Market Overview - In 2025, global M&A deal value surged by 40% to an estimated $4.9 trillion, marking the second-highest year on record[13] - The volume of deals increased by 7%, with megadeals over $5 billion accounting for more than 73% of the incremental deal value[14] - Despite the rebound, M&A's share of capital allocation reached a low of 7%, indicating companies are prioritizing other investments like capex and R&D[41] Industry Trends - Technology M&A saw a remarkable 77% increase, driven by acquisitions related to AI, including Alphabet's $32 billion purchase of Wiz[22] - Advanced manufacturing and services also contributed significantly, highlighted by Union Pacific and Norfolk Southern's $88 billion merger[23] - The shift towards scope deals was notable, with 60% of deals valued over $1 billion categorized as scope, reflecting a focus on revenue growth[54] Geographical Insights - The U.S. accounted for nearly half of total strategic deal value, while Greater China led in deal count, with over 80% of its deal value coming from the domestic market[29] - Japan's M&A market doubled in value, becoming the third-largest globally, while Europe, the Middle East, and Africa experienced strong growth in deal value[29] Future Outlook - 80% of M&A executives anticipate sustaining or increasing deal activity in 2026, driven by improving macro conditions and a backlog of private equity assets ready for exit[68] - Companies are expected to focus on reinvention strategies to adapt to technology disruption, post-globalization, and shifting profit pools, making M&A a critical tool for transformation[75]

Over the past year, silver has been among the biggest gainers, rising roughly 155%, while gold has climbed about 80%. Other metals have also rallied strongly, with platinum up around 120%, palladium 75%, and copper gaining roughly 30% over the same period. The breadth of gains has led some market participants to argue that commodities may be entering a new “supercycle”, a prolonged period of rising prices driven by structural forces. One recent example was China’s rapid urbanisation, which sharply increased ...

Market Overview - The ASX 200 futures are indicating a significant decline of 210 points or 2.38% as of Monday morning, following a turbulent end to the previous week on Wall Street and a surge in oil prices raising inflation concerns [1] - The S&P/ASX 200 index fell by 1% on Friday and 3% for the week, amid escalating tensions involving the US, Israel, and Iran, leading investors to consider the impact of safe-haven assets versus the inflationary effects of rising oil prices [2] Global Market Performance - Wall Street closed lower with all major indices near their lows; the S&P 500 dropped 1.33%, the Dow fell 0.94%, and the Nasdaq decreased by 1.59%, while the Russell 2000 declined by 2.33% for the week [3] - The Dow, S&P, and Nasdaq recorded weekly losses of 3.01%, 2.02%, and 1.24% respectively [3] Oil Price Impact - WTI crude oil prices surged over 12% on Friday, reaching US$90.90 per barrel, the highest since September 2023, due to concerns over potential curtailments in Gulf output and shipping disruptions in the Strait of Hormuz [4] - Higher oil prices are expected to increase transport, logistics, and household costs, complicating the interest rate outlook as growth indicators begin to soften [5] Labor Market Concerns - The US non-farm payrolls unexpectedly decreased by 92,000 in February, with unemployment rising to 4.4%, raising concerns about a potential stagflation scenario as energy prices continue to climb [6] ASX Sector Performance - The ASX 200 index closed 89.3 points lower at 8,851.0, with the materials sector declining by 4.1%, while financials, real estate, and industrials also experienced losses [7] - The energy sector remained relatively stable, and the technology sector saw a rebound, increasing by 4.6% [7] - The market sentiment reflects a willingness to invest in growth stocks while showing reluctance towards major mining companies due to concerns regarding China, commodity demand, and overall risk sentiment [8]

