Core Insights - Artificial intelligence (AI) is now responsible for handling between 30% and 50% of Salesforce's workload, indicating a significant shift towards automation and efficiency in operations [1] - Salesforce's AI implementations have achieved approximately 93% accuracy, which is considered strong in the industry, although perfect accuracy is acknowledged as unrealistic [2] - The tech industry is experiencing a wave of job reductions as companies, including Salesforce, CrowdStrike, and Klarna, restructure their workforces in favor of AI technologies [3] Company Developments - Salesforce has eliminated over 1,000 jobs earlier this year as part of its AI-driven restructuring efforts [3] - A major collaboration was announced between PepsiCo and Salesforce to deploy the Agentforce platform, which is designed to integrate digital agents into operational workflows [4] - Salesforce plans to leverage its various cloud platforms, including Data Cloud and Marketing Cloud, to unify PepsiCo's data streams and enhance marketing and retail execution [4] Industry Trends - The adoption of AI is broadening beyond consumer goods, with Salesforce expanding its Agentforce platform into industries such as healthcare, showcasing the versatility of its AI-powered solutions [5]

June 9, 2025 05:50 AM GMT China Economics | Asia Pacific Exports Stabilized Sequentially Amid Tariff Truce Key Takeaways The impact of tariff détente: Separately, exports to Europe also improved quite meaningfully (up 9% cumulatively in the past three months), partly reflecting currency movement (RMB has depreciated by ~10% vs. EUR since end-January). Soft imports: Commodities remained a drag, with a quite persistent decline in both import volume and prices, reflecting weaker (outlook for) global and domest ...

Investment Rating - The report does not explicitly provide an investment rating for the consumer goods trade-in program in China Core Insights - China's real GDP growth is projected to be above 5% year-over-year in H1 2025, driven by stronger-than-expected exports and the consumer goods trade-in program [3][4] - The trade-in program, launched in April 2024, has significantly boosted retail sales, with January-April 2025 retail sales averaging 2.5% above the pre-trade-in program trend [3][5][6] - The program's effectiveness is attributed to expanded product coverage and increased subsidies, with the National Development and Reform Commission allocating RMB 300 billion for 2025 [5][6] Summary by Sections Impact of Trade-in Program - The trade-in program has led to a year-over-year growth of headline retail sales improving to 4.7% in the first four months of 2025, compared to 3.5% in 2024 [6] - The expansion of eligible goods categories, including mobile phones and smart home devices, has contributed to the sales boost [8][11] Consumer Behavior and Market Dynamics - There is a large pool of potential trade-in demand for old autos and home appliances, with an estimated RMB 1.7 trillion worth of appliances aged over 8 years [20][23] - However, monthly auto trade-in applications have shown signs of slowing, indicating potential challenges in sustaining the program's momentum [24][30] Future Consumption Growth Areas - The report highlights a shift in policy focus towards services consumption, which currently accounts for 46% of household spending in China, significantly lower than the 60% seen in developed countries [35][39] - Structural issues and cultural factors are identified as barriers to increasing services consumption, necessitating substantial policy efforts for improvement [39][40]

V i e w p o i n t | 02 May 2025 13:06:59 ET │ 23 pages US Economics Weekly Three stages of tariff impacts CITI'S TAKE Market optimism is building in anticipation of upcoming trade deals and as hard data have not yet weakened in line with much softer survey data. Real GDP contracted a modest 0.3% in Q1 on strong imports, while private domestic demand rose a strong 3.0%. April employment grew by 177k jobs, while the unemployment rate was unchanged at 4.2%. But we would caution that recent data have not reflec ...

6 May 2025 | 6:10PM EDT S&P 500 Beige Book 3 themes from 1Q 2025 conference calls: Tariffs, consumers, and AI Our quarterly S&P 500 Beige Book reviews conference call transcripts to gain a qualitative perspective on key issues facing company managements. This quarter, we highlight three themes from 1Q earnings calls: (1) managements discussed how the recent tariffs affect their businesses; (2) companies discussed the current state of the consumer; and (3) companies continued to discuss the impact of AI on t ...