July 13, 2026 09:00 AM GMT Municipal Strategy | North America More Paths to High Income More choices mean PMs may not get as carried away with credit risk. We favor: levered BBBs > NR, unlevered NR > BBBs, & NR > HY. We'd rather own structural leverage (housing) & structured finance (prepay) over outright credit risk. We prefer restructured PR > Tobacco, and Senior Living > Charters. Key Takeaways During the zero-lower-bound era, muni investors seeking high income had few choices besides traditional high yi ...

July 13, 2026 08:59 AM GMT Page Group PLC | Europe Off the Call Key Takeaways Q&A focussed on conversion rates, regional performance, Page Executive, cost initiatives and drop through to profit. Shares up 10% this morning, in our view on 2Q26 gross profit beat and FY26 profit guidance in line with cons. Conversion rates. Improvements in performance have primarily been driven by stronger offer acceptance rates. Acceptance levels have returned to more typical historical norms in countries where Page is experi ...

Key Takeaways Traders intuitively grasp liquidity better than models. Liquidity informs price; it is a leading indicator. We study: Morgan Stanley & Co. LLC Mark T Schmidt, CFA July 13, 2026 09:00 AM GMT Municipal Strategy | North America M Idea A Trader's Almanac We dig into liquidity – the area where traders' expertise adds the most alpha. We study liquidity by sector, maturity, coupon and state. We quantify trade less eval, estimate effective bid-ask, analyze trends in traded spreads, and estimate total ...

July 13, 2026 09:00 AM GMT Steel | North America Steel Imports Monitor June license data implies steel imports down 6% M/M and down 9% Y/Y. Import spreads have widened vs. May with HRC prices climbing to $1,155/st now. Domestic lead times also increased in June. June 2026 license data points to steel imports down M/M (-0.12mt, -6%) and down Y/Y (-0.18mt, -9%). Imports of flat products (0.02mt, +3%) and pipe & tube products (0.06mt, +18%) rose M/M, but imports of semi-finished products (-0.02mt, -5%), long p ...

Points to watch: 1) Middle East developments; 2) passenger demand/unit prices on domestic/international routes; (3) macro environment for air cargo business/LCCs. July 13, 2026 08:55 AM GMT Airlines | Japan M Idea F3/27 1Q Results Focus Points 1Q results unlikely to provide meaningful catalysts. Key point is demand outlook from July. Share prices are starting to turn around, but we think still too soon to turn bullish. Airline industry 1Q results announcements start with ANA on Jul 29. Expect sharp fall in ...

July 13, 2026 08:27 AM GMT South Africa Economics & Equities | EEMEA M Idea London Trip Notes: The Market Thinks We're Early Investors are more hawkish than we are on inflation and the SARB. Fixed income is constructive, while equities remain selective as structural growth remains low. Financials preferred. Our investor meetings in London last week highlighted an important shift in investor thinking. Compared with our previous visit in Q1, South Africa's macro backdrop has become more challenging: higher oi ...

Daicel (4202) | Japan Summary of Business Briefing July 13, 2026 08:10 AM GMT Key Takeaways High Performance Polymers: Compared with OP of ¥19.1bn in F3/26, Daicel is targeting ¥21.5bn in F3/27, ¥30.0bn in F3/29, and ¥40.0bn in F3/31. For polyacetal (POM), management expects growth of 5% CAGR in China and 8% CAGR in India. For liquid crystal polymer (LCP), the company expects cooling fans for AI servers to be a driver. For cyclic olefin copolymer (COC), management indicated expectations for both packaging d ...

July 13, 2026 08:07 AM GMT Australia Healthcare | Asia Pacific M Update Medicare Statistics: May-26 Key Takeaways Exhibit 1: Pathology, Diagnostic Imaging - volume, benefits | | Volume | | Benefits | | Benefits/episode | | Work days | | --- | --- | --- | --- | --- | --- | --- | --- | | | Pathology | Imaging | Pathology | Imaging | Pathology | Imaging | | | | '000 | '000 | A$mn | A$mn | A$ | A$ | Days | | May-25 | 15,258 | 2,962 | 350 | 502 | 23 | 170 | 22 | | Jun-25 | 15,338 | 2,665 | 361 | 458 | 24 | 172 | ...

July 13, 2026 07:00 AM GMT Andean Economics | Latin America M Idea Andean Macro: What Drives Fed Hikes also Matters Key Takeaways Last week, we revised our BCCh call and now expect three rate cuts between now and January 2027. While this outlook remains partly contingent on some stabilization in the Middle East conflict, the main investor pushback—beyond the geopolitical risk—is what would happen if the Fed were to deliver on hikes priced in. Although Fed hikes are not our house view, we think it is importa ...

M Update Morgan Stanley Asia Limited+ Shelley Wang, CFA Equity Analyst Shelley.Wang@morganstanley.com +852 3963-0047 Tim Hsiao Equity Analyst Tim.Hsiao@morganstanley.com +852 2848-1982 Peggy Wang Research Associate Peggy.Pc.Wang@morganstanley.com +852 3963-3934 Joey Xu, CFA Equity Analyst Joey.Xu@morganstanley.com +852 3963-0337 July 13, 2026 07:41 AM GMT Zhejiang Sanhua Intelligent Controls | Asia Pacific 2Q26 Preview: Revenue Better than Feared Key Takeaways += Analysts employed by non-U.S. affiliates are ...