Ac t i o n | 27 Jul 2026 08:55:32 ET │ 23 pages Verizon Communications Inc (VZ.N) Updating Verizon Model for 2Q26 Results CITI'S TAKE We are updating our Verizon model to incorporate recent results, management commentary, and the upward guidance revisions. Verizon is showing forward progress on its restructuring and we believe the combination of its updated go-to-market and a potentially elongating device replacement cycle should help Verizon improve retention and profitability, while growing postpaid volum ...

Flash | 27 Jul 2026 08:44:07 ET │ 10 pages Canon (7751.T) Q2 negative - results significantly ahead of consensus on unplanned refund income but details lackluster CITI'S TAKE Despite the earnings beat, full-year guidance is effectively a downward revision. We view this as negative for the stock price (briefing materials). Q2 OP reached ¥159.2bn, up 35% YoY, but excluding the ¥58.0bn customs refund (unplanned), results were roughly in line with consensus. Canon says that imaging performed well overall and th ...

Vi e w p o i n t | 27 Jul 2026 08:54:26 ET │ 14 pages Metal Matters +44-20-7986-4559 tom.mulqueen@citi.com Shreyas Madabushi AC +91-22-4277-5048 shreyas.madabushi@citi.com CITI'S TAKE We are constructive on copper in the coming weeks as signs of physical tightening emerge across China's physical market. We maintain our bullish $14,500/t 0-3 mth and $15k/t year-end target. Prices have held up over the last month despite some moderation in speculative positioning length and broader commodity weakness. While d ...

July 27th, 2026 Securitized Products Roundtable Institutional Clients Only ugene BelostotskyAC ecuritized Products, MBS/ABS ugene.belostotsky@citi.com 12) 816-8432 Jeffrey BerenbaumAC CMBS jeffrey.s.berenbaum@citi.com (212) 816-8399 Aritra BanerjeeAC EU Securitized Products aritra.banerjee@citi.com 44 20-3569-4544 Wei GuanAC Agency MBS wei.guan@citi.com (212) 723-2682 Citi Research Not for distribution to Retail Investors 1. Agency MBS: Overweights Continue to Fade Eugene Belostotsky, Wei Guan, Susan Wang N ...

Citi's Most Read - Healthcare July 20 - July 26 Most Read As boundaries increasingly blur between conventional sectors, and as bottom-up and top-down analysis converges, Citi Research offers a Super-Sector lens to help you better understand and take advantage of widespread disruptive trends and innovation, extending our peer analysis for greater breadth and depth. The Healthcare Super-Sector consists of the Pharmaceuticals & Biotechnology, Medical Services, Medical Supplies, Medical Technology, and Life Sci ...

27 Jul 2026 07:41:05 ET │ 8 pages Flash | Latin America Financials Citi's Daily Statement – 2026.07.27 – Brazil's Debt reneg program; Argentine Banks May data CITI'S TAKE Daily report over key topics of LatAm financial companies under Citi's coverage. Brazil's Desenrola debt program renegotiated R$44.1bn since May (Valor, Jul 24) Brazil's Desenrola 2.0 debt renegotiation program, launched in May 2026, had already restructured R$44.1 billion in debt with ten days remaining before its scheduled end on August ...

Hedge Comparison Note: The size of 3M hedges are determined by scaling the premiums spent to $10 MM. To get the expected index levels in a stress scenario, we apply the same historical moves to current spot levels. +1 212 723 2118 Scenario: The Financial Crisis (2008-2009) Scenario: The Energy Sell-Off (2015-2016) | Index | Maturity | Structure | Strike | Delta | Price | Notional/Contracts | Premium | Spot | Expected | Payout | P&L | Payout Ratio* | | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

27 Jul 2026 08:40:41 ET │ 12 pages UI Boustead REIT (UIBO.SI) Strong Occupancies Underpin Stable Income CITI'S TAKE We expect UI Boustead REIT's (UIBREIT) first set of results (since listing on 12-Mar-26) to have a neutral share price reaction, given the limited financial disclosures, while the NPI miss (vs. IPO forecast) should be neutralized by a beat on JV results and significant improvement in occupancies (especially at 2 Japan properties which are now 100% from >76% vs. 9 months ago) since Sep-25. UIBR ...

Citi Research July 27, 2026 Securitized Products Dashboard Relative Value and Technicals Eugene BelostotskyAC ABS/Non-Agency MBS eugene.belostotsky@citi.com +1 (212) 816-8432 Wei GuanAC Securitized Products wei.guan@citi.com +1 (212) 723-2682 Jeffrey BerenbaumAC CMBS jeffrey.s.berenbaum@citi.com +1 (212) 816-8399 Aritra BanerjeeAC EU Securitized Products aritra.banerjee@citi.com +44 203 569 4544 Maria ZhangAC Non-Agency MBS maria.yunxi.zhang@citi.com +1 (212) 816-4213 Ratul RoyAC CLOs ratul.roy@citi.com +44 ...

Citi's Most Read - Real Estate July 20 - July 26 Most Read As boundaries increasingly blur between conventional sectors, and as bottom-up and top-down analysis converges, Citi Research offers a Super-Sector lens to help you better understand and take advantage of widespread disruptive trends and innovation, extending our peer analysis for greater breadth and depth. The Real Estate Super-Sector consists of the Real Estate/Property, and REITs sectors. Please find below a collection of our most impactful recen ...