January 6, 2025 11:41 AM GMT China Coal | Asia Pacific China's thermal coal prices stabilized after months of decline, while inventory declined across its domestic ports. November coal production broke historical records heading into heating season. Domestic coking coal prices fell amid sluggish downstream steel demand. Modest spot thermal coal price rebound after the pullback: QHD 5500 dipped 0.3% WoW to Rmb707/t as of January 3. CCI 5500 rose 0.7% WoW to Rmb770/t. BSPI was flat at Rmb703/t. Mine-mouth pri ...

ab 6 January 2025 Global Research US Equity Strategy Roadmap - January 2025 Stocks Deliver Another Strong Year The S&P 500 returned 25.0% in 2024, 70.1% since October 2022 lows. Big 6 TECH+ stocks once again provided an outsized contribution to this success, delivering 47.5% and 145.4%. Excluding these 6 outperformers, the market returned 16.0% and 48.3%. Small Caps lagged (11.5% and 36.5%) relative to Large, the result of weaker earnings. EAFE did particularly poorly (4.3% and 47.0%) when measured in US$. ...

ab 6 January 2025 Factor Impacts on Manager Performance 2024: Funds with a greater focus on Price Momentum and ROE outperformed by 5.7% and 3.8% during 2024 when compared with less exposed funds. 4Q24: Managers with an emphasis on stocks with high Beta to the Market outperformed their less exposed peers by 1.7% during 4Q. Global Research US Equity Strategy - Large Cap Value Large Cap Value Manager Performance - January 2025 Manager Performance vs. Russell 1000 Value Large Cap Value managers trailed the Russ ...

5 January 2025 | 9:33PM EST US Economics Analyst A Look Back at Economic Data Surprises, Our Forecast Performance, and Market Reactions in 2024 (Walker) Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co. LLC David Mericle +1(212)357-2619 | david.mericle@gs.com Goldman Sachs & Co. LLC Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.co ...

2025 Airline Outlook: Year of the Underdogs 2024 margin differentials between Airline leaders & laggards culminates in capacity discipline & thus better profitability in 2025, w/ risk of cycling back into oversupply well contained barring the macro. Multiples reflect this + improved SH returns w/ 1X re-rating to 6X EBITDAR since Aug (60% disct to S&P vs 54% in '19). UAL remains our favorite multi-yr story w/ visibility to LDD pre-tax margins, but underdog AAL seems most mismodeled, hence U/G to Buy. New Yea ...

6 January 2025 Global Semiconductors & Hardware China Smartphone Tracker (Nov 2024): An unusual surge in sub- flagship segment Mark Li +852 2918 5752 mark.li@bernsteinsg.com A.M. (Toni) Sacconaghi, Jr. +1 212 407 5843 sacconaghi@bernsteinsg.com Stacy A. Rasgon, Ph.D. +1 212 756 4403 stacy.rasgon@bernsteinsg.com Sara Russo +44 207 544 1792 sara.russo@bernsteinsg.com Aleksander Peterc +44 20 7762 4785 aleksander.peterc@bernsteinsg.com Edward Hou, CFA +852 2918 5796 edward.hou@bernsteinsg.com Alrick Shaw +1 21 ...

ab 6 January 2025 Global Research China Industrials Going global: 'China+1' investment plan tracker (2024) UBS's quarterly tracker gauging 'China+1' progress under going global Our China 'going global' tracker follows the country's progress under the China+1 strategy on a quarterly basis (from Q124). In Q424, the overseas investment intentions for LatAm and ASEAN changed—investment plans in ASEAN increased notably in Q424 while investment interest in LatAm continued to decline YoY. We continue to expect goi ...

Top Ten Predictions in Leisure for 2025, and How Our Predictions for 2024 Fared The predictions business is never easy, so we were pleasantly surprised to see that 7½ of our 10 predictions for 2024 played out (in this environment, you bet we are grading with partial credit) -- especially since a few of our calls were very non-consensus at the time (see #6 and #8, and even #1 and #2 weren't that widely thought at the time). ab 6 January 2025 Global Research Leisure, Gaming & Lodging Top Ten Predictions in Le ...

6 January 2025 | 10:37PM HKT China Spirits Tracker: Checking in on 2025 Strong-Start progress and 2024 target completion In the recent week, we noted sequential pick-up in retail sell-through, while the LNY seasonal performance may need further monitoring as there is still some time for the peak season stock up by retail merchants. Our conversations with investors showed that market expectations are quite low, expecting yoy decline in spirits retail sales vs. the high-base in 2024 LNY, while the bright spot ...