [79][80] Other Important but Possibly Overlooked Content 1. **Historical Trade Deficits** - The US trade deficits have persisted for 40 years, and Trump's focus on reducing these deficits is a long-standing goal that resonates with his core supporters [14][82][83] 2. **Market Sensitivity to Tariff Announcements** - The announcement of high tariffs can have irreversible impacts on risk calculations for businesses, as seen in past trade frictions [56][55] 3. **Potential for Currency Adjustments** - There is a risk that the Trump administration may consider adjusting exchange rates as a means to address trade imbalances, which could lead to further dollar weakness [86][88] 4. **Negotiation Challenges with China** - The complexity of US-China negotiations is highlighted, with the potential for impulsive decisions by Trump complicating the process [42][46][47] 5. **Long-term Economic Outlook** - The overall outlook for financial markets and the US economy remains unpredictable, with inflation concerns and trade uncertainties posing significant challenges [49][50][61]

PHOENIX, May 20, 2025 (GLOBE NEWSWIRE) -- DBM Global Inc. (“DBMG”), announced today that it has entered into an amended and restated credit agreement that provides for an $85 million term loan and a $135 million revolving credit facility (the “Credit Facility”), which will be used to fully repay DBMG’s existing debt obligations and provide additional working capital capacity. The Credit Facility from a syndicate led by UMB Bank, N.A. provides for senior secured debt in the total amount of $220 million and i ...

Core Viewpoint - INNOVATE Corp. announced that DBM Global Inc. has secured an $85 million term loan and a $135 million revolving credit facility to repay existing debts and enhance working capital capacity [1][2]. Group 1: Credit Facility Details - The total amount of the Credit Facility is $220 million, maturing on May 20, 2030, with an accordion feature allowing an increase of up to $50 million [2]. - The Credit Facility is provided by a syndicate led by UMB Bank, N.A., and is classified as senior secured debt [2]. Group 2: Management Insights - Rustin Roach, Chairman and CEO of DBMG, expressed excitement about the relationship with banking partners and highlighted the liquidity support for working capital requirements [3]. - Paul Voigt, interim CEO of INNOVATE, noted that the Credit Facility will provide long-term flexibility and support continued growth, especially after DBMG added over $500 million in new awards to their adjusted backlog last quarter [4]. Group 3: Company Overview - INNOVATE Corp. operates in three key areas: Infrastructure, Life Sciences, and Spectrum, employing approximately 3,100 people across its subsidiaries [4]. - DBM Global Inc. focuses on delivering sustainable value through a collaborative portfolio, offering integrated steel construction services and professional services across various market segments, including commercial, healthcare, and public works [5].

WILMINGTON, N.C., May 20, 2025 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), the leading provider of intelligent, best-in-class banking solutions, today announced that preliminary financial results for its first quarter ended April 30, 2025, exceed the top end of previously disclosed financial guidance ranges for Total Revenues, Subscription Revenues, and non-GAAP Operating Income. The Company will report its first quarter fiscal 2026 results after the market closes on Wednesday, May 28, 2025. The results ...

16 May 2025 | 7:27PM BST EM Local Rates Mixed Blessings From Tariff Relief Tadas Gedminas +44(20)7051-6015 | tadas.gedminas@gs.com Goldman Sachs International Kamakshya Trivedi +44(20)7051-4005 | kamakshya.trivedi@gs.com Goldman Sachs International Danny Suwanapruti +65-6889-1987 | danny.suwanapruti@gs.com Goldman Sachs (Singapore) Pte Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosur ...

16 May 2025 | 1:59PM EDT Global Economics Wrap-Up: May 16, 2025 Global Economics 5/16/25 1:30PM ET o We raised our Euro area growth forecast to 0.9% and 1.1% for 2025 and 2026 (vs 0.8% and 1% previously) in response to firmer growth abroad and easier financial conditions. Joseph Briggs +1(212)902-2163 | joseph.briggs@gs.com Goldman Sachs & Co. LLC Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Katya Vashkinskaya +44(20)7774-4833 | katya.vashkinskaya@gs.com Goldman Sachs Inte ...

Core Insights - Temenos launched the Product Manager Copilot at the Temenos Community Forum '25, aimed at enhancing banks' ability to innovate and optimize financial products using Generative AI [1][7] - The Product Manager Copilot integrates Microsoft Azure OpenAI Service, providing a conversational interface for product, IT, and customer service managers to utilize Temenos' core banking functionalities [2][5] Product Features - The Copilot is part of Temenos' advanced and enterprise product offerings, designed to help banks design, launch, and test retail products more efficiently [3][4] - It allows product managers to interact through familiar platforms like Microsoft Teams, facilitating quick access to business insights without complex queries [4][5] Market Context - A study indicated that 75% of banks are exploring Generative AI, with 36% already deploying it, highlighting a significant trend towards AI adoption in the banking sector [6] - The integration of Generative AI is seen as transformative for the banking industry, emphasizing the need for traditional banks to innovate rapidly to remain competitive against fintechs and neobanks [6][7] Collaboration and Future Availability - Temenos developed the Copilot in collaboration with clients like Banque Internationale à Luxembourg, ensuring a customer-focused approach to innovation [7][8] - General availability of the Product Manager Copilot is expected in Q4 2025, with financial institutions able to register for early access [8]