Arts preview 2025 A look ahead om £2.30 for subscribers Fifteen dead as truck with IS flag drives into crowd in New Orleans FBI investigating 'act of terror', while police say suspect has been killed Vehicle and gun attack injures dozens gathered to celebrate new year Edward Helmore New York Ramon Antonio Vargas and Oliver Laughland New Orleans At least 15 people were killed and more than 30 injured when a vehicle flying an Islamic State flag drove into a crowd in the tourist district of New Orleans early o ...

****** THURSDAY, JANUARY 2, 2025 ~ VOL. CCLXXXV NO. 1 WSJ.com HHHH $5.00 INSIDE DJIA Closed (42544.22) NASDAQ Closed (19310.79) STOXX 600 Closed (507.62) 10-YR. TREAS. Closed (yield 4.577%) OIL Closed ($71.72) GOLD Closed ($2629.20) EURO $1.0360 YEN 157.40 What's News Business & Finance Over the past 10 years, the SEC has written off almost $10 billion in penalties that it can't collect, according to data obtained by The Wall Street Journal under the Freedom of Information Act. A1 Hawaiian Electric agreed t ...

Industry/Company Involved * **Goldman Sachs Global Investment Research** - The document is a report from Goldman Sachs' Global Investment Research division, focusing on inflation trends across various economies. Core Points and Arguments 1. **Core Inflation Trends**: * Core goods inflation slowed in Japan and Canada, but increased in the US, the Euro area, and the UK. * Core services inflation slowed in most economies, with the largest decline in the Euro area and acceleration in Canada. * Traditional core inflation measures preferred by major central banks differ in terms of included categories and measurement approaches. * Goldman Sachs' trimmed core inflation measure systematically trims a weighted one-third of month-to-month changes across all core inflation categories and then takes the weighted average of the remaining two-thirds. * The trimmed core inflation rate stands at +3.7% in the UK, +2.9% in Canada, +2.5% in the US, and +2.4% in the Euro area. * Core goods inflation slowed in Canada and Japan but increased elsewhere. * Core services inflation generally declined in most economies. * Rent inflation declined in Canada and the US but increased in the UK. * Energy inflation increased in Japan and the UK, remained in negative territory elsewhere. * Food inflation increased in the UK and US but slowed elsewhere. * The breadth of inflationary pressures continues to moderate. * The share of the headline basket running above 4% on a six-month annualized basis declined across DMs. * The share of the basket with year-over-year inflation increasing ticked up outside of the US. * The distribution of three-month inflation rates across items continued to shift back towards pre-pandemic norms in most economies, but remains more dispersed in Canada. 2. **Inflation Forecasts**: * Goldman Sachs revised up its end-2024 forecasts for core inflation in Canada and the Euro area, and its end-2025 forecast for core inflation in the UK. * Goldman Sachs revised its end-2024 headline inflation forecasts by +0.1pp in the UK and -0.1pp in Canada. * Goldman Sachs expects further disinflation in most economies in 2025, with year-over-year core inflation slowing to +2.1% in Japan, +2.4% in the US, +2.0% in the Euro area, +2.8% in the UK, and +2.0% in Canada. * The GS harmonized core excludes a consistent set of items from CPI in all economies. Other Important Points * The document includes various charts and tables illustrating inflation trends and forecasts. * The document provides a detailed explanation of the methodology used to calculate trimmed core inflation. * The document includes disclosures regarding the authorship and distribution of the report.

