Report by CPM Group

In this presentation, Jeffrey Christian of CPM Group discusses what comes next for gold, silver, platinum, and palladium following last week’s sharp selloff, and explains why the pullback was not surprising after the rapid surge in prices. Jeff begins by looking at the US dollar, showing why claims of a “collapsing dollar” do not hold up. He emphasizes the importance of time horizons in market analysis, explaining how prices can be unsustainably high or low in the long run while remaining volatile for months or even years in the short run. Jeff then looks at the role of COMEX contract rolls and positioning, including how large open interest can affect price moves without implying any shortage of metal. He also reviews ETF activity across gold, silver, platinum, and palladium, explaining how gold ETF investors were net buyers through January, while silver ETF investors were net sellers, even as prices spiked.
Click here to watch.

Communications

Report by Paragon Intel

Josh D’Amaro’s mix of leadership and operational qualities make him a strong choice to succeed Bob Iger as CEO. A 27-year Disney veteran, D’Amaro is viewed as a high-EQ leader who balances creative ambition with financial discipline. He is currently tasked with overseeing a $60bn capital plan over the next 10 years to turbocharge growth in parks, cruise lines and resorts, generating the FCF required to support the company’s riskier media transformation. While he lacks direct media experience, he has a proven track record of turning around underperforming assets and successfully navigating crises, including rebuilding the Experiences’ division profitability post-Covid. Paragon’s report includes interviews with former senior executives who worked with D'Amaro for more than 75 years combined.

Materials

Report by Asymmetric Advisors

Asymmetric highlights Daido Steel as an under-followed stock that is increasingly coming into its own. The stock has surged ~85% since they turned bullish in Jun 25, helped by a strong H1, driven by rare earth free magnet demand amid tighter Chinese export controls and robust marine valve orders. Even after the rally, Daido only trades at 0.86x PBR and ~13x FY3/27E earnings (+20% Y/Y), with relatively low foreign ownership. Looking ahead, Asymmetric flags multiple profit catalysts: potential synergies from acquiring Kobe Steel’s Koshuha specialty furnace, an improving semiconductor cycle, rising demand for rare earth-free magnets for HEVs, and expanding exposure to engine shafts and components across aerospace, energy, shipping and gas turbines - supporting margin and earnings upside over the next 1-2 years.

Healthcare

Report by Aldis Institutional Services

2026 is shaping up to be an active year for US healthcare policy, with President Trump's focus on affordability impacting Congressional and Administration priorities. Near term, Congress is considering spending legislation impacting clinical labs (Quest Diagnostics, Labcorp), diagnostics (Natera) and life science tools (Danaher, Thermo Fisher). Investors are also awaiting clarity on MFN deals and their impact on companies that have not yet signed agreements with the Administration. Beyond HC, Aldis also leverages their connectivity to provide timely insights and updates around M&A with regulatory catalysts, including Nexstar-Tegna and Union Pacific-Norfolk Southern. Contact us below for further information on events hosted by Aldis and access to their content library.

Report by Mill Street Research

Mill Street has developed an "Earnings Screen Score" ranking methodology that draws on selected inputs from their MAER (Monitor of Analysts’ Earnings Revisions) stock database to identify companies which have strong near-term fundamental momentum going into an earnings report. Mill Street’s research indicates that companies scoring highly in their ranking have a much higher chance of near-term improvements in analyst expectations than those that score poorly. Stocks most likely to produce positive near-term analyst estimate activity in the next couple of weeks include Lam Research, Regeneron Pharmaceuticals and Teradyne. Bottom ranked stocks include LyondellBasell, Eaton and Marathon Petroleum. Click here to access the full report.

Materials

Report by Global Mining Research

GMR is sceptical on a potential tie-up between RIO and GLEN, citing material integration and execution risks. They highlight stark contrasts in management culture and business models, alongside challenges around thermal coal exposure, sovereign risk tolerance and regulatory scrutiny given combined copper output. Assuming US$1.5bn of annual synergies, GMR estimates RIO could bid up to £5.40 per GLEN share for the merger to be, on average, neutral on Earnings/share and NCFO/share out to 2028. Following GLEN’s recent rally, GMR downgrades the stock to Hold and moves RIO to Sell on deal risk. Their proprietary Acquisition Rationale score reinforces caution: GlenRio scores just 9/18, a level that historically underperforms peers over the next 24 months.

