Economics - ASEAN/Asia ex-Japan Singapore: Strengthening NODX growth in July NODX growth rebounded in July NODX growth rose to 24.2% y-o-y in July (Consensus: 26.5%; Nomura: 27.5%) after easing to a still-strong 20.8% in June, though this was largely due to softness in volatile pharmaceutical and non-monetary gold exports (see First Insights - Singapore: NODX growth held up in June , 17 July 2026). In sequential terms, this implies NODX growth improved to -0.3% m-o-m sa from -8.8%. … boosted by broadening A ...

Weekly: Jul '26 energy production; 15th FYP for Oil & Gas development Accessible version Industry Overview Jul '26: China coal output -10% YoY for second month China's NBS released July 2026 energy production data. Coal output totaled 343.2mnt, down 10% YoY. Combined with coal imports of 43.0mnt (+20% YoY), we estimate apparent coal demand at c.386mnt, down 7% YoY. Crude oil production increased 0.8% YoY to 18.3mnt (4.3mbd), while imports declined 24% YoY to 35.7mnt, implying apparent crude demand of c.54.0 ...

Accessible version BlueScope North Star drives better 1HFY27 guidance, ANZ earnings recovery lags Reiterate Rating: NEUTRAL | PO: 37.00 AUD | Price: 32.94 AUD Positive 1HFY27 guide, another A$3/sh return in CY27 BSL's 1HFY27 A$860-960m EBIT guide is 11% above consensus and 15% above our prior forecast at the midpoint, driven by stronger North Star earnings and higher assumed US HRC spreads. BSL expects to return another A$3/sh in CY27 via dividends and buybacks. We raise our FY27 EBIT by 11% and FY27 DPS to ...

Accessible version Obic Business Consultants (4733) Growth set to accelerate on cloud migration and price increases; raise PO Reiterate Rating: BUY | PO: 10,500 JPY | Price: 8,000 JPY Raise PO to ¥10,500; reiterate Buy We raise our operating profit (OP) estimates to reflect an improved outlook for the number of operating SaaS systems and OBC's planned price hikes from October 2026. As such, we lift our price objective (PO) to ¥10,500 (was ¥8,800) while reiterating Buy (FY3/28 applied P/E raised to 31x from ...

Accessible version Enovix Corporation Smartphone qualification progressing, but CEO change introduces some uncertainty Reiterate Rating: NEUTRAL | PO: 5.00 USD | Price: 3.70 USD Smartphone testing to be completed by end of 2026 This morning ENVX announced that CEO Talluri has resigned effective Aug 13th, to pursue another opportunity. Mr. Ryan Benton, CFO will serve as interim CEO while the company conducts a CEO search evaluating both internal and external candidates. Chairman T.J. Rodgers was also appoint ...

Accessible version High Frequency Monitor Revisions, Rates, Rally Global equities rally on rate expectations and earnings Last week, global equities gained +0.7% as the softer US inflation eased concerns over near-term Fed tightening, while resilient AI-related earnings offset the negative impact of higher oil prices. Last week, the best performing regions were Japan (+2.6%) and Asia Pac ex-Japan (+2.6%), and Emerging Markets (+2.6%), while Europe (0.0%) and the US (+0.4%) lagged. Among global sectors, Ener ...

Accessible version High Yield Financials The Weekly Ledger Industry Overview Summary of significant developments in the Financial Services sector for the week ended August 13, 2026. Market Commentary Best and Worst Performers News Summary ICE BofA High Yield Indices OAS for BDC, Insurance, and Financials Indices Trading – Financials Bond Price Changes and Returns Relative Value Tables High Yield Financials Market Commentary The HY Financial Services sector underperformed the broader market this week, return ...

Accessible version Chemicals, Paper & Packaging Weekly Chemicals, Paper & Packaging Weekly Update Industry Overview ARGID contemplating selling some/all of AMBP Ardagh Holdings S.A. ("AHSA")'s Board instructed its advisors to prepare for a potential sale of some or all its 76.02% equity ownership in Ardagh Metal Packaging S.A. ("AMPSA") to a third-party buyer. A potential transaction could include AHSA first acquiring all the 23.98% of AMPSA it currently doesn't own (and is owned by public shareholders) in ...

Accessible version BJ's Wholesale Club Holdings 2Q Preview: Margin concerns balanced by improving sales trends Reiterate Rating: NEUTRAL | PO: 101.00 USD | Price: 93.41 USD Reiterate Neutral; see improving sales trends in 2Q We reiterate our Neutral rating and see a balanced risk/reward at 20x P/E given our forecast for consistent sales trends but muted margin upside. Key debates continue to center around the merchandise margin trajectory absent tariff refunds and whether comps can accelerate and bridge out ...

Accessible version FX Quant Insight USD bulls are out of office Key takeaways FX Signal of the Week: Bullish NZDUSD Exhibit 1: Quant signals favor weaker USD and stronger NZD | Section | Insight | Rationale | | --- | --- | --- | | Option Flow | Bearish USD | Option flow and skew moved against USD vs major crosses | | Technical Matrix | Bullish Antipodeans | Bullish continuation for AUD and NZD | | CARS | Equity factor | Bullish JPY and NOK, bearish CHF and AUD on equity factor | | Time Zone | Europeans sell ...