The Global Point

A cross-regional Citi report highlighting bullishness on Japanese equities (70,000 Nikkei target), Tencent's AI agent momentum, and Nvidia's infrastructure evolution.

Key Takeaways

• 1.Tencent's share price surged following reports of an imminent launch for a WeChat embedded AI agent, potentially arriving as early as June.
• 2.Japanese equities are expected to remain bullish with the Nikkei 225 projected to break above 70,000 by year-end despite short-term corrections.
• 3.Nvidia is successfully evolving from a GPU provider into a full-stack AI infrastructure company with positive implications for partners like Lenovo.

Table of Contents

• Asia
• Tencent Holdings (0700.HK) - Assessing Reported News On WeChat AI Agent Testing & Near Launch
• China Technology & Communications - NVDA and Qualcomm Keynote Takeaways
• Japan Equity Strategy Market Explorer - Indexes to top out soon but we see the Nikkei breaking above 70,000 by year-end
• China Consumer-Cosmetics - 618 Stage 1 Color
• CEEMEA
• PZU (PZU.WA) - Trading at Discount to Own History and Peers - Maintaining Buy
• Latin America
• MercadoLibre (MELI.O) - May DAU/Dwld Tracker
• Grupo Mateus SA (GMAT3.SA) - Resuming Coverage at Neutral/High Risk
• Western Europe
• DSV (DSV.CO) - Air freight rate strength suggests further confidence in crucial 2Q26E beat
• Key Rating and Target Price Changes