Report by CPM Group

In this presentation, Jeffrey Christian of CPM Group provides a market update on gold, silver, platinum, and palladium prices as metals continue to reach record levels. He explains why political developments, both in the United States and internationally, have become one of the dominant drivers of investment demand for precious metals, moving away from traditional economic fundamentals. Jeff discusses how rising political uncertainty and strained international relationships contribute to elevated investor anxiety and renewed buying interest in gold and silver. Jeff also addresses persistent misinformation in the silver market, including claims about shrinking inventories, paper versus physical silver, and alleged shortages.

Click here here to watch

Report by Aurora Macro Strategies

According to Jose Ignacio Hernandez, Maduro’s sudden removal marks a political shock that forces Washington to rethink their oil-sanctions enforcement, OFAC licensing, recognition, and Venezuela’s long-frozen public-debt problem. Delcy Rodríguez enters office structurally weak and politically exposed, constrained by internal Chavista power balances and demands from Washington. The next 4–6 weeks will be decisive. If Rodríguez stabilizes her position, a second phase opens—bringing selective movement across oil policy, creditor engagement, asset strategy, and recognition. Aurora’s latest report lays out what is most likely to change, when, and under what constraints, including the outlook for OFAC licensing, the pending Citgo sale, creditor engagement, and US recognition policy. Jose says that contingent on Rodríguez remaining in power, gradual liberalization of sanctions—particularly in the oil sector—could become conceivable. This might include expanding Chevron’s license and granting new, limited individual licenses to select international oil companies.

Report by Grey Investment

The STOXX 600 (596.14) has started 2026 with a new ATH, trading as high as 597. Next resistance is at 600, but this is not expected to be a significant obstacle. Chris Roberts’ minimum long-term target stays at 800+. That level is derived from the breakout above the 21-year ceiling around 400. The minimum expectation for a sustained breakout above a multi-year ceiling is a doubling of that ceiling. The 14-week RSI is currently at 67, just below the 70+ overbought zone. MACD has been above zero since Jan 2023. Chris remains 50% long from 576.29. The recommended stop stays at a daily close below 527.00.

Industrials

Report by Abacus Research

Under its new CEO, CHRW has implemented a lean, AI-enabled operating model that has enabled the company to grow earnings despite struggling topline growth. Abacus expects EPS to average ~19% CAGR over the next 3 years, even without any help from a cyclical recovery, highlighting exceptional operating leverage and incremental margins of ~100%. Importantly, the demand environment is unlikely to worsen without a severe recession, hence any cyclical upside is mostly a free option. If investors gain confidence that high incremental margins are sustainable and CHRW is once again a structural share gainer, Abacus believes the stock can continue to re-rate higher.

Report by Grey Investment

The Spot Bloomberg Roll Select Commodity Index (293.17) is the instrument that Chris Roberts’ newest data provider has, that is just about identical in shape to the Bloomberg Commodity Index that he used to feature. The breakout from the 27-month base formation targets a move to 320.00+, but Chris’s target is a new high above 2022’s 357.90. A secular bear market ended in April 2020 (see next page). The 1st leg of a secular bull market ended in 2022, and following a 30%+ decline and a distracting, time consuming sideways movement, the 2nd leg up is now underway. Indicators have room for further gains.

Report by Sustainable Market Strategies

Fossil fuel demand may be falling in the future, but aluminium certainly won’t, driven by demand for EV and solar adoption, the great grid buildout and more aggressive lightweighting. There are no physical constraints to aluminium supply, with bauxite a plentiful resource that can be found near the earth’s surface, yet supply is expected to tighten relative to demand beyond the next three years. China is the main reason, having imposed a national ceiling of 45m tons per year on primary aluminium production. The next big reason lies in electricity constraints; given the amount of electricity required to produce aluminium, the economics of the metal are essentially the economics of power. Competitive advantages are available for producers with sizeable recycling operations, which the team expects to outperform over the next few years. Expect the likes of Constellium, UACJ Corp and Norsk Hydro ASA to be the biggest relative winners.

Report by Krutham (formerly known as Intellidex)

The SARB delivered the unanimous 25bp cut that Peter Montalto expected, but this was no dovish pivot: the CPI path was only nudged slightly lower and the language stayed cautious. The MPC is now comfortable moving into “less restrictive territory”. It means that the country now sits a little above the new neutral range around 6.50%. Looking ahead, Peter remains more conservative than the QPM on both inflation and the policy path. He still sees a stickier non-core wedge and slower expectations pass-through than the model assumes, given the fixed public-sector wage agreement, Nersa’s tariff pipeline and unusual food CPI seasonality, even though the de jure shift to a 3% target pulls the expectations profile down. That keeps Peter above the SARB’s inflation and repo projections: his baseline is no further change for roughly six months, and a clearer next leg down only in H2 2026 to 6.00% end 2026.

