ABCD E JoSe lUiS GonzAlez/ReUteRS | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | Trump secretly sent Putin covid tests | | A mass e ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **automotive industry**, focusing on various regions including **North America**, **China**, **Japan**, and **India**. [2][3][4] Core Insights and Arguments 1. **Oversupply and Demand Dynamics**: - There is a noted **oversupply** in the automotive market, with **slowing demand** and **rising inventory** posing downside risks to future production, pricing, and product mix. [2][3] - The expectation is that autos may need to become "more expensive" before they are considered investable again. [2][3] 2. **Cautious Outlook for 2025**: - Analysts suggest that expectations for 2025 may need to be reset, with a more cautious tone anticipated regarding **China**, **competition**, and **consumer behavior**. [2][3] 3. **Regional Performance**: - **China**: Mercedes and BMW are providing additional rebates to dealers for Q1-Q3 2024, indicating a push for year-end volume. [3] - **North America**: The automotive sector is viewed as **In-Line**, with specific stocks like **Tesla**, **Mercedes-Benz**, and **Honda** being highlighted as preferred investments. [3] - **India**: The automotive market is considered **Attractive**, with low-single-digit growth estimates for FY25. [3] 4. **Sales Forecasts**: - Global light vehicle sales forecasts show a decline in several regions, with **China** expected to see a decrease from **22.8 million** in 2018 to **21.6 million** in 2025. [4] - **North America** is projected to have light vehicle sales of **15.6 million** in 2023, with a slight increase to **16.2 million** by 2025. [4] 5. **Stock Rankings**: - In North America, **Tesla** is ranked first with an estimated EPS of **1.91** for 2024, while **Ford Motor** is rated as **Equal Weight** with an EPS of **1.84**. [6] - In Japan, **Honda Motor** is rated **Overweight** with an EPS of **228.04** for 2024. [7] - In India, **Maruti Suzuki** is rated **Overweight** with an EPS of **499.09** for 2024. [12] Additional Important Insights - **Geopolitical Risks**: Concerns over geopolitical risks, price wars, and EV adoption persist, but recent stimulus measures in China have shifted the narrative towards potential recovery. [2][3] - **Electric Vehicle (EV) Sales**: The global EV sales are projected to grow significantly, with a forecasted increase from **10.1 million** in 2023 to **12.7 million** in 2024. [4] - **Market Sentiment**: There is a growing anxiety among investors regarding autonomous ride-share services, particularly concerning companies like **Tesla** and **Uber**. [2] This summary encapsulates the key points discussed in the conference call, providing insights into the automotive industry's current state and future outlook across various regions.

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **Consumer Staples** sector in **Europe**, particularly analyzing the **Commodity Cost Tracker** for September 2024 [1][1]. Core Insights and Arguments - The **Morgan Stanley Consumer Staples Commodity Cost Index** increased by **9.2% year-over-year** in September 2024, slightly down from **9.7%** in August 2024 [1][1]. - The index remained broadly flat month-over-month, with price increases in **US natural gas, coffee, and sugar** offset by a moderation in **cocoa** prices [1][1]. - Excluding chocolate companies, the Staples Commodity Cost Index rose by **3% year-over-year** and **1% month-over-month** [1][1]. - Key commodity price changes included: - **Coffee robusta**: +96% - **Cocoa**: +77% - **Palm kernel oil**: +62% - **Eggs**: +52% - **Coffee Arabica**: +51% - On a month-over-month basis, significant price increases were noted for: - **US Energy and natural gas**: +14% - **Coffee robusta and sugar**: +13% - **Ethylene**: +9% - **Palm kernel oil**: +7% - **Tea**: +7% - Price declines were observed in: - **Oil**: -8% - **European natural gas and propylene**: -6% - **Cocoa**: -5% [1][1]. Cost Outlook - The cost outlook for the **Staples sector** in 2025 is expected to be benign, except for chocolate producers, with a projected **-2% decline** in input cost pressures in 2024 and a slight increase of **+1%** in 2025, excluding chocolate companies [1][1]. - For chocolate producers, cost pressures are expected to remain elevated due to high cocoa prices, with a forecast of **+DD% headwinds** next year [1][1]. - The cost tracker estimates indicate declines in input cost pressures for: - **Brewers**: -4.5% - **Food (excluding chocolate)**: -3.5% - **Household & Personal Care (HPC)**: -3% in 2024 [1][1]. - In 2025, spirits and brewers are expected to benefit from declining input costs, with estimates of **-2%** for spirits and **-1%** for brewers [1][1]. Additional Insights - The **2025 hedged inflation outlook** for food producers has worsened by **-100 basis points** on average, including chocolate producers [2][2]. - The overall index is approximately **40-45%** above the pre-COVID averages from 1, 5, and 10 years ago [1][1]. - The analysis includes a theoretical impact on margins from changes in commodity prices, ignoring FX effects, pricing, cost savings, or mix benefits [5][5]. Conclusion - The Consumer Staples sector in Europe is experiencing significant commodity price fluctuations, with a mixed outlook for cost pressures across different sub-sectors. The chocolate segment remains a concern due to elevated cocoa prices, while other areas like brewers and food producers (excluding chocolate) are positioned for recovery in 2024.

