E s s e n t i a l s | Poland Diversified Banks The Rising Wealth of Poles: Opportunities and challenges for financial services companies CITI'S TAKE We expect that growing household wealth in Poland, coupled with an increasing awareness of the need to save for retirement, will lead not only to a further increase in the financial assets of Polish households but also to a shift in the structure of these assets. We think banks will need to be proactive at mitigating any potential negative impact of this trend ...

Action | 24 Jun 2026 22:55:45 ET │ 10 pages LOAR Holdings Inc (LOAR.N) John GodynAC Adding Upside 90-Day Catalyst Watch | Direction: | Upside | | --- | --- | | Duration: | Within 90 Days (expires 22 Sep 2026) | | Catalyst: | Earnings | Although LOAR is up ~35% from post-conflict lows, the stock is down 26% from 2025 highs while continuing to compound revenue, EBITDA, and earnings over that time. As a result, compared to 52-week EV/EBITDA and P/E highs, LOAR has experienced more multiple compression than any ...

US Diversified Utilities IURC Leadership Shake-Up Signals Greater Focus on Affordability CITI'S TAKE On Monday, Governor Mike Braun replaced Andy Zay as Chairman of the Indiana Utility Regulatory Commission (IURC) with Anthony Swinger, citing affordability concerns following the recent Indiana utility rate case approval (Zay remains an IURC commissioner). Separately, Commissioner David Veleta indicated he is moving on from the IURC, although his departure has not been formally confirmed. While we do not exp ...

Action | 24 Jun 2026 22:53:25 ET │ 13 pages LOAR Holdings Inc (LOAR.N) Issuing 90-Day Upside Catalyst Watch; Raising Price Target Ahead of 2Q EPS CITI'S TAKE We are adjusting estimates primarily to mark to market for strong intra-Q commercial and defense aftermarket channel checks. Among the commercial aftermarket levered stocks we cover, LOAR has experienced the largest valuation de-rating vs 1 and 2 year EV/EBITDA and P/E highs and is the only aftermarket stock we cover still trading at a meaningful disco ...

June 25, 2026 03:11 AM GMT M Update COSCO SHIPPING Energy Transportation | Asia Pacific Risk Reward Update What's Changed Updated Components EPS Investment Thesis Bull Base Bear Scenarios Risk Reward for COSCO SHIPPING Energy Transportation (1138.HK) has been updated Reason for change Morgan Stanley Asia Limited+ Qianlei Fan, CFA Equity Analyst Qianlei.Fan@morganstanley.com +852 2239-1875 COSCO SHIPPING Energy Transportation (1138.HK, 1138 HK) Hong Kong/China Transportation & Infrastructure | China | Stock ...

业绩总结 - 澳大利亚的失业率为4.36%，低于非加速通货膨胀率（NAIRU）4.6%[1] - 5月就业人数增加了40.3千，超过市场预期的32.5千，但低于公司预测的44千[2] - 失业率从4.5%降至4.4%，参与率从66.6%上升至66.7%[2] - 家庭支出在5月反弹1.3%，同比增长5.5%[14] - 预计第二季度实际家庭支出将增长0.3%[1] - 5月全职失业率从4.3%降至4.2%[2] 用户数据 - 失业申请者与职位广告的比例稳定在5.8倍，表明工资成本不会进一步下降[2] - 其他劳动力市场指标显示，裁员率低于1%，且大约一半的被裁员工在下个季度找到了新工作[9] 未来展望 - 预计未来六个月就业增长将加速，反映出劳动力市场的健康状况[9] - 由于中东冲突结束，消费者信心有望改善，支持下半年就业和支出增长[1] 风险提示 - 本报告所推荐的证券不受联邦存款保险公司（FDIC）保险，且可能面临投资风险，包括本金损失的可能性[36] - 报告中的信息来源于被认为可靠的渠道，但不保证其准确性，可能存在不完整和简化的情况[37] - 投资非美国证券（包括ADR）可能面临特定风险，外资公司的证券可能不符合美国证券交易委员会的注册要求，流动性较差且价格波动性较大[38]

June 25, 2026 03:20 AM GMT Australia Macro+ Data Pulse | Asia Pacific M Update Event Driven Rebound In Household Spending For May Key Takeaways Exhibit 2: Household spending rose 1.3%M in May, reversing weakness seen in April -10 -5 0 5 10 15 -4 -2 0 2 4 6 2020 2021 2022 2023 2024 2025 2026 HSI - %M (lhs) HSI - %Y (rhs) % % Source: ABS, Morgan Stanley Research Exhibit 3: Across categories, all nine spending categories lifted in the month -2 0 2 4 6 8 10 Food Alcohol & Tobacco Apparel Household goods Health ...

Flash | Australia Retail Retail sales surprise to the upside again in May CITI'S TAKE ABS retail categories grew by 5.7% YoY in May (April: +4.8% YoY). Food grew strongly (+4.3%) while the decline in Alcohol & Tobacco of ~4% was far more moderate than recent months, consistent with market feedback of some stabilsation in tobacco. Despite low consumer confidence, growth in discretionary categories was strong again. Household goods (+6.4% YoY) and Clothing & Footwear (+7.2% YoY) stood out. We think the streng ...

June 25, 2026 03:00 AM GMT European Metals & Mining Tracker | Europe Plugged-In Premia How the oil shock has revived Europe's EV shift Exhibit 1: Jan-May YtD European Car Registrations are pointing to a steep market share shift in favour of BEV/Hybrids 31% 25% 11% -24% -17% -17% 5% -40% -30% -20% -10% 0% 10% 20% 30% 40% -300,000 -200,000 -100,000 0 100,000 200,000 300,000 BATTERY ELECTRIC PLUG-IN HYBRID HYBRID ELECTRIC OTHERS PETROL DIESEL TOTAL YtD YoY # of Registrations | M | | | | | | | --- | --- | --- | ...

文字早评 2026/06/25 星期四 3、受中东原油供应恢复预期以及美国通胀引发的加息预期影响，国际金银，原油大幅下跌； 4、SK 海力士计划赴美发行 ADR 募资 290 亿美元，以支持人工智能业务扩张。 基差年化比率： IF 当月/下月/当季/隔季：16.96%/10.57%/9.64%/7.85%； IC 当月/下月/当季/隔季：20.70%/13.09%/11.90%/10.26%； IM 当月/下月/当季/隔季：22.72%/16.14%/15.50%/13.42%； IH 当月/下月/当季/隔季：17.30%/8.14%/6.88%/4.85%。 【策略观点】 短期海外市场核心关注点是美联储的加息预期，国内则关注季度末流动性、长鑫存储上市及基金漂移调 仓等因素扰动。进入七月份后，市场将开始进入中报行情。中长期看，国内宽松的流动性及政策长牛的 目标未变，逢低做多仍是主要思路。 国债 宏观金融类 股指 【行情资讯】 1、工信部总工程师钟志红：保持适度超前，建强新型基础设施，加强新一代通信网和算力网规划建设； 2、高盛：中国居民的股票配置相对于其长期潜力而言仍然较低 股票和保险有望成为中期的主要受益 ...