Report by Minack Advisors

Developed economies enter 2026 with inflation above target, labour markets tight, wage growth solid and governments running gargantuan budget deficits. Yet Gerard Minack points out how markets expect most central banks to ease or keep policy rates steady, Japan (and Canada & Australia) excepted. There are many hard-to-calibrate risks – such as the war in Europe, US trade policy, Fed independence – but the base-case macro-outlook is for at-or-above trend growth that threatens higher inflation and undermines the case for easier monetary policy. Gerard will discuss the implications of this for markets next week. Spoiler alert: two of the biggest issues for investors – the AI equity trade and risks around developed economy sovereign bonds – don’t hinge on the near-term cycle forecast.

Report by Aitken Advisors

That we live in a hyper-financialised world is not in dispute, but James Aitken cannot see the net benefits to society from changes like Kalshi, which monetise differences in opinion. He argues that over the long run, monetising any difference in opinion will create negative utility due to the externalities of normalising the idea of betting on everything. And one would think that these betting markets are enormously susceptible to manipulation by state actors; yet such is the path we are on. So what? James says he isn’t tilting against the windmill of the ongoing, hyper-financialisation of everything. Instead, he suggests that the path to the next financial crisis won’t run through (e.g.) private credit, geopolitics or whatever, but instead it will run directly through market structure, period. What happens when, for any period of time from minutes to hours to days, all the machines that intermediate 1x, 2x, or 3x levered ETFs, prediction markets, 0DTE, bonds, stocks etc. decide ‘computer says no’?

Industrials

Report by Revelare Partners

Results will not live up to the enormous expectations surrounding this story, as the company shows almost no customer traction beyond Walmart. While SYM is rolling out systems across 42 WMT distribution centres through 2029, new wins have been minimal, leaving a massive revenue gap ahead. In contrast, competitors Knapp and Witron have announced dozens of new customers since 2022 including new business with WMT. Half of the company’s touted $22bn backlog sits in a stalled SoftBank JV (GreenBox), with little evidence of progress. With heavy insider selling, a recent revenue restatement, TAM overstated and the stock trading at ~10x 2027 sales, the bear case sees estimates beginning to be revised down next year and SYM’s valuation potentially halving.

Technology

Report by 2Xideas

2Xideas argues OS is tapping into a large, visible market opportunity as enterprises replace outdated software applications and tools. The company continues to gain market share, strengthening its position relative to peers and is on a "winner‑take‑most" path. Furthermore, OS is well‑positioned to integrate emerging AI technologies, benefitting from its role as a trusted governance and compliance layer, which largely insulates it from disruption. 2Xideas forecasts 19% revenue CAGR, driven by new customer wins, strong cross-/up-sell opportunities and international expansion. Over the next 5 years, they expect a total shareholder return of 20.8% p.a., based on an exit NTM EV/Sales multiple of 8.0x.

Materials

Report by Global Mining Research

A 2026 copper turnaround story - IVN is now producing from all 3 of its core and globally significant mining assets. However, this has not been reflected in the share price following the seismicity event at Kakula in May 25. The market is focused on short term risks, but Kakula’s recovery is being managed and 3Q25 volumes (annualised at 285kt/yr) likely marks the bottom. With the 3 operating assets contributing in 2026 and a new smelter set to lower costs, GMR sees next year as the inflection point. IVN also offers major exploration upside - its 100%-owned Makoko district alone has 9.2Mt of copper identified, with additional drilling across Angola, Zambia and Kazakhstan providing further optionality not priced in. Trading at 1.4x P/NPV10, IVN’s growth, scalability and asset quality make the risk/reward compelling.

Report by WHB Energy Research

While market participants await to see what, if any, peace accord emerges from the current Russia-Ukraine talks, William Brown notes that Wall Street analysts appear to be leapfrogging over one another in terms of how bad the global oil “surplus’ will be next year and beyond, and in turn how low oil prices could go. Once again, as William has discussed over the years, analysts always qualify their either extreme bullish or bearish price forecasts with “could” and not “will”. Be that as it may, he notes that one bank he has now heard from is JP Morgan, who suggests that Brent, again “could”, plummet into the $30s due to an “overwhelming” market oversupply. Meanwhile Goldman Sachs are reiterating their bearish view, estimating an average 2.0 MMB/D surplus in 2026, leading to a Brent average of $53.00 per barrel. In contrast, William’s view is the opposite, given what he estimates to be the substantial net short position investors and funds have already amassed.