Group 1: Stock Performance - Lumentum Holdings Inc. (NASDAQ:LITE) experienced a significant decline of 24.65% this week, despite being set to join the S&P 500 on March 23, 2026 [1] - Celsius Holdings, Inc. (NASDAQ:CELH) saw a drop of 17.86% this week [1] - First Majestic Silver Corp. (NYSE:AG) decreased by 17.69% this week, influenced by a stronger dollar and rising yields amid geopolitical tensions [2] - Carnival Corporation (NYSE:CCL) fell by 10.45% this week due to increased geopolitical and fuel risks following U.S. and Israel strikes on Iran [2] - Hecla Mining Company (NYSE:HL) dropped 16.71% this week [2] - The AES Corporation (NYSE:AES) fell 1.26% this week after announcing a private buyout at $15.00 per share, which is lower than recent trading prices [3] - Corning Incorporated (NYSE:GLW) experienced a decline of 21.91% this week [3] - Rocket Companies, Inc. (NYSE:RKT) decreased by 11.9% this week as rising U.S. Treasury yields raised concerns about mortgage costs and housing demand [3]

Group 1 - BHP's Australia President Geraldine Slattery is a contender for the CEO position at Woodside Energy following the departure of Meg O'Neill [1] - Woodside is expected to announce a permanent CEO appointment in the first quarter of 2026 [1] - Acting CEO Liz Westcott and two other internal candidates are also in the running for the CEO role [1]

Core Insights - The Fundstrat Granny Shots US Small- & Mid-Cap ETF (GRNJ) is highlighted as a novel actively managed investment vehicle that may be of interest to investors seeking exposure to small and mid-cap equities [1] Group 1: Investment Strategy - The investment approach focuses on identifying underpriced equities with strong upside potential while also recognizing overappreciated companies with inflated valuations [1] - The research emphasizes the importance of analyzing Free Cash Flow and Return on Capital to gain deeper insights into investment opportunities [1] Group 2: Sector Focus - The analysis pays particular attention to the energy sector, including oil & gas supermajors, mid-cap, and small-cap exploration & production companies, as well as oilfield services firms [1] - Additionally, the research covers a variety of other industries, such as mining, chemicals, and luxury goods [1] Group 3: Market Perception - The analyst acknowledges that while some growth stocks may deserve their premium valuations, it is crucial for investors to investigate whether the market's current opinions are justified [1]

5 March 2026 | 4:29PM MST Credit Strategy Research GLOBAL CREDIT TRADER Beneath the geopolitical surface Energy and commodities take center stage after Iran Continued fallout from AI software disruption Market microstructure holds up despite the volatility Spencer Rogers, CFA +1(801)884-1104 | spencer.rogers@gs.com Goldman Sachs & Co. LLC Sara Grut +44(20)7774-8622 | sara.grut@gs.com Goldman Sachs International Shamshad Ali +1(212)902-6712 | shamshad.ali@gs.com Goldman Sachs & Co. LLC Investors should consi ...

Group 1 - Vedanta Ltd plans to raise approximately ₹3,000 crore through a domestic bond issuance to refinance upcoming obligations and improve liquidity [4] - The three-year bonds are expected to carry a coupon of around 8.75%, while the five-year notes may offer roughly 9% [4] - Barclays Plc and Citigroup Inc are acting as arrangers for the bond transaction, which could be launched as early as next week targeting domestic institutional investors [4] Group 2 - Vedanta is undergoing a demerger of its aluminium, oil and gas, power, and iron and steel businesses into separate standalone listed entities, expected to conclude by the end of the financial year [4] - The National Company Law Tribunal (NCLT) approved the demerger scheme under sections 230-232 of the Companies Act on December 16, 2025 [3] - The listing of the five spun-off entities is anticipated to be completed by the first quarter of 2026-27 [4]

Freeport-McMoRan logo on ore at open-pit mine with copper sheets. Key Points Freeport-McMoRan’s Grasberg restructuring secures operations through 2041 but reduces its economic ownership, creating both stability and lower earnings leverage. Rising copper demand from EVs, data centers, and electrification supports the long-term bull case for FCX stock. After an 80% rally in four months, technical indicators suggest FCX stock may pull back toward the $55–$57 range before its next move higher. Interested ...

Looking ahead, DeFilippo said Ero plans to drill an additional 50,000 meters at Furnas in 2026, targeting extensions of high-grade mineralization around planned underground infrastructure. He also said the company is evaluating opportunities to strengthen project economics, including a magnetite recovery circuit to produce a magnetite concentrate and a gravity pre-concentration stage intended to enhance gold recoveries, which could increase byproduct revenue.At long-term consensus metal prices, management s ...