Core Viewpoint - Nasdaq and the Philippine Stock Exchange (PSE) are enhancing their technology partnership by upgrading PSE's trading infrastructure to Nasdaq's advanced platform, Nasdaq Eqlipse Trading, which aims to improve liquidity and resilience in the Philippine marketplace [1][5]. Group 1: Technology Partnership - The upgrade to Nasdaq Eqlipse Trading represents a significant investment by Nasdaq to modernize and strengthen its platform capabilities, allowing for enhanced functionality such as pre-trade risk management and advanced options pricing [2][4]. - PSE's decision to renew its partnership with Nasdaq is driven by the need for a reliable trading system that meets current and future requirements, emphasizing the importance of technology in PSE's strategic agenda [3][5]. Group 2: Market Impact - The Nasdaq Eqlipse platform is part of a broader initiative to develop a fully interoperable suite of solutions across trading, clearing, and data intelligence, marking a major milestone in Nasdaq's investment cycle [4]. - Nasdaq's technology is utilized by 97% of globally significant banks and half of the world's top 25 stock exchanges, indicating its critical role in enhancing market infrastructure and operational efficiency [6]. Group 3: Economic Context - The partnership aligns with the rapid economic growth of the Philippines, positioning Nasdaq to support local and global banks in navigating challenges and innovating in a digital and AI-driven environment [6]. - Nasdaq's presence in the Philippines is part of its strategy to drive modernization in the financial services industry, contributing to regulatory compliance and simplifying capital market operations [5][6].

Investment Rating - The investment rating for Kawasaki Heavy Industries is Underweight [3][56]. Core Insights - There is a high interest in the defense-related business, with substantial increases in orders and improving margins due to a rise in the government defense budget. The operating profit margin (OPM) for the defense business improved from 3-4% in the past to 6% in F3/25, with expectations of reaching 7-8% in F3/26. The company targets sales revenue of ¥500-700 billion in F3/31 [1][3]. - In the rolling stock business, margins remain low, and capacity utilization in domestic and Asian markets is also low. The company is exploring various strategic options for business restructuring despite perceptions of a passive approach [1]. Summary by Sections Investment Rating - Stock Rating: Underweight [3]. - Price Target: ¥5,100 [3]. - Current Share Price (as of May 20, 2025): ¥8,732 [3]. Business Performance - Defense business OPM improved to 6% in F3/25, with expectations of 7-8% in F3/26 [1]. - Sales revenue target for defense business is ¥500-700 billion in F3/31 [1]. - Rolling stock business faces low margins and capacity utilization [1].

Core Viewpoint - The recent bullish "outside day" candle on April 30 indicates a potential for upward price movement in the S&P 500 Index (SPX), supported by historical trends and current market sentiment [4][5]. Market Sentiment and Technical Analysis - The SPX closed above its year-end 2024 level for the first time since February 28, suggesting a shift in market dynamics [3]. - A significant gap above resistance levels was observed, driven by positive developments in U.S.-China trade talks, which traders did not fully discount [5]. - The SPX's recent rally has left it "overbought" according to the 14-day Relative Strength Index (RSI), indicating potential caution for future movements [6]. Resistance and Support Levels - Key resistance levels for the SPX include the 6,000 mark and just below 6,150, which is the all-time high from February [7][8]. - Potential support levels are identified at 5,882 (2024 close), 5,783 (Election Day close), and the 200-day moving average at 5,760 [15]. Market Dynamics and Investor Behavior - Low put open interest suggests reduced hedging among money managers, who are increasingly looking at overseas markets and alternative assets like gold [2]. - A notable decrease in the buy-to-open put/call volume ratio indicates a shift in sentiment among equity option buyers, moving closer to levels that have historically preceded market weakness [13][14].

Core Insights - The article highlights the innovative transformation of Jiujing Daye Animal Husbandry Co., Ltd. in the black goat farming sector, supported by financial services from Jiujing Bank, focusing on green and intelligent agricultural practices [1][2][3] Group 1: Company Overview - Jiujing Daye Animal Husbandry is a national-level standardized demonstration base for livestock breeding, specializing in black goat breeding, ecological farming, and waste resource utilization, covering over 260 acres [2] - The company has a sales volume of 19,876 black goats and an annual output value of 60 million yuan [2] - The innovative farming model includes "high bed farming + underground fermentation + intelligent ventilation," resulting in no odor in the goat houses and low-cost waste treatment, converting approximately 1,568 tons of organic fertilizer annually [2] Group 2: Financial Support and Impact - Jiujing Bank provided a tailored financial service plan, issuing a 3 million yuan agricultural transformation special loan within three working days, marking the first loan in the livestock sector that considers carbon reduction potential and agricultural collaboration [1][2] - The financial support from Jiujing Bank has significantly reduced financing costs, allowing the company to focus on technology research and market expansion [2] - The company is actively enhancing the "company + cooperative + farmer" model, training an average of 500 farmers annually, thereby increasing local income and supporting the black goat industry in Xiushui County [2] Group 3: Industry Transformation - The collaboration between Jiujing Bank and Jiujing Daye Animal Husbandry serves as a replicable model for promoting the green, industrialized, and intelligent development of traditional farming in the region [3]

Euronext N.V. Annual General Meeting results Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 15 May 2025 – Euronext announced that in its Annual General Meeting (AGM) that took place today, all resolutions with the exception of voting item 1 (advisory vote) were approved. The voting items were as follows: Proposal to adopt the 2024 remuneration reportProposal to adopt the 2024 financial statementsProposal to adopt a dividend of €2.90 per ordinary shareProposal to discharge the members of the ...

