Core Viewpoint - On August 8, a report from the Financial Times caused the COMEX-LBMA gold spot premium to surge to $119 per ounce due to the U.S. government's proposal to impose tariffs on Swiss imports of 1 kg and 100 oz gold bars, which are the standard delivery specifications for COMEX contracts. This move primarily targets the four major Swiss refineries, which account for over 70% of global refining capacity, potentially jeopardizing their access to the U.S. market [4][9][17]. Group 1: Tariff Impact and Market Response - The proposed tariffs on Swiss gold imports are expected to significantly impact the COMEX market, as the affected gold bars are crucial for contract delivery [4][9]. - Despite the surge in COMEX premiums, the LBMA spot price did not experience a corresponding increase, indicating a lack of immediate supply constraints in the market [5][12]. - In 2024, U.S. imports of gold from Switzerland are projected to be only 20.6 tons, which is less than a quarter of the imports from Canada and Mexico that faced similar tariff threats [5][12]. Group 2: Alternative Supply Channels - The U.S. has 18 COMEX-certified refineries that can re-melt gold bars from other countries, allowing for compliance with delivery specifications without relying solely on Swiss imports [15][17]. - The ability to transport 400 oz gold bars from abroad and re-melt them domestically means that the tariff's impact on prices may be mitigated, as the market can adapt quickly to changes in supply sources [15][17]. - The potential for a "gold TACO" scenario suggests that the premium on Swiss gold could be quickly neutralized before the tariffs take full effect [17]. Group 3: Price Trends and Market Signals - The combination of tariff disruptions, dovish signals from Federal Reserve officials, and bullish strategies from financial institutions indicates a potential upward trend in gold prices after a period of consolidation [5][17]. - The recent price movements suggest that the window for breaking previous highs in gold prices may be opening, driven by multiple positive market signals [5][17].

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Summary of Key Points from the Conference Call Industry Overview - **Industry**: Japanese Equities - **Key Themes**: The presentation discusses macroeconomic and microeconomic forces driving Japanese equities, including nominal growth, U.S. tariffs, political changes, corporate governance reforms, and industrial competitiveness in a multipolar world [1][5][6]. Core Insights 1. **Strong Nominal GDP Growth**: - Japan's nominal GDP is projected to grow significantly, with forecasts indicating a rise from 480 trillion yen in 1995 to 3,400 trillion yen by 2027 [9]. - Morgan Stanley's TOPIX forecast is set at 2,900 points as of June 2026, with a base case EPS growth of 185 million yen for December 2025 [10][12]. 2. **Impact of U.S. Tariffs**: - The U.S. tariffs and investment packages are influencing Japanese stocks, with a focus on the cumulative excess return on TOPIX for stocks sensitive to tariffs [27][30]. - Stock price gains post-U.S.-Japan tariff agreements have shown weak performance support, indicating potential volatility in the market [30][35]. 3. **Political Landscape Changes**: - The focus of uncertainty is shifting from external pressures, such as tariffs, to internal political dynamics, including public opinion on leadership and fiscal policies [47][51]. - The government fiscal balance is improving, which may influence future investment strategies [54]. 4. **Corporate Governance Reforms**: - Ongoing reforms are expected to enhance shareholder returns and capital efficiency, contributing positively to the market outlook [7][20]. 5. **Sector Preferences**: - A barbell strategy is recommended, focusing on export-oriented manufacturing and domestic demand-oriented non-manufacturing sectors [20]. - Specific sectors such as pharmaceuticals, IT services, and construction materials are highlighted for their growth potential [20][22]. Additional Important Insights - **Focus List Performance**: The focus list of stocks reflects a cautious view on large external demand stocks while being bullish on domestic demand growth stocks [22][23]. - **Market Dynamics**: The analysis includes cumulative fund flows, indicating a trend of net purchases in cash equities by overseas investors, suggesting a positive sentiment towards Japanese equities [42][46]. - **Infrastructure Investment**: Upcoming government spending on infrastructure is anticipated, which may further stimulate economic growth and investment opportunities [61]. This summary encapsulates the critical insights and data points discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the Japanese equity market.

Deutsche Bank Research Asia Fixed Income Asia Macro Strategy Notes CCS monitor: Your top 3 CNH CCS questions answered Asia CCS updates With Asia approaching the August 1st tariff deadline, the CCS market exhibited mixed performance over the past two weeks. Figure 1:The decline in CCS fixed rates are mostly driven by IRS rally c w bps Ne hange over last tw ee 5Y Xccy basis* 5Y IRS 5Y CCS* t o ks SGD MYR IDR PHP INR KRW THB CNH 15 10 5 0 -5 -10 -15 -20 Source :Deutsche Bank, Bloomberg Finance LP; Note: *We co ...

