2 October 2024 | 4:01AM EDT _ | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|----------------------------------------------------------------------------------|-------------------------------------------------|----------|--------------------------------------------------------|-----------------------------------------|-----------|----------------------------|-------------------------| | | | | | | | | | | | | Dell Technologies Inc. Key takeaways from 2024 investor field trip to DEL ...

3 October 2024 | 5:04PM BST _ Ferrous Tracker: Stimulus Announcements Provide Near-Term Price Support, But Currently Higher Prices May Widen Surplus n The iron ore 62%Fe index hit $108/t on Monday (30 September) as China entered the Golden Week holiday, up 21% from the beginning of last week. Multiple China stimulus announcements have driven the financial rally, with aggregate open interest on iron ore and China steel markets (previously very short) falling substantially in recent weeks. n For now, the stim ...

2 October 2024 | 3:35PM EDT _ What's Top of Mind in Macro Research: Middle East escalation implications, even more China policy easing, US port strike impacts | --- | --- | |-------------------------------------------------------|----------------------------------------------------------------------------------------| | This week: | Jenny Grimberg \n+1(212)934-0199 \| jenny.grimberg@gs.com Goldman Sachs & Co. LLC | | Middle East: escalation implications | | | Policy easing: no longer piecemeal in China | Al ...

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Summary of Key Points from the Conference Call Industry Overview - The report focuses on the natural gas industry, particularly the implications of geopolitical tensions in the Middle East on gas production and pricing in Europe [2][3]. Core Insights and Arguments - **Israeli Gas Production Risks**: The potential disruption of gas production from Israel's Leviathan and Tamar fields poses an upside risk to TTF (Title Transfer Facility) prices this winter. These fields contribute approximately 22 Bcm/y, which is about 3.9% of global LNG supply [2][3]. - **Impact of Regional Tensions**: Although operations at the gas fields have resumed, ongoing regional tensions could lead to renewed production disruptions. A sustained disruption could tighten global markets by approximately 9 Bcm/y, equating to 1.7% of global LNG supply [2]. - **European Market Vulnerability**: The moderate scale of potential market tightening increases the vulnerability of European markets to price spikes, especially if colder-than-average weather occurs [2]. - **Russian Gas Flow Outlook**: The market anticipates a halt of Russian gas flows through Ukraine by year-end, which has already contributed to a 5% increase in European gas prices, reaching over 38 EUR/MWh [3]. The consensus remains that without a deal, flows will cease, impacting future price forecasts [3]. - **Price Forecast Adjustments**: Should a deal be reached to maintain gas flows, there could be a downside of 4 to 8 EUR/MWh to the current price forecasts of 40/33 EUR/MWh for the winter of 2024-2025 [3]. Additional Important Content - **Gas-to-Oil Switching Economics**: The current economics for switching from gas to oil are in the range of 59-74 EUR/MWh, indicating a potential shift in energy sourcing depending on price movements [3]. - **Market Recovery**: TTF forwards had already recovered from previous downturns related to geopolitical events before the recent tensions, suggesting a resilient market outlook [5]. This summary encapsulates the critical insights from the conference call, highlighting the interplay between geopolitical risks and market dynamics in the natural gas sector.

3 October 2024 | 10:57AM EDT _ USA: ISM Services Index Well Above Expectations; Factory Orders Somewhat Below Expectations | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------- ...

1 October 2024 | 9:31PM EDT _ Americas Technology: Semiconductor Capital Equipment Modest Cut to 2025/26 Wafer Fab Equipment Market Forecasts; Maintain Buys on AMAT/LRCX/KLAC We adjust our 2024/25/26 Wafer Fab Equipment market forecasts by +1%/-4%/-5%, and now expect the market to grow 7%/12%/8% yoy, respectively. By application, we are raising our out-year estimates for Foundry (i.e. primarily TSMC), while we are reducing the outlook for NAND and Logic/Other (i.e. primarily Intel and Texas Instruments). De ...

EQUITY RESEARCH | October 2, 2024 | 8:59 AM HKT _ esearch Global Semis CHIPS Act 2: China's accelerating momentum Eighteen months ago, we laid out the pieces of the technology puzzle necessary for China to realize self-suciency in semiconductors. At the time, we highlighted capital investment, talent and government support as the most critical ingredients. The mature nodes are import substitution capable (e.g. power semis, CIS, RF and deposition tools), leading to a larger % of the value chain being domesti ...

2 October 2024 | 12:03PM HKT Asia Pacific Textile, Apparel & Footwear: Negative-to-mixed read-across from Nike's 1QFY25 results | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2 October 2024 | 9:21PM HKT _ | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------------------------------------------------------|--------------------------------------------------------|----------------------------|----------------------------------------------------------------------------------|-------------------------------------------|------------|-------------|----------------| | | | | | | | | | | | 3Q24 | Yum China Holdings preview: SS ...