The Point for North America

This report provides a North American market update covering key company developments, sector trends in industrials and insurance, and macro-economic analysis following the recent FOMC meeting.

Key Takeaways

• 1.The Fed's FOMC meeting under new Chair Warsh signaled a hawkish shift with 9 of 18 officials suggesting higher year-end rates.
• 2.Strong May retail sales growth (+0.9% MoM) highlights consumer resilience despite macro concerns.
• 3.Automation survey of 200 manufacturing decision-makers points to accelerating demand for hardware, software, and AI/GenAI.

Table of Contents

• Morning Call Highlights
• Must Read
• Global Industrials - 7th Proprietary Automation Survey Signals Encouraging Demand Outlook
• Vontier Corporation (VNT.N) - Good "Value Stock" Potential at VNT
• SLB (SLB.N) - Digital Day - What's Driving the Skepticism?
• North America Insurance - Property & Casualty - M&A Activity Likely to Increase Across Sector
• Company
• Micron Technology Inc (MU.O) - Preview – Investor Focus on LTA Commentary
• Costco Wholesale Corp (COST.O) - Resuming Coverage with a Neutral Rating
• Progressive Corp (PGR.N) - Strong May Results; Buybacks Accelerate
• Coinbase Global Inc (COIN.O) - More of "Everything Exchange": Competitive Leadership Narrative Improving
• Albemarle (ALB.N) - Underappreciated Growth Opportunities Ahead; Upgrade to Buy
• Liberty Energy Inc (LBRT.N) - Lifting Estimates on Frac Pricing Potential
• Industry
• North America Transportation - Transports Weekly Chartbook
• US Building Products—Card Insights - Spending Remains Solid in June
• US Oil & Gas Equipment and Services - Equipment Model Updates
• US Restaurants - Weekly Traffic Jam & Sales Check-Up: Football Still Underwhelming
• US Retail - Citi Retail Traffic Tracker: June Wk 2 Decel vs June Wk 1; 2QTD Decel vs 1Q26
• Economics & Strategy
• Quantitative Global Macro Strategy - FOMC Warsh's first-day: a new Fed Chair tends to be typically hawkish
• US Economics - Strong May retail sales
• US Economics - FOMC - Hawkish shift as 9 of 18 want to hike
• Key Rating and Target Price Changes

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