Taiwan’s GDP grew 14.4% year over year in the third quarter of 2026, exceeding market expectations. Faster capital formation lifted domestic demand’s contribution above that of net exports, and JPMorgan raised its growth forecasts for 2026 and 2027 to 12.7% and 6.1%, respectively.
JPMorgan says memory cost pressures are changing the pace of PC customer purchases. Meanwhile, cloud customers’ demand for server CPUs is strong, but component mismatches could lead to inventory adjustments in the second half of 2027.
Energy storage demand and battery makers' capacity expansion drove order growth, and management expects the momentum to continue into 2027; JPMorgan is also watching expansion restrictions and profit pressure across the supply chain.
In the first three quarters of 2026, data-center power and energy operations contributed about a quarter of Weichai Power’s revenue and profit. JPMorgan is optimistic about its expansion from backup power into overseas primary power supply, but the full-year profit target sets a demanding fourth-quarter requirement.
JPMorgan expects El Niño and transport costs to drive food inflation, with the strongest pass-through in early 2027; for now, growth is slowing in the UK, sales volumes are falling in the US, and Poland is seeing weak prices alongside a recovery in volumes.
BofA believes drug wholesalers’ financial strength and cash flow better match the market’s preference for resilient assets. Generics makers have a potential catalyst in new products due in December, but face leverage and operational execution pressures.
In the third quarter of 2026, Shanxi Fen Wine’s revenue fell 18% year on year and net profit attributable to shareholders fell 35%, both below Visible Alpha consensus estimates. Sales outside Shanxi returned to growth, but a higher share of lower-end products and rising expense ratios compressed margins.
BofA expects spending by major hyperscalers and emerging cloud providers to reach 1.35 trillion to 1.4 trillion dollars in 2027, about 20% above its forecast three months ago; financing costs, memory capacity expansion and demand in 2028 are important constraints in assessing the cycle.
BofA’s relaunched real-time model estimates that the global economy grew at an annualized quarter-on-quarter rate of 3.7% in the third quarter of 2026, above the 3.4% aggregate forecast from its economists; emerging markets account for the bulk of the gap.
Estun’s third-quarter revenue fell 11% year over year, below Morgan Stanley’s and market consensus estimates. Dropping low-margin orders drove profit growth, but a shift in product mix and a higher expense ratio limited the improvement.
R2 demand and improved automotive gross profit drove a third-quarter earnings beat, but supplier ramp-up, autonomous driving investment and rising costs are putting pressure on the outlook for profitability improvement in 2027. Morgan Stanley cut its price target from $14 to $13.
Morgan Stanley believes the slowdown in cross-border e-commerce growth was mainly driven by specific factors, while travel and value-added services continue to support growth. The company maintained its full-year revenue guidance, with some third-quarter benefits coming from the timing of revenue and rebates.
PC inventory adjustments pushed Intel’s fourth-quarter guidance well below expectations, while its server business faces capacity constraints. Morgan Stanley is positive on the near-term server outlook but remains cautious about long-term competitiveness and returns on heavy investment.
JPMorgan expects western Canadian crude pipeline capacity to be fully utilized within a few years. Optimization of existing lines can provide near-term additions, but major new pipelines still face policy, permitting and construction-cost constraints.
CXMT’s third-quarter revenue and consolidated net profit both grew 19% quarter on quarter, but profit growth at subsidiaries in which it holds small stakes increased non-controlling interests’ share of earnings, leaving attributable net profit up only 3%. Morgan Stanley maintained its Overweight rating, citing capacity expansion and technology upgrades.
The US HIV pre-exposure prophylaxis market grew 14% year over year in the third quarter, with Yeztugo and Descovy sales exceeding expectations. Morgan Stanley raised its long-term growth assumptions and price target while monitoring inventory timing and the impact of future Biktarvy price cuts.
Combined third-quarter sales of Mounjaro and Zepbound reached $16.1 billion, prompting Lilly to raise its 2026 revenue and margin guidance again. But sales of oral drug Foundayo missed expectations, and Morgan Stanley cut its sales forecasts for the next two years.
Strong third-quarter leasing and higher renewal rents prompted Digital Realty to raise its full-year guidance, but rising construction costs, large-scale development spending and potential equity issuance led Morgan Stanley to maintain its Equal-weight rating.
An improved product mix lifted margins, but the company included only part of the quarter’s earnings outperformance in its full-year guidance, implying fourth-quarter earnings per share below market consensus.
Third-quarter core operating profit exceeded market consensus by 9%, but Morgan Stanley believes the underlying beat was more modest after excluding deferred expenses and one-off gains. The company reiterated its full-year guidance, while growth in 2027 will depend on whether new products can offset pressure on older medicines.
