Accessible version LatAm At A Glance Rains and rates Economics: El Niño comes with inflation under his arm Temperatures crossed the El Niño threshold in April and hit 1°C in May, and the National Oceanic and Atmospheric Administration (NOAA) now puts the highest probability on a very strong event in October-December 2026, layering onto already-elevated fertilizer prices. In our view, the first-order concern is inflation, not growth: our statistical analysis finds no material aggregate GDP impact, but flags ...

Medtronic FQ1'27 preview – should be another step in right direction Maintain Rating: BUY | PO: 95.00 USD | Price: 91.27 USD Accessible version FQ1 seems good; focus on CAS durability and MDT ex CAS MDT guided FQ1'27 organic revenue growth of 6-6.5% excluding the extra selling week (extra week adds 500-600bps). Street models a mismatch of w/ and w/o extra week (not a clean comp). But when looking vs MDT's guide, we see a strong CAS quarter, healthy utilization, and expect a solid FQ1 top line performance. C ...

Accessible version Internet/e-Commerce BofA Frontier AI Data Tracker: Model rankings, usage data, and token/GPU costs Industry Overview Key signals shaping Internet AI stocks sentiment Frontier AI capabilities & pace of AI investments remain key drivers of sentiment and valuation across large-cap Internet stocks. We are launching the BofA Frontier AI Tracker that monitors key indicators across the AI value stack, including frontier model intelligence rankings, usage trends, token pricing, GPU rental rates & ...

Accessible version BofA IG Healthcare Weekly Vital Signs Industry Overview Healthcare Highlights: UHS, ROSW, ILMN, TEVA, GILD, RPRX, LLY, TMO The sector priced $2.6 billion of debt last week with Universal Health Services ($1.1 billion), Roche (CHF 975 million), and Illumina ($300 million) tapping the market. Universal Health Services issued $600 million 5.500% notes due 2031 and $500 million 6.000% notes due 2036. Roche issued CHF 365 million 0.7812% notes due 2031, CHF 410 million 1.095% notes due 2036, a ...

Accessible version Morning Meeting Notes QuickNotes Morning Call US EQUITIES RESEARCH PO Raised American Healthcare | BUY | AHR US | Mkt Cap:USD10,501mn | Farrell Granath 2Q26 HC REIT Earnings Recap: AHR, CTRE, MPT & NHI Barings BDC Inc | BUY | BBDC US | Mkt Cap:USD975mn | Derek Hewett Relatively good quarter, Lookback & CSA drive beat BJ's Wholesale Club | NEUTRAL | BJ US | Mkt Cap:USD11,928mn | Christopher Nardone 2Q Preview: Margin concerns balanced by improving sales trends 17 August 2026 Equity United ...

Accessible version Pan Pacific International HD (7532) According to reporting by the Nikkei, the company plans to raise its total payout ratio to 40% (currently guided by a progressive dividend policy and a target payout ratio of 25%). It also reportedly plans to allocate ¥600bn to shareholder returns over the 10 years through FY35/6. Against domestic operating cash flow of ¥1.9tn expected over FY26/6-FY35/6, the company reportedly plans to combine financing with cash generation and allocate ¥450bn to capex ...

Accessible version The Erawan Group RevPAR rising, Grand Hyatt Refreshing Reiterate Rating: BUY | PO: 4.20 THB | Price: 3.76 THB We raise 2026E-28E profit by 3-6% to reflect the 2Q26 result and 2H26 outlook. As a result, we raise PO to Bt4.20 from Bt3.80 and reiterate Buy as we expect strong earnings growth in 2H26. In addition, we think ERW is trading at an attractive valuation of 18x 2026E P/E (vs 22x global peers' average). | Estimates (Dec) (Bt) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | -- ...

Accessible version US Fixed Income Strategy The US Fixed Income Weekly Economics – AI Capex is picking up steam AI capex continues to drive growth. Second-order effects include the stock market boom and gains in production & employment. Next week, markets will focus on the FOMC minutes, even though they are stale given the soft July jobs and inflation data. Markets have substantially priced out Fed hikes. For now, we stick with our base case: 75bp of hikes in '26, starting in Sep. Rates – Moving with the da ...

Accessible version +ve on ATV 2H26 outlook; big potential in fuel motorcycle For ATVs, management remains positive on 2H26 following solid demand in both U.S. and overseas markets in 1H26. Channel fill is underway after the recent U.S. launch event, while the new generation Z10 carries a RMB2,000 price increase and the new RUV has been officially launched. FX remains a headwind but pressure is easing. Tariff risks are relatively stable for now, with 2H26 pressure expected to be lower than in 1H26. For fuel ...

Accessible version Samarco 2Q26: sales recover, guidance holds; carry still attractive Earnings Review Sales normalize, validating 1Q timing call Samarco's 2Q26 confirmed the resilience of its post-Phase 2 platform, as production was stable YoY at 3.9Mt (+4% QoQ), while sales reached 3.9Mt (-1% YoY; +23% QoQ), reversing 1Q shipment delays and validating management's prior explanation. Mix shifted back toward pellets which rose +21% YoY (+37% QoQ) to 3.5Mt, while fines fell -66% YoY (-41% QoQ) to 0.4Mt. 1H26 ...