Report Type
Quarterly Update
The quarterly updates for 4Q25 and the outlook for 2026 indicate a global economy navigating 'delayed policy impacts' with steady growth expectations, such as a 2.4% GDP projection for the US. Financial institutions like BTG Pactual and XP Inc. are demonstrating resilient recurring earnings, yet they continue to trade at significant valuation discounts compared to their US peers. Consumer sectors, particularly in Australia, are exhibiting a broadening recovery supported by record real savings balances and a financial cushion equivalent to 23 months of essential expenses for mortgage holders. In the energy sector, operational production gains are being offset by high-cost structures and lower Brent price forecasts of $60/b for 2026, maintaining a focus on corporate deleveraging. Investment strategies are pivoting toward a 'risk-on' multi-asset stance that favors equities over tight credit spreads, while identifying niche opportunities in structured products and investment-grade corporates driven by AI-related capex. Despite stabilizing inflation, market participants remain cautious regarding trade frictions and elevated net debt-to-EBITDA ratios in capital-intensive industries.
28 reports available
Latin America Capital Markets 4Q25 Preview
Goldman Sachs previews 4Q25 earnings for BTG Pactual and XP Inc, projecting robust year-over-year expansion for both. Analysts maintain Buy ratings on both firms, citing attractive valuations and strong operational trends.
Consumer Panel Update
The Q4 2025 Westpac-DataX Consumer Panel report shows a robust 1.2% increase in average quarterly spending and a return of real savings balances to record highs. Spending growth is becoming more balanced across different income groups and age cohorts as the household sector's financial resilience strengthens.
Market Forecasts Q1 2026
State Street forecasts 2.9% global growth in 2026, maintaining an overweight stance on equities led by the US and Emerging Markets. The outlook highlights US economic resilience and a positive structural shift in Japan while noting range-bound fixed income returns.
Kosmos Energy 4Q Preview
Goldman Sachs maintains a Neutral rating on Kosmos Energy (KOS) with a $2.00 target price ahead of 4Q25 earnings. While operations in Ghana and Mauritania/Senegal show signs of improvement, high leverage and production costs remain key risks.
Australian Agriculture Quarterly Report
The Australian agriculture sector's growth is set to moderate significantly in 2026, with real farm GDP forecast at 0.4% following a 9.6% rise in 2025. While external demand remains resilient, tightening domestic supply and new Chinese trade quotas will pressure export volumes and prices.
The Big Picture
Western Asset maintains a constructive outlook for 2026, citing improving global growth, anchored inflation, and supportive fiscal policies in the US. The firm favors investment-grade credit and structured products like CLOs as attractive sources of carry in a year of tighter valuations.