We expect an effective mini-version of supply-side reform will start in 2025 - industrial investment and related credit growth will start to rationalize in 2025.

Day 1 Chapters: Day 1 0:00:01 | Opening Remarks: Vishy Tirupattur - Chief Fixed Income Strategist 0:11:35 | US Rates 101: Guneet Dhingra - Head of US Rates Strategy 1:35:24 | Introduction to US TIPS: Francesco Grechi - US Rates Strategist 3:35:15 | Following the Money – US Money Markets: Martin Tobias - US Rates Strategist 4:41:05 | Futures Basics – and Futures Basis: Eli Carter - US Rates...

Post-privatization, and backed by a high-quality reference shareholder, SBSP is positioned to focus on executing cost efficiencies & its ambitious investment plan to drive further stock re-rating. Raising PT to R$128/sh., and making SBSP3 our new Top Pick, on attractive risk-reward & ESG profiles.

What's the total cost of supporting the current path of industrial upgrades? Is that sustainable? Will this lead to a downward spiral that would be much more costly for China to get out of?

New to an industry, looking for a refresher or trying to learn more about a topic? With Morgan Stanley Research’s Asia Summer School, our analysts provide teach-ins on the biggest themes and debates influencing their industries.

We think that corporate balance sheets can navigate slower growth alongside a shallow easing cycle. Despite investor concerns, we remain constructive in the medium term and outline the key reasons for our conviction.

Our bottom-up capacity build based analysis suggests AI revenues should enable 50%+ OCI growth in FY25, albeit 2H-weighted and not absent timing or execution risk. Further, build out of the OpenAI cluster and B200 ramp may add upside optionality to FY26-27, but we see that largely priced in.

TWFG is well positioned to take advantage of the evolving distribution market, allowing the company to further expand its agency force in the core markets and in new states. That said, a highly competitive and fragmented market could serve as headwinds as the company builds out the platform.

Ardent is well positioned in markets growing above the national average, with JVs and M&A representing potential upside drivers. Supplemental payments are a key debate for ARDT and peers, but strong fundamentals are not reflected in EV/EBITDA multiple of <6X.

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