Core Viewpoint - The establishment of the EF account in Hainan Free Trade Port has significantly enhanced cross-border capital flow, facilitating over 170 billion yuan in transactions within a year, marking a milestone in financial openness and efficiency in the region [4][5]. Policy Empowerment - The People's Bank of China initiated the EF account to support the operational closure of Hainan Free Trade Port, with the account officially launched on May 6, 2024, and has since been well-received by businesses [5][6]. - The EF account serves as a crucial financial infrastructure for Hainan's gradual financial opening, allowing for more convenient cross-border capital flow management [5][10]. - The EF account operates under a principle of "one line open, two lines manage," which simplifies the cross-border capital flow process compared to traditional methods [5]. Business Practice - On the first day of the EF account's launch, 34 companies opened accounts, with one company completing five transactions in a single day, demonstrating the efficiency of cross-border capital movement [6]. - In the first half of 2025, 273 new EF accounts were opened, a significant increase from the previous year, with a total transaction volume of approximately 91.8 billion yuan, indicating growing business engagement with the EF account [8]. Financial Innovation - The EF account has shifted business needs from basic cross-border settlements to global treasury management, enhancing liquidity and competitiveness for enterprises [9]. - The successful implementation of the first EFN loan has provided a new financing model for other companies, promoting innovation in the cross-border financial sector [9]. Risk Control - The EF account's design balances the need for free capital flow with risk management, establishing a financial "electronic fence" to ensure safe and orderly operations [10]. - The account's framework allows for limited penetration between cross-border and domestic accounts, creating a safeguard while promoting financial market openness [10].

Strategic Divestments - StoneCo divested Linx and related assets to TOTVS for an enterprise value of R$305 billion and a total value of R$341 billion[12] - SimplesVet was divested to PetLove for an enterprise value of R$140 million and a total value of R$155 million[12] - The value captured from divestments represents approximately 25% of StoneCo's market capitalization, while the divested assets accounted for less than 5% of the company's adjusted net income[11, 14] Financial Performance (2Q25) - StoneCo's adjusted basic EPS for continuing operations increased by 409% year-over-year[20, 45] - Adjusted net income from continuing operations increased by 237% year-over-year to R$5981 million[20, 39] - Total revenue and income from continuing operations grew by 202% year-over-year to R$35009 million[34, 39] - Adjusted gross profit from continuing operations increased by 139% year-over-year to R$15615 million[39] Business Segments - MSMB (Micro, Small, and Medium Businesses) payments client base increased by 64% year-over-year[26] - MSMB TPV (Total Payment Volume) increased by 12% year-over-year[26] - Retail deposits increased by 36% year-over-year[28] - Credit portfolio increased by 25% quarter-over-quarter[30] Guidance Update - StoneCo updated its 2025 adjusted gross profit guidance to > R$6375 billion, reflecting a 145% year-over-year increase[17] - The company updated its 2025 adjusted basic EPS guidance to > R$96 per share, representing a 32% year-over-year increase[17] Future Outlook (2027 Guidance) - StoneCo projects MSMB TPV to exceed R$670 billion by 2027, with a CAGR of +14%[46] - The company anticipates retail deposits to surpass R$140 billion by 2027, with a CAGR of +17%[46] - StoneCo expects its credit portfolio to exceed R$55 billion by 2027, with a CAGR of +66%[46] - The company forecasts adjusted gross profit to exceed R$102 billion by 2027, with a CAGR of +18%[46] - StoneCo projects adjusted basic EPS to exceed R$150 per share by 2027, with a CAGR of +27%[46]

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Core Viewpoint - Affiliated Managers Group, Inc. (AMG) has agreed to sell its interest in Comvest Partners' private credit business to Manulife Financial Corporation for nearly $285 million in an all-cash transaction, expected to close in Q4 2025, subject to customary conditions [1][8]. Group 1: AMG's Strategic Move - Comvest is a prominent investment firm specializing in private equity and direct lending, with a 25-year history of providing capital to middle-market companies in North America [2]. - AMG's partnership with Comvest facilitated significant growth, increasing Comvest's assets under management from $2 billion to $14 billion over five years [2][8]. - As part of the transaction, AMG will realize a substantial gain on its investment while retaining interests in certain existing private credit funds and its stake in Comvest's private equity business [3][8]. Group 2: AMG's Capital Reallocation Strategy - AMG's CEO, Jay C. Horgen, expressed satisfaction with the partnership's positive impact on Comvest's growth and stakeholder outcomes [4]. - This divestiture aligns with AMG's strategy to reallocate capital into more lucrative investment opportunities, following the recent sale of its stake in Peppertree Capital Management for $240 million [4]. - In 2022, AMG also divested stakes in Veritable LP and Baring Private Equity Asia, indicating a trend of strategic divestitures [4]. Group 3: AMG's Market Performance - Over the past six months, AMG shares have increased by 21.6%, contrasting with a 0.7% decline in the industry [5]. - Currently, AMG holds a Zacks Rank of 3 (Hold), reflecting its market position [6].

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Group 1 - The Issuer, BPCE SFH, has issued €1,000,000,000 of 3.199% Fixed Rate Notes due on 28 October 2034, which can be extended as Floating Rate Notes from October 2034 to October 2035 [1][6][7] - The Notes are part of a €65,000,000,000 Euro Medium Term Note Programme for the issuance of obligations de financement de l'habitat and other privileged notes [1][6] - The maturity provisions of the Notes will be amended effective from 1 September 2025, as agreed by the unanimous consent of the Noteholders [2][7] Group 2 - The Notes are not intended for retail investors in the European Economic Area (EEA) and no key information document has been prepared for such investors [4] - The Notes have been rated AAA by S&P Global Ratings, indicating a strong capacity to meet financial commitments [23][24] - The estimated net proceeds from the issuance of the Notes are €1,000,000,000 [26]