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M Update Podcast | Metals & Mining Tracker | Europe October 4, 2024 08:01 AM GMT Before & After China's policy shift became a pivotal moment for M&M equities, that have been trading at a steep discount relative to the market. We calculate a US$12bn EBITDA 'swing' in M2M 2025 EBITDA pre and post the policy announcement, as commodity prices have rallied. Preferred plays: RIO PLC, MT, NHY, KGHM. Play Audio | --- | --- | |------------------------------------------------------------------------------------------ ...

Deutsche Bank Research Q3 European Earnings Preview – Easy beats Maximilian Uleer, Head of European Equity- and Cross Asset Strategy +49 (0)69-910 41355 | maximilian.uleer@db.com Carolin Raab, European Equity- and Cross Asset Strategist +49 (0)69-910 43958 | carolin.raab@db.com Francesca Mazzali, European Equity- and Cross Asset Strategist +49 (0)69-910 47636 | francesca.mazzali@db.com October 2024 IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. Deutsche Bank does and seeks ...

M Update S. Korea Autos/EV Batteries | Asia Pacific October 4, 2024 05:07 AM GMT Asia Marketing Feedback + Recent Developments Post our S. Korea EV battery upgrades in September, we met with a wide range of investors in Asia. Below, we highlight the key feedback for both EV Batteries and Autos from those meetings. Key feedback for EV Batteries: Improving sentiment: Compared to early September, when we upgraded LG Energy Solution (373220.KS) and the Korea EV battery sector, our recent discussions with invest ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Energy & Utilities in Japan [1] Core Insights from PM Ishiba's Policy Speech - **Nuclear Power Policy**: PM Ishiba emphasized that safety will be a major premise in the use of nuclear power for electricity generation, indicating a continuation of the existing nuclear policy [1] - **Energy Efficiency and Renewables**: The administration plans to focus on energy efficiency and expand the use of renewable energy sources, including geothermal energy [1] - **Energy Self-Sufficiency and Decarbonization**: The government aims to significantly increase energy self-sufficiency while pursuing decarbonization, driven by rising electricity demand in the AI era [1] - **Market Sentiment**: There have been concerns in the stock market regarding the perceived unclear stance on nuclear energy by the Ishiba administration; however, the speech suggests that the nuclear policy remains unchanged, which may positively impact shares of electric power companies with nuclear facilities [1] Additional Important Information - **Related Reports**: The speech aligns with previous reports on Japan's energy policy and the implications of powering AI in Japan [1] - **Analyst Contact**: Reiji Ogino, Equity Analyst, is available for further inquiries regarding the insights shared [1] This summary encapsulates the critical points discussed in the conference call, focusing on the implications for the energy sector in Japan and the government's stance on nuclear energy and renewable resources.

Summary of Key Points from the Conference Call Industry or Company Involved - **Chevron**: Engaged in the oil and gas industry, specifically focusing on oil-sands and shale assets - **Canadian Natural Resources**: Acquirer of Chevron's assets - **Shell**: Involved in LNG production and gas trading - **Rio Tinto**: Engaged in lithium production, critical for electric vehicles - **Atos**: Involved in computing and cybersecurity assets - **Heliene**: A photovoltaic-module maker in Canada Core Points and Arguments - **Chevron's Asset Sale**: Chevron will sell stakes in oil-sands and shale assets to Canadian Natural Resources for **$6.5 billion**, aiming to refocus operations [1] - **Market Performance**: Major U.S. stock indexes fell, with the S&P 500 down **1%**, Dow down **0.9%**, and Nasdaq down **1.2%** from record highs [1] - **Shell's Expectations**: Shell anticipates a rise in LNG production and resilient gas trading in Q3, which may offset weaknesses in refining margins [1] - **Rio Tinto's Acquisition Talks**: Rio Tinto is in discussions to acquire lithium producer Arcadium to strengthen its position in the electric vehicle market [1] - **Atos' Proposal**: Atos has made a new proposal to sell its computing and cybersecurity assets to the French state after previous talks ended without agreement [1] - **German Manufacturing Orders**: Orders in August fell **5.8%** from July, which was worse than the **2%** drop predicted by economists [1] Other Important but Possibly Overlooked Content - **Investment in Heliene**: Transition Equity led an investment of up to **$54 million** in Heliene, which plans to build a new factory in Minnesota [1] - **Economic Indicators**: The decline in German manufacturing orders may indicate broader economic challenges in Europe, which could impact global markets [1] - **Market Sentiment**: The overall decline in major stock indexes reflects investor concerns about economic stability and potential impacts from geopolitical events [1]

Consolidated Edison, Inc. (NYSE:ED) Consolidated Edison Clean Energy Webinar October 8, 2024 9:00 AM ET Company Participants Jan Childress - Director, Investor Relations Tim Cawley - Chairman and Chief Executive Officer Jen Hensley - Senior Vice President, Corporate Affairs Matt Ketschke - President, Consolidated Edison Company, New York, Inc. Michelle O'Connell - President and Chief Executive Officer, Orange & Rockland Utilities Vicki Kuo - Senior Vice President, Customer Energy Solutions Katherine Boden - ...