Goldman Sachs expects the global coffee spot market to move into surplus in the 2026/27 season, but low ICE-certified stocks could amplify volatility in nearby futures; weather conditions in Brazil and Vietnam also pose risks to next season’s output.
Third-quarter revenue and net profit exceeded Goldman Sachs’ forecasts by 18% and 24%, respectively, but costs and price fluctuations involving major customers weighed on gross margin. Management expects improved bargaining power and a ramp-up in semiconductor orders to support future growth.
Goldman Sachs tracking shows container shipments from China to the US accelerating, with West Coast rail and trucking indicators also strengthening. But scheduled arrivals at the Port of Los Angeles are expected to fluctuate sharply over the next two weeks, while high ocean freight rates and inventory costs remain constraints.
In the third quarter of 2026, Sinopharm Group’s revenue fell 0.4% year on year, though the decline narrowed from the second quarter; profit rose 3.7% year on year. Goldman Sachs raised its earnings forecasts while maintaining a Neutral rating.
Gree Electric’s third-quarter revenue fell 8% year on year, while net profit dropped 43%. Goldman Sachs believes weak domestic air-conditioning demand, intensifying competition and cost pressure from copper prices jointly squeezed profit.
Growth in photovoltaic film shipments fell short of the company’s previous guidance, while prices fell more than Goldman Sachs expected, weighing on third-quarter earnings. Management lowered its 2026 targets and expects shipments and margins in its two main businesses to improve in 2027.
Reduced device subsidies lifted margins, while postpaid phone net additions and free cash flow exceeded expectations. The company raised its full-year guidance, but revenue fell short of consensus and revenue per account declined year over year.
J.P. Morgan’s tracking shows that Token spending on OpenRouter rose 40% month over month in October, but usage growth slowed; prices for different GPUs and memory products followed divergent paths over the same period.
JPMorgan raised Unitree Robotics by two notches from underweight to overweight and sees promise in Weichai Power’s data-center power-supply business; Japanese autos, shipping and nuclear power are seeing different changes in demand and costs.
The founder has stepped down from the board and remains chief scientific officer, while the new CEO reports directly to the board. JPMorgan believes the governance changes could help restore investor confidence, but there is no timetable for either the lease-related review or the resumption of trading in the shares.
BlueScope expects EBIT for the first half of FY2027 to be close to A$1.1 billion, above its previous guidance and market consensus. JPMorgan believes the US North Star business accounted for most of the increase, and that profit remains highly sensitive to steel spreads.
Morgan Stanley favors the gastrointestinal tolerability of gastric cancer drug IBI343, while considering that CMG901 may benefit patients with lower target expression and expand its market; data in other cancers also present trade-offs between efficacy and safety.
Morgan Stanley believes India’s IT services industry is in a transition phase of AI deployment: competition and technological change are weighing on existing businesses, while new businesses still account for a small share. The bank expects a valuation rerating may precede an inflection point in revenue growth, but share-price performance will remain divergent.
Data from two developer platforms show a rapid rise in the share of open-weight model usage. Morgan Stanley believes lower inference costs will broaden the range of software applications, but competition and customer bargaining power could claim some of the gains.
The forecast for U.S. data center demand has risen from 97GW to 116GW. Even after accounting for on-site generation and the shift of demand to Asia-Pacific, Morgan Stanley expects a power shortfall for roughly one-third of demand; labor, grid access and rack power consumption are key variables.
Morgan Stanley is upbeat on the near-term semiconductor cycle, but automotive restocking has yet to begin, the profit contribution from advanced packaging capacity expansion is some way off, and strength in servers and memory faces different constraints.
Morgan Stanley believes core workflows, new AI products and federal government demand support third-quarter performance, but the cRPO growth threshold investors are watching is now above company guidance.
Morgan Stanley believes the rise of open-weight models will expand enterprises’ choice of models and the scope of AI use. Microsoft can turn this demand into consumption revenue through Azure, Foundry, Fabric and M365; however, lower revenue per inference and pressure on gross margins also affect this path.
Deckers’ second-quarter revenue fell short of Bloomberg consensus expectations, and the company cut its full-year growth guidance for both HOKA and UGG; tariff refunds lifted its margin and earnings per share guidance. Nomura prefers Anta among the Chinese sportswear companies it covers.
Clients interviewed were generally bullish on US technology stocks and inclined to expect appreciation of the renminbi and Korean won. Nomura is more wary of the impact of a US equity pullback on USD/JPY and the won, and believes the renminbi could appreciate faster than implied by forward rates.
