Net profit rose 22% year on year in the third quarter of 2026, exceeding Bernstein’s forecast by 6%. Higher oil prices and a recovery in refining and chemicals profits jointly supported earnings, but production growth was limited and natural gas business profit fell sharply.
South Korean valuations have fallen to their lowest since the financial crisis, while Asian technology stock valuations have halved. At the same time, earnings upgrade momentum in markets that previously led gains is near its peak. Bernstein favors growth stocks to participate in a potential rebound while retaining allocations to value and high-dividend stocks.
Freeport management says recovery rates from its new leaching method could continue to improve over time. Bernstein believes a breakthrough in leaching primary copper sulfides would change long-term supply expectations, but scaling up, costs and copper prices remain key hurdles.
U.S. same-store sales fell 5.4% in the third quarter, and the company lowered its full-year guidance. Bernstein expects same-store sales to return to positive growth in 2027, but consumer pressure, competition and a slowdown in U.S. openings limit near-term improvement.
Third-quarter revenue rose 14.8% year on year, but organic growth in core basic condiments was slower than Goldman Sachs expected. The company is considering selective price increases in 2027; Goldman Sachs raised its profit forecasts while retaining its Sell rating.
Goldman Sachs’ investment tracker shows China’s real investment grew 1.9% year on year in the third quarter, its slowest pace since the fourth quarter of 2021. The bank cut its full-year augmented fiscal deficit forecast and raised its estimate of the property sector’s drag on growth.
China Pacific Insurance’s third-quarter net profit fell 68% year on year, broadly in line with Goldman Sachs’ forecast; life insurance value of new business was 33% below the bank’s forecast. Growth in bancassurance first-year premiums cushioned the decline in the agency channel, but also brought pressure from the channel and product mix.
Third-quarter revenue rose 2% year on year and net profit rose 70% year on year. Goldman Sachs raised its earnings forecasts while cutting its price target from 50 yuan to 48 yuan because of a decline in the market value of its listed company holdings.
Third-quarter revenue in 2026 was broadly in line with Goldman Sachs expectations, but net profit missed them by 32%. A higher share of overseas energy storage improved overall gross margin, while data center business growth slowed and domestic project margins came under pressure; Goldman Sachs cut its earnings forecasts and target price.
Third-quarter revenue was broadly in line with Goldman Sachs' