Core Viewpoint - Holmen Board and Paper has launched Holmen Elevate, a new lightweight kraftliner that is positioned as the lightest on the market, designed for sustainable packaging solutions [1][2] Product Features - Holmen Elevate is available in 72gsm, 82gsm, and 92gsm options, offering water-resistance and recyclability [1] - The kraftliner is suitable for lightweight corrugated packaging and has been approved for direct food contact [2] Sustainability and Production - The product is made from fresh fibres sourced from sustainably managed forests, utilizing a resource-efficient supply chain that incorporates pulpwood and wood chips from Holmen's co-located sawmill [2] - Holmen Elevate boasts one of the lowest carbon dioxide (CO₂) footprints in the sector, with CO₂ emissions reported to be 80% below the European average for the board and paper sector [2] Strategic Importance - The launch of Holmen Elevate is a significant step in the company's strategy to expand within the containerboard market, addressing current market demands for cost-efficient and low climate impact solutions [3] - The product combines low weight with high strength properties, enabling packaging producers to reduce material consumption and emissions without compromising quality [3]

News Summary Core Viewpoint - The approval of futures and options for various paper products by the China Securities Regulatory Commission (CSRC) indicates a growing interest in the paper market, particularly in pulp and related commodities [1]. Group 1: Market Developments - The CSRC has approved the registration of futures and options for coated printing paper, fuel oil, asphalt, and pulp at the Shanghai Futures Exchange [1]. - As of August 15, the warehouse futures inventory of pulp was 235,114 tons, a decrease of 39 tons from the previous trading day, while the factory inventory remained stable at 19,240 tons [1]. - By August 14, 2025, the inventory of mainstream ports for pulp in China reached 2.099 million tons, an increase of 51,000 tons from the previous period, reflecting a 2.5% rise [1]. Group 2: Supply and Demand Dynamics - Southwest Futures reports that expectations of supply contraction are driving market sentiment, with major international pulp producers like Suzano and Bracell announcing production cuts or shifts [2]. - External pricing has increased by $20 per ton, providing cost support for the current pulp market, although demand improvements are uncertain [2]. - The transition from the off-peak to peak season in the downstream market is leading paper mills to cautiously pass on cost pressures, but high finished paper inventories and low profit margins are limiting the rebound potential for pulp prices [2]. Group 3: Price Outlook - New Lake Futures indicates that while there is clear cost support for pulp prices, the slight increase in inventory this week has reduced pressure compared to earlier periods [3]. - The overall sentiment in the commodity market is positive, suggesting that pulp prices may maintain a slightly stronger oscillation, although terminal consumption is lagging, limiting the upside potential [3]. - A strategy of low-margin positioning may be advisable given the current market conditions [3].

Economic Indicators - The Personal Consumption Expenditures (PCE) report for June showed results warmer than expected, with year-over-year PCE reaching +2.6%, which is 10 basis points higher than anticipated [2][5] - Personal Income increased by +0.3%, exceeding expectations by 10 basis points, while Personal Spending fell to +0.3%, down 10 basis points from expectations [3][4] - The overall PCE Index month-over-month was in line with expectations at +0.3%, following an upwardly revised +0.2% the previous month [4] Job Market - Initial Jobless Claims rose slightly to 218K, marking the first increase in seven weeks, but still significantly lower than the 250K seen in early June [7] - Continuing Claims remained stable at 1.946 million, indicating a leveling off after a period of decline [8] - The upcoming Employment Situation report for July is expected to show 100K new jobs, which is a decrease of 47K from the previous month [9] Q2 Earnings Reports - AbbVie reported Q2 earnings of $2.97 per share, surpassing projections of $2.89, with a year-to-date increase of +6.5% [10] - CVS Health exceeded earnings estimates with $1.81 per share, resulting in an earnings beat of +23.13% and a year-to-date increase of +38.8% [10] - Mastercard's earnings of $4.15 per share beat expectations by 10 cents, with a year-to-date increase of +6% [10] - Bristol Myers-Squibb had a notable earnings beat at $1.46 per share, exceeding estimates by +36.45% [11] - International Paper reported a significant earnings drop to $0.20 per share, missing expectations by -47.37% [11] - Sirius XM missed estimates with earnings of 57 cents per share, resulting in a -27.85% earnings surprise [12] Market Outlook - The Chicago Business Barometer (PMI) report is expected after the market opens, with no further scheduled announcements [13] - Anticipation surrounds upcoming earnings reports from major companies such as Apple and Amazon, with expectations of modest gains for Apple and high-single-digit growth for Amazon [14]

Core Insights - INVL Baltic Sea Growth Fund has completed the acquisition of Pehart Group, a leading Romanian producer of household and industrial paper products, with a financing package exceeding EUR 150 million [1][4] - The investment aims to enhance Pehart Group's manufacturing capacities and support its expansion in the region, reinforcing its market leadership [3][8] - Pehart Group generated revenues of EUR 165 million in 2024 and employs over 550 people, indicating its significant presence in the Southeast European paper manufacturing market [8] Investment Details - The financing for the transaction was provided by a consortium including International Finance Corporation (IFC), Banca Transilvania, and ING Bank Romania [1][4] - The deal was finalized on July 11, 2023, marking a transition from Abris Capital Partners to INVL Baltic Sea Growth Fund [2][3] - The investment includes a sustainable linked component, aligning with IFC's commitment to fostering sustainable economic growth in Romania [5] Company Strategy - Pehart Group plans to invest in cutting-edge technologies, diversify its product portfolio, and expand its international market presence [3][8] - The company has launched new products, such as the SOVIO brand targeting the Away-from-Home sector, reflecting its strategy to diversify offerings [8][9] - The partnership with INVL Baltic Sea Growth Fund is seen as an opportunity to accelerate Pehart Group's development plans and strengthen its regional leadership [3][6] Fund Overview - INVL Baltic Sea Growth Fund is the leading private equity fund in the Baltics, with a fund size of EUR 165 million and managed by Invalda INVL group [10] - The fund has a strong backing from the European Investment Fund (EIF) and aims to support high-growth potential small and medium-sized enterprises in the region [10]

Group 1 - The article discusses the upcoming launch of futures contracts for offset printing paper, indicating a significant development in the paper trading market [3][10]. - Offset printing paper is categorized as cultural paper, specifically non-coated paper, with double offset paper being a common type [4][5]. - The production process of double offset paper involves several stages, including pulping, paper making, sizing, and treatment, with variations depending on whether the pulp is self-produced or purchased [5][6]. Group 2 - The cost structure of double offset paper shows that wood pulp accounts for 70%-75% of the total cost, while chemical additives and energy costs make up smaller portions [8]. - The article outlines the characteristics of deliverable products, including weight, size, and brightness, with specific grades set for futures contracts [10][12]. - The quality standards for deliverable double offset paper are defined, including parameters such as thickness, opacity, and tensile strength, which must meet or exceed national standards [13][14]. Group 3 - Current market prices for various brands of double offset paper are provided, indicating a range of prices from 4750 to 5270 [15]. - The article emphasizes that the futures market price may initially align with the prices of deliverable products, particularly in a market where supply exceeds demand [14].