CITI'S TAKE 23 Jul 2026 10:48:12 ET │ 8 pages Flash | South Africa Economics SARB: Surprise unchanged stance leaves ZAR weaker; we have another rate hike in our baseline South Africa Economics 23 July 2026 Citi Research The SARB surprised markets by keeping its policy rate unchanged, a decision we view as a temporary pause. Despite the SARB citing lower near-term CPI forecasts, we remain concerned by underlying inflation, particularly in services. We maintain our baseline forecast for a 25bp rate hike in Se ...

July 23, 2026 02:12 PM GMT TotalEnergies SE | Europe Notes from the Conference Call FY operating cash flow scenario raised to ~$35bn. "The $32bn guidance [with oil at $80/bbl and refining margin of $7/bbl], because we know what has been the improvement of the second quarter, would be raised to $34.5bn (…) In a price environment of $90/bbl and refining margin of $15/bbl - the average of the first half - we could deliver around $38bn instead of $35bn." Middle East production constraints. "The [Middle East] pr ...

Action | 23 Jul 2026 09:58:47 ET │ 15 pages EasyJet (EZJ.L) | Price (22 Jul 26 16:30) | £5.85 | | --- | --- | | Target price | £7.15 | | Expected share price return | 22.2% | | Expected dividend yield | 1.2% | | Expected total return | 23.4% | | Market Cap | £4,434M | | | US$5,931M | Conor DwyerAC +44-20-7986-2824 conor.dwyer@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations New EasyJet Numbers, and What Pricing Trends Mean for Ryanair CITI'S TAKE W ...

July 23, 2026 02:31 PM GMT Emirates NBD | Europe M Update 2Q26: Results call takeaways Summary: Guidance was maintained across loan growth, NIM and cost of risk. Management stated that the pipeline for loan growth is robust. While deposit competition has intensified, management said that ENBD is well positioned to navigate this environment. Management also expressed confidence around asset quality. 2026 guidance reiterated Loan growth: mid-teens (YTD: 11%) NIM: 3.10-3.30% (1H26: 3.25%) Cost of risk: 30-50bp ...

J P M O R G A N Securitized products largely tightened versus Corps thus far this week. Long-term tax-exempt munis are just 2bps off of five year tights. Good morning, this Cross Products Relative Value Report is intended to provide an efficient high-level rich/cheap analysis of fixed-income products relative to IG Corporates. Securities appearing at the top of the maturity/average-life band are rich versus IG corporates, while spreads on bonds near the bottom are trading at cheaper levels versus corporates ...

23 Jul 2026 07:36:22 ET │ 36 pages Ac t i o n | Brazil Apparel & Footwear 2Q26 Preview: Dispersion Across Our Coverage, but Overall Helped by Winter Winds; Positive CW on LREN and Negative CW on AZZA CITI'S TAKE We see meaningful dispersion across apparel names. LREN is our preferred idea in this moment, supported by relatively resilient execution, especially when it comes to cash generation (double-digit FCFE yield 2026/2027) and shareholder return (double-digit DY for 2026/2027). Elsewhere, we see both CE ...

Citi Research CEE Research 23 July 2026 Ukraine Macroeconomic situation and outlook Piotr Kalisz, CFA AC Head of CEE Economics piotr.kalisz@citi.com +48 22 692-9633 Arkadiusz Trzciołek, CFA Poland Economics arkadiusz.trzciolek@citi.com +48 22 657-7750 See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Foreign trade Significant widening of the trade gap is pushing the current account deficit higher -7 000 -6 000 -5 000 -4 000 -3 000 -2 000 -1 000 0 1 000 Jan-1 ...

23 Jul 2026 07:04:01 ET │ 12 pages Flash | Thermo Fisher Scientific Inc. (TMO.N) 2Q26 Quick Take: Signs of Recovery with Healthy Organic Growth Beat CITI'S TAKE TMO posted healthy 2Q organic growth of +5% beating guidance of ~3% and FactSet consensus of 3.1%, with revenues of ~$12bn above consensus $11.7bn. Adj. GM was 41.4% (consensus of 41.5%) and adj. OPM was 22.8% (consensus of 22.2%) leading to adj. EPS of $6.03, ahead of guidance midpoint and consensus of $5.72 . By segment, LSS sales $2.82bn beat con ...

Flash | Implications – Disco guides for 4% QoQ shipment growth in Q2. We view management's current outlook showing both OSAT and memory maintaining high levels as reassuring. During this evening's follow-up call, management stated that production support headcount remains at c100, a level that it intends to maintain in Q3 and beyond. They also mentioned that silicon photonics-related projects have materialized, with shipments starting in Q1. These points should leave a positive impression. Given that Disco ...

July 23, 2026 01:10 PM GMT Harley-Davidson Inc | North America AlphaSignals Earnings Reaction Unchanged Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Our take: Harley 2Q reported EPS of $0.75 was ahead of our $0.55 estimate and the Street at $0.63. Shares were up 6% over the past week (vs. S&P down -1%) which we believe reflects a combination of growing investor ...