Group 1 - Goldman Sachs has secured exclusive rights to negotiate the purchase of Burger King's operations in Japan, with a potential deal valued at approximately Y70bn ($452m) [1] - Affinity Equity Partners has held the master franchise for Burger King in Japan since 2017, aiming to expand the brand's footprint in the Asia-Pacific region [2] - Burger King reported a 4% year-on-year rise in same-store sales in Q3 2025, driven by a 3.1% increase at its locations [2] Group 2 - Burger King is implementing a multi-year "Reclaim the Flame" program, which includes planned investments of up to $700m before the end of 2028 for various improvements [3] - A joint venture with Chinese private equity firm CPE was announced in November 2025, with CPE owning 83% of Burger King China and RBI retaining a 17% stake [4] - The partnership with CPE includes a $350m capital infusion to support new restaurant openings, marketing, and menu innovation [4]

18 November 2025 | 7:46AM HKT Economics Research Asia Views: Supply proficient, demand deficient 1. We recently upgraded our forecast for China's export growth and overall economic growth through the end of the decade, for three main reasons. First, export momentum has been robust most of this year (Exhibit 1). Even after a (largely anticipated) weak October, exports are still up in volume terms on 2024, and grew at a double-digit pace much of the past two years. While that pace is unlikely to be matched in ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Economy and Key Economic Indicators - **Focus**: Economic performance in October 2025, including industrial production, retail sales, fixed asset investment (FAI), and property sector dynamics Core Insights and Arguments 1. **Industrial Production**: - Industrial production growth slowed to **4.9% y-o-y** in October from **6.5%** in September, below market expectations of **5.5%** [2][7] - The slowdown was attributed to distortions from the mid-autumn festival and Golden Week holiday [2][7] - Average industrial production growth for September-October was **5.7%**, still above **5.5%** in July-August [2] 2. **Retail Sales**: - Retail sales growth inched down to **2.9% y-o-y** in October from **3.0%** in September, slightly above market consensus of **2.8%** [3][12] - Catering services saw significant growth, rising to **3.8% y-o-y** from **0.9%** in September, aided by the extended holiday [3][14] - Sales of home appliances and autos contracted sharply, with home appliances down **14.6%** and autos down **6.6%** [3][15] 3. **Fixed Asset Investment (FAI)**: - FAI contracted further to **-11.2% y-o-y** in October from **-6.8%** in September, significantly below market expectations [4][16] - The decline was broad-based, with manufacturing and infrastructure investments also showing negative growth [4][16] - The property sector remains a primary drag on FAI, with property investment down **23.1% y-o-y** [5][20] 4. **Property Sector Dynamics**: - The property sector's decline deepened, with new home sales by value down **24.1%** and by floor space down **18.6%** [5][20] - New home starts and completions also worsened, dropping **29.6%** and **28.4%** respectively [5][21] - Housing prices continued to decline, particularly in tier-1 cities, with existing home prices down **0.95% m-o-m** [5][22] 5. **Macroeconomic Policy Outlook**: - The focus of policy may shift towards ensuring short-term stability and addressing deflation, with fiscal expansion likely to be prioritized [1] Additional Important Insights - **Export Performance**: Average growth of export-delivered value was **0.9% y-o-y** in September-October, an improvement from **0.2%** in July-August [2] - **Sector-Specific Trends**: - Manufacturing investment growth declined to **-6.7% y-o-y** in October, influenced by the anti-involution campaign [17] - Infrastructure investment growth also dipped to **-12.1% y-o-y** [19] - **Consumer Behavior**: The contraction in durable goods sales indicates a shift in consumer spending patterns, with a notable decline in home appliances and autos [15] This summary encapsulates the critical economic indicators and trends affecting the Chinese economy as of October 2025, highlighting areas of concern and potential policy responses.

November 17, 2025 07:06 AM GMT US Rates Strategy | North America The Market-Implied Path for Fed Policy Is Priced for Productivity Our economists' 2026 outlook envisions four possible paths for the US economy and resulting Fed policy. The current market- implied path for Fed policy aligns most closely with the likely path in a scenario where AI-driven productivity gains exceed expectations. Stay long 5y US Treasuries. Key Takeaways Please add me to your distribution list. M Idea Morgan Stanley & Co. LLC Mat ...

Core Viewpoint - The strategic partnership between Guotai Haitong and Bloomberg aims to enhance collaboration in financial data, fintech, and market expansion, leveraging Bloomberg's global resources to support Guotai Haitong's international business growth and brand development [2][4]. Group 1: Partnership Details - The signing ceremony was attended by key figures including Guotai Haitong's Chairman Zhu Jian and Bloomberg's founder Michael Bloomberg [2]. - The partnership will focus on improving Guotai Haitong's capabilities in international business, global data governance, wealth management, and overseas family office services [4]. Group 2: Company Backgrounds - Bloomberg, founded in 1981 and headquartered in New York City, operates 167 branches globally and employs over 26,000 people, providing trusted financial data and insights [4]. - Guotai Haitong was established through the merger of Guotai Junan and Haitong Securities in 2025, with a presence across 31 provinces and regions in China, and services extending to 17 countries and regions [4].

Goldman Sachs tackled the “most important question for the U.S. equity market outlook” on Monday: whether the market is “correctly valuing the benefits from AI.” The answer is a qualified yes, a denial that company valuations are at “bubble levels,” and a finding that the market is, shall we say, excessively optimistic. The U.S. equity market may have already incorporated a significant amount of the potential long-term value generated by AI, according to a new analysis from the investment bank. Some “simp ...

Oil prices are expected to decline through 2026, Goldman Sachs said on Monday, citing a production surge that will keep the market in a large surplus of around 2 million barrels per day. ...

Core Insights - Goldman Sachs is benefiting from a significant resurgence in mergers and acquisitions activity, marking the most robust dealmaking environment in nearly 25 years [1] Company Summary - The firm has secured a leading position in the current wave of global dealmaking, capitalizing on increased merger and acquisition activities [1] Industry Summary - The overall surge in M&A activity indicates a renaissance in the dealmaking landscape, suggesting a favorable environment for investment banks like Goldman Sachs [1]

Veteran equity markets leader joins to oversee trading operations and advance cross-platform growth initiatives Accessibility StatementSkip Navigation NEW YORK, Nov. 17, 2025 /PRNewswire/ -- Oppenheimer & Co. Inc. – a leading investment bank, wealth manager, and subsidiary of Oppenheimer Holdings (NYSE: OPY) — today announced that Keith Peterson has joined the firm as Managing Director and Head of Cash Equity Sales and Trading. He will report to John Hellier, Senior Managing Director and Head of Equities. ...

Morgan Stanley strategist Michael Wilson became one of the most bullish voices on US stocks as he predicted a 16% rally for the S&P 500 Index over the next year underpinned by strong corporate earnings. The bank’s chief US equity strategist expects the benchmark to trade around 7,800 points by end-2026. That’s among the highest targets from strategists tracked by Bloomberg, and would mean a fourth straight year of double-digit gains for the index. Most Read from Bloomberg “We’re in the midst of a new bu ...