Industry Overview * **Software Industry Performance**: The software industry has largely underperformed in 2024, with a year-to-date return of 12% compared to the S&P 500's 25% and the NASDAQ's 31%. * **Valuation**: The software industry is currently trading at a significant discount to its historical averages. The EV/NTM FCF multiple for the software industry is 36.0x, which is 52% off the peak and 24% below the trailing average. The P/E multiple is 25.8x, which is 12% off the peak and in line with the trailing 5-year average. * **Growth**: Software trading is 4% above the trailing 5-year average on a growth-adjusted basis. * **High Growth Companies**: High-growth software companies are trading at an average of 80% of their 52-week high, with an average 2-year sales CAGR of 28% and an average EV/CY25 Sales multiple of 11.3x. * **Medium Growth Companies**: Medium-growth software companies are trading at an average of 79% of their 52-week high, with an average 2-year sales CAGR of 20% and an average EV/CY25 Sales multiple of 11.5x. * **Low Growth Companies**: Low-growth software companies are trading at an average of 74% below their 52-week high, with an average 2-year sales CAGR of 8% and an average EV/CY25 Sales multiple of 4.8x. Company Ratings and Updates * **Blackline Inc (BL.O)**: Rated Equal-weight as of September 29, 2024. * **E2open Parent Holdings Inc (ETWO.N)**: Rated Equal-weight as of January 17, 2024. * **OneStream Inc (OS.O)**: Rated Equal-weight as of August 19, 2024. * **Vertex Inc. (VERX.O)**: Rated Overweight as of January 17, 2024. * **Amplitude Inc. (AMPL.O)**: Rated Underweight as of February 1, 2024. * **Autodesk (ADSK.O)**: Rated Overweight as of August 23, 2024. * **Freshworks Inc (FRSH.O)**: Rated Equal-weight as of October 18, 2021. * **GoDaddy Inc (GDDY.N)**: Rated Equal-weight as of July 19, 2021. * **HubSpot, Inc. (HUBS.N)**: Rated Overweight as of March 21, 2023. * **Klaviyo, Inc (KVYO.N)**: Rated Equal-weight as of October 16, 2023. * **LegalZoom.com Inc (LZ.O)**: Rated Underweight as of July 28, 2022. * **Liveramp Holdings Inc (RAMP.N)**: Rated Overweight as of July 15, 2019. * **Matterport Inc (MTTR.O)**: Rated Equal-weight as of April 19, 2022. * **Semrush Holdings Inc -A (SEMR.N)**: Rated Equal-weight as of June 6, 2022. * **Sprinklr Inc (CXM.N)**: Rated Equal-weight as of July 19, 2021. * **Sprout Social Inc (SPT.O)**: Rated Equal-weight as of November 17, 2020. * **Wix.Com Ltd (WIX.O)**: Rated Equal-weight as of May 19, 2022. * **Zeta Global Holdings Corp (ZETA.N)**: Rated Equal-weight as of August 1, 2024. * **ZoomInfo Technologies Inc (ZI.O)**: Rated Equal-weight as of February 1, 2024. * **Check Point Software Technologies Ltd. (CHKP.O)**: Rated Equal-weight as of October 16, 2023. * **Cloudflare Inc (NET.N)**: Rated Overweight as of December 2, 2024. * **CrowdStrike Holdings Inc (CRWD.O)**: Rated Overweight as of January 9, 2024. * **CyberArk Software Ltd (CYBR.O)**: Rated Equal-weight as of January 9, 2024. * **Fortinet Inc. (FTNT.O)**: Rated Overweight as of October 7, 2022. * **Gen Digital Inc. (GEN.O)**: Rated Equal-weight as of June 7, 2024. * **Jamf Holding Corp (JAMF.O)**: Rated Equal-weight as of October 13, 2024. * **Okta, Inc. (OKTA.O)**: Rated Overweight as of December 2, 2024. * **Palo Alto Networks Inc (PANW.O)**: Rated Overweight as of October 10, 2017. * **Qualys Inc (QLYS.O)**: Rated Underweight as of February 9, 2021. * **Rapid7 Inc (RPD.O)**: Rated Equal-weight as of August 11, 2015. * **Secureworks Corp (SCWX.O)**: Rated Underweight as of December 2, 2024. * **SentinelOne, Inc. (S.N)**: Rated Equal-weight as of December 2, 2024. * **Tenable Holdings Inc (TENB.O)**: Rated Equal-weight as of December 2, 2024. * **Varonis Systems, Inc. (VRNS.O)**: Rated Overweight as of October 16, 2023. * **Zscaler Inc (ZS.O)**: Rated Equal-weight as of January 12, 2023. Other Key Points * **Morgan Stanley is acting as financial advisor to Secureworks in relation to the definitive agreement for Sophos to acquire Secureworks**. * **Stock ratings are subject to change**. * **Historical prices are not split adjusted**. * **Morgan Stanley uses a relative rating system using terms such as Overweight, Equal-weight, Not-Rated, or Underweight**. * **Investors should carefully read the definitions of all ratings used in Morgan Stanley Research**. * **Ratings (or research) should not be used or relied upon as investment advice**.

Weekly primary unit sales were +13.0% YoY and +23% WoW. Weekly secondary unit sales were +55% YoY and +6.9% WoW. The total sell-through rate was 67% last week. Weekly secondary unit sales in 10 cities were +55% YoY (vs. +58% YoY last week) and +6.9% WoW: Tier 1 city weekly secondary unit sales were +36% YoY (vs. +75% YoY last week) but -1.3% WoW. Tier 2 city weekly secondary unit sales were +66% YoY (vs. +47% YoY last week) and +13.2% WoW. Among them, Nanning had the strongest performance, at +329% YoY. Cen ...

December 30, 2024 03:36 AM GMT Key highlights of 2024 Seven out of 10 sectors delivered positive returns in 2024. Communication Services was the best-performing sector, followed by Consumer Discretionary and Health Care. Staples was the worst-performing sector. Technology remained the worst-performing sector relative to its EM counterpart for the third consecutive year. MSCI India's valuations have risen YoY on an absolute basis, although they have dropped relative to the EM Index after making a peak toward ...

M Global Idea Global Credit Strategy We briefly explore themes that defined 2024. Chief among these was credit's ability to be driven by...credit, with low correlation to rates, elevated single-name risk and a bucking of the regional trends of other markets. Theme #1 – equities over bonds (again): Global equities outperformed global bonds by ~21%. US Treasuries lagged T-Bills for the fourth straight year. Theme #3 – let credit be credit: The return of credit in 2024 came entirely from...credit. Lower correl ...

Issuance 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Rmb bn Accumulated Total Issuance of Local Government Special Bond 2020 2021 2022 2023 2024 Source: Mysteel, Morgan Stanley Research | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

The Stock Ratings described below apply to Morgan Stanley's Fundamental Equity Research and do not apply to Debt Research produced by the Firm. For disclosure purposes only (in accordance with FINRA requirements), we include the category headings of Buy, Hold, and Sell alongside our ratings of Overweight, Equal-weight, Not-Rated and Underweight. Morgan Stanley does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of bu ...

Equity Research European Capital Goods 29 December 2024 Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. This research report has been prepared in whole or in part by equity research analysts based ...