Report by CPM Group

Jeffrey Christian of CPM Group discusses the increasingly unstable economic and political environment and what it means for gold, silver, and broader precious metals markets. He compares today’s conditions with the late 1970s, noting both the similarities and critical differences to that period, and what those differences may mean for gold and silver prices. Jeff looks at the volatility across gold, silver, platinum, and palladium, explaining the factors influencing investor anxieties. He also discusses economic shifts, including weakening U.S. influence on the global stage. The video concludes with a look at inflation data, consumer behavior, policy risks, and why CPM Group expects a recession within the next 12–24 months.

Click here here to watch

Report by Tweeddale Advisors

Mark Bathgate's initial thoughts on the overall shape of the UK Budget is welfare spending and taxes up a lot, borrowing up in the first two years of the budget period, with most tax hikes coming years 4 and 5. He points out that the Budget looks to be negative for growth – primarily via the further decline in household real after tax income, and likely impacts on confidence from the messy process of recent weeks and prospects of many years of rising taxes. Moreover, three key expenditure areas have not been addressed which questions the sustainability of the current budget:

* defence spending (no funding for NATO commitments entered into at June summit);

* Ukraine 2026 & 2027 budget which UK is publicly committing to contribute significantly to;

* local government financing crisis.

Overall, Mark says this looks to maintain the trend we’ve seen over the last 15 months: higher borrowing; lower economic growth; steeper gilt yield curve/higher long gilt yields; and more speculation about next round of tax hikes. However, Mark also says that one positive is that there are less inflationary risks relative to the previous budget.

Financials

Report by Abacus Research

Abacus revisits BN after a 70%+ rise since their Jan 24 write-up, arguing the fundamentals remain as compelling as ever. They still see a 22% IRR over the next 2 years - even assuming a persistent ~30% SOTP discount. BN’s thesis is simple despite its perceived complexity: a longstanding focus on infrastructure positions it as a major beneficiary of US on-shoring and increased infrastructure spending, while structural growth tailwinds support its insurance and wealth platforms (Brookfield Wealth Solutions is highly attractive at ~1x book, given 15% ROE). Although BN is improving its communication, Abacus argues few investors appreciate the value, leaving ~35% upside to their TP of $63.

Materials

Report by Ben Jones Investments

Ben Jones reiterates his bullish view with the stock up ~200% since initiation in July 23. AAZ is set to enjoy a dramatic increase in net income as well as FCF which is expected to swing from -$2m (2024) to c.$126m (2026) - a 45% FCF yield on today’s m/cap. He expects AAZ to develop 3 new mines (without raising equity) over the next 5 years which will boost copper production from 2.1kt in 2023 to around 40kt per year from 2028. Ben increases his base case price target from £3.70 to £5.59 (150% upside), assuming long-term copper prices at $4.50/lb, but with optionality to £8.00+ if long-run copper averages $5.50/lb, as forecast by Citi and BAML. Since publication of Ben’s report, AAZ has disclosed it is in preliminary takeover talks - unsurprising given his view that the market continues to undervalue the company’s asset base and growth profile.

Report by CPM Group

In his latest video, Jeffrey Christian of CPM Group discusses recent developments in gold, silver, platinum, and palladium prices, and their consolidation following October’s sharp rise. He also looks at the factors that could determine the next breakout for the metals, and whether the next price move might be higher or lower. Jeff takes an in-depth look at the physical silver market and addresses several misconceptions about physical supply, fabrication demand, investment demand, and inventories. He looks at mine production, secondary recovery, fabrication demand, inventory levels, and investor activity, explaining how the market remains well supplied even as investment demand has risen sharply in recent months. Jeff also discusses ETF flows, coin sales, premiums for 1,000-ounce bars, and why talk of a “silver shortage” is misleading.
Click here to watch.

Report by Technical Analysis Group

Andrew Egan Baptiste notes that both gold and silver have rallied up to his listed attraction zones. With the attainment of the new rebound highs, he has closed his tactical long positions into strength as recently discussed. Moving forward, given the overall shallow depth of the correction off the 3901.30 selloff low, Andrew expects a corrective pullback in a wave ‘x’ position, that can then lead higher towards the 50% retracement at 4142.00, and potentially up the highs of the prior triangle wave ‘b’ consolidation at 4156.00, 4171.50, and 4175.00. Above that is 61.8% Fibo. retracement at 4201, although he doesn’t believe we can get there without a pullback. If we see evidence of a corrective pullback, Andrew will consider another tactical long. He is now looking for the next opportunity, which he says will likely be on the short side in silver.

Report by Macro-Advisory

Christopher Weafer notes that the Russian economy is close to recession. Economic growth has accelerated on the back of big fiscal stimulus and an upswing in the domestic demand – but GDP growth could fall into a negative territory in 4Q25. Industrial output is expected to be near zero, while other segments, such as retail sales and agriculture, could help the economy escape a contraction. However, the growth dynamic will become far less certain in early 2026 with the introduction of higher VAT and inflationary pressures. In 9M25, GDP increased by just 1% YoY (0.9% YoY in September), which puts Christopher’s 2025 growth forecast of 1.2% more on the optimistic side. Over the next 2-3 quarters, the economy will balance at close to zero. Christopher expects that it will be no earlier than mid-2026 when credit conditions could start to improve, thus offering support to a gradual rise in consumer demand and corporate investments.

Report by TenViz

Konstantin Fominykh comments on the breathtaking structural rise of China’s intelligent economy, powered by technology and automation, which is advanced at a scale and speed that far surpasses global peers. It is overtaking the US in key next-gen industries, and over the next few years its main strengths will be EVs, green tech, 5G, high-speed rail, and defence. Currently, we might be witnessing a cyclical recovery, with manufacturing production up 7.3% YoY, service activity expanding again, exports up 3.3% YoY, and consumer confidence finally stabilising. Konstantin’s predictive tools predict further inflows into Chinese stocks, and he recommends a buy on Chinese sector equities, financials, tech, industrials and healthcare.

Report by Deep Macro

DeepMacro’s STR-1 is a short-term rates model, providing forecasts of 2yr swap rates for the G10 countries over the next three months. The team choose 2yr swap rates because they are an estimate of the market's expectation for monetary policy over the medium term, which they recognise as a function of economic growth and inflation. STR-1 generates receive/pay recommendations based on the difference between model forecasts, and market forward interest rates. The inputs to the model are the DeepMacro growth and inflation factors, including "Big Data", and DeepMacro's automated, machine-driven analysis of central banks. Currently, the model expects rates to rise in the US, but the market forwards expect rates to decline. In Europe the model forecasts rates to rise but by less than market forwards, and in UK it expects rates to decline but by less than market forwards, but both gaps are not large enough to recommend a trade. Please get in touch to find out more.

Communications

Report by New Street Research

New Street turns more positive on Bharti, arguing that focus is likely to shift back to the company itself after Airtel Africa and Singtel materially outperformed over the past year. Bharti has historically rallied ahead of tariff hikes and with price increases expected in H1 next year, momentum should build. Growth is accelerating across Home and Enterprise, AAF continues to perform strongly and capital intensity is now falling, supporting margin expansion and rising ROIC. With fixed wireless access (FWA) adoption gaining traction and scope for meaningful EBITDA beats through FY26-27, New Street raises their TP to INR 2,750 and sees a strong case for re-rating as earnings expectations climb.

Technology

Report by Sales Pulse Research

The company’s latest stumble stems from a weakening Federal pipeline and sluggish on-prem renewals, but channel feedback points to deeper challenges from nimble DSPM rivals like Cyera and Concentric.ai to mounting pushback on costly cloud migrations that offer less functionality. With competitive share shifts and customer dissatisfaction surfacing in SPR’s 10/12 panel, it’s clear the DSPM market is heating up fast, fuelled by AI-driven data priorities and VRNS may be losing its footing. SPR’s full note unpacks which vendors are gaining ground, why end users are rethinking their data protection stack and where this market is headed next.

Report by Pennock Idea Hub

Cam Hui has been bullish on gold, but point-and-figure charts of gold and gold miners now show that they are either very near or have outrun their measured price objectives. Tactically, the contrarian trade would be to sell gold and buy bonds. However, a cycle analysis leads Cam to conclude that the market is undergoing a shift to a hard asset price leadership cycle. Cam’s base case calls for a multi-month correction and consolidation in the manner of the 2004–2006 experience, followed by a second rally to an ultimate top at much higher gold prices. It is within this context that a long-term point and figure objective of 9,800 is achievable in the next 3–5 years.

Report by Variant Perception

Tian Yang is changing his long-held bias against value stocks and recommending a shift to overweight value vs growth. He points out that he is finally seeing alignment across A) market behaviour, B) the macro-outlook, and C) bottom-up fundamentals. On his indicators, today's set up is as good as it has been since the GFC for value to outperform. US earnings estimate revisions have broadened since Liberation Day, which has historically been indicative of value vs growth outperformance over the next 12 months (first chart below). At the same time, he notes a sharp fall in the correlation of the Russell 1000 market cap weighted index vs the equal weighted index. As the second chart shows, this correlation collapse has often marked a low in the value-to-growth ratio historically. Tian is also seeing evidence of a rotation into value stocks over the past couple of months.

Healthcare

Report by MedMine

Leveraging purchase order data from 450 US facilities, MedMine is closely tracking the rollout of Pulse Field Ablation (PFA), the key driver of BSX’s Electrophysiology growth. The US ablation catheter market for AFib is estimated to be growing about 12% Y/Y.  BSX has been growing faster in part due to mix shifting from lower-priced Cryo and RF products to its premium FARAPULSE PFA system. However, BSX is facing increasing competition with its PFA market share now at 80%, 10 percentage points lower than its peak. This raises a key question: will BSX’s next growth phase come from converting the larger RF market or expanding the total patient base estimated at 60m globally? MedMine’s near real-time data helps investors track these shifts in market share, pricing and technology adoption as they unfold.

Financials

Report by Abacus Research

Abacus sees FIGR as a highly disruptive leader in real-world asset tokenisation - a theme they expect to define the next decade. The company has found a real-world use for blockchain, proving it can reduce the cost and time in HELOC origination by 90% (current 3% market share), with an average production cost per loan of just $730 vs. an industry average of $11,000. Beyond its low-cost origination engine, FIGR operates a marketplace for pooled credit, creating liquidity and transparency in traditionally illiquid markets. Abacus expects this model to scale into other asset classes, underpinned by ~30% operating margins and 80%+ incremental margins, with potential upside of 150% to $115.

Consumer Discretionary

Report by 2Xideas

PLNT is well positioned in the growing high‑value‑low‑price gym segment with scale and ample runway for growth. New CEO Colleen Keating brings relevant hospitality franchise experience to drive the next phase of growth in the US and internationally. Gen Z is the fastest‑growing membership cohort for the company, supported by initiatives like the “High School Summer Pass”. PLNT continues to refine club formats and contractual terms to improve efficiency and unit economics. 2Xideas expects 2024-31E system‑wide sales CAGR of 11.7%, driven by 6.6% annual net unit growth and 5.0% same‑club sales growth. They forecast an 11.1% EBITDA CAGR and a 44.6% margin in 2031E. European expansion remains an upside not reflected in their forecasts. They see 17.2% annualised total returns based on an exit NTM P/E of 28.0x (17.7x EV/EBITDA).

Report by Global Mining Research

Argentina has significant copper reserves yet produces no material copper (see chart). The new investment climate (RIGI) in Argentina, spearheaded by libertarian President Milei, is hoping to reverse this. Other volatile countries including DRC have achieved significant growth, so it’s possible. In his latest report, David Radclyffe examines the potential of Argentina copper. He sees potential for the nation to become a 1.0–1.5 Mt per year copper producer (top 10 globally), but comments on the aspirational timelines, with first copper unlikely on this side of 2029. Issues also cannot be discounted, with ESG concerns bubbling alongside a lack of infrastructure and skilled workers. David estimates the total capex at USD $40–50 billion. Lundin Mining has the most leveraged exposure to Argentina in partnership with BHP and is the preferred exposure. There are a few exploration plays, of which NGEx Minerals (non-rated) and its Lunahuasi discovery is the largest.

Report by East Asia Econ

For the first time in more than a year, in level terms, the producer price index (PPI) has stopped falling; however, in year-on-year terms it was down 2.3%y-o-y (versus -2.9% y-o-y in August). That is an improvement, but one that looks fragile. Prices in auto manufacturing – one of the sectors targeted by the anti-involution drive – are falling more quickly than ever, and the "consumption" sector of the PPI in general shows no turnaround. Building material prices continue to be dragged down by the problems in the property market. The stabilisation in PPI is being driven by prices for "industrial" products, namely mining and energy. The short-term leads don't suggest much change in PPI in the next couple of months. But there is some upside risk coming from the YoY rise in global commodity prices (in CNY terms). Paul Cavey remarks that this would be more powerful for China if the construction cycle really finds a floor, allowing building materials prices to do the same.