Shares of stock brokerage platform eToro popped in their Nasdaq debut on Wednesday after the company raised almost $310 million in its IPO.The stock opened at $69.69, or 34% above its initial offering price, pushing its market cap to $5.6 billion at the open from $4.2 billion at the IPO price. Shares were last up more than 40%.The Israel-based company sold nearly 6 million shares at $52 each, above the expected range of $46 to $50. Almost 6 million additional shares were sold by existing investors. At the I ...

| | 全 球 资 产 市 场 表 现 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债收益率 | | | | | | | | | | | 美国 | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 2025/05/13 | 4.467 | 4.669 | 3.353 | 2.678 | 3.697 | 3.297 | 0.363 | 3.448 | | 最新变化 | -0.006 | 0.027 | 0.028 | 0.031 | 0.021 | 0.025 | 0.026 | 0.024 | | 一周变化 | 0.170 | 0.157 | 0.095 | 0.139 | 0.071 | 0.106 | 0.083 | 0.079 | | 一月变化 | 0.039 | 0.026 | 0.001 | 0.101 | -0.124 | -0.015 | -0.066 | -0.054 | | 一年变化 | -0.214 | 0.323 | 0.300 | 0. ...

Company Overview - eToro has priced its IPO at $52 per share, raising nearly $310 million and valuing the company at approximately $4.2 billion [1] - Founded in 2007 by brothers Yoni and Ronen Assia along with David Ring, eToro competes with platforms like Robinhood and generates revenue through trading fees and non-trading activities [5] Financial Performance - eToro's net income surged almost thirteenfold to $192.4 million in the last year, up from $15.3 million the previous year [6] - Revenue from cryptoassets more than tripled to over $12 million in 2024, with one-quarter of its net trading contribution coming from crypto, an increase from 10% the prior year [6] IPO Context - The IPO market is showing signs of recovery, with eToro's Nasdaq debut under the ticker symbol ETOR being a potential indicator of market readiness for risk [4] - eToro previously attempted to go public in 2022 through a SPAC merger, which was scrapped due to a downturn in equity markets [7] Investor Interest - BlackRock has expressed interest in purchasing $100 million in shares at the IPO price, with the company planning to sell 5 million shares in the offering, alongside existing investors selling another 5 million [8]

Core Viewpoint - The Stock Exchange of Thailand (SET) and Nasdaq have announced an expanded strategic technology partnership aimed at modernizing Thailand's capital markets, focusing on enhancing market resilience, integrity, and aligning with global standards through the use of Nasdaq's AI capabilities [1][2]. Group 1: Partnership Objectives - The collaboration will promote the adoption of Nasdaq's risk and surveillance platforms within SET's member community to drive consistent infrastructure across the market ecosystem [2]. - The initiative aims to enhance systemwide efficiency, transparency, and risk management, benefiting from common market infrastructure and Nasdaq's ongoing investments in modernization [2][3]. Group 2: Market Impact - The partnership is expected to strengthen liquidity, transparency, and integrity in Thailand's capital markets, fostering trust and investor confidence [3]. - By adopting advanced risk and surveillance solutions, SET aims to improve its ability to detect market abuse and monitor trading activities, reinforcing Thailand's leadership in ASEAN's capital markets [3][4]. Group 3: Nasdaq's Global Reach - Nasdaq's technology is utilized by 97% of globally systematically important banks, half of the world's top 25 stock exchanges, and over 3,800 clients in the financial services industry [3]. - The partnership reflects Nasdaq's commitment to advancing industry-wide modernization through deep strategic relationships and mission-critical solutions [4]. Group 4: Future Vision - Together, SET and Nasdaq are laying the foundation for a robust, future-ready capital market ecosystem, enhancing Thailand's position as a regional innovation leader and financial hub [5].

Group 1 - Since May, several companies including *ST Zhongcheng, *ST Renle, *ST Hengli, and *ST Gongzhi have announced receipt of termination of listing advance notice, indicating a trend of companies leaving the capital market [1][3] - As of May 12, 2025, a total of 10 companies have received termination of listing advance notices from the Shanghai and Shenzhen Stock Exchanges, with additional companies like *ST Puli and *ST Xulan also facing similar fates [1][3] - The new delisting regulations have been implemented, leading to the first annual report season under these rules, resulting in multiple companies being warned of delisting risks and several directly delisted [5] Group 2 - *ST Renle reported a net asset of -387 million yuan for 2023 and -404 million yuan for 2024, triggering termination of listing due to financial report issues [3] - *ST Hengli's 2023 net profit was negative, and its revenue was below 100 million yuan, leading to a delisting risk warning [3][4] - *ST Zhongcheng's 2023 net asset was also negative, and its 2024 financial report received a qualified opinion, resulting in a proposed termination of listing [3][4] Group 3 - A total of 9 companies have completed delisting in 2025, with reasons ranging from continuous low stock prices to major violations [6][7] - The companies that have delisted include *ST Meixun, Haitong Securities, and *ST Boxin, among others, with various reasons for their delisting [7][8] - The trend indicates a significant number of companies facing financial difficulties and regulatory challenges, leading to increased scrutiny and potential delisting [10] Group 4 - The Beijing Stock Exchange may see its first delisted company, with Guandao Digital and Yun Chuang Data facing delisting risks due to audit issues [9][10] - Both companies have received audit opinions that could lead to termination of listing if they continue to meet financial delisting criteria in 2025 [10] - A total of 96 companies in the A-share market have been warned of delisting risks due to various financial issues, indicating a broader trend of financial instability among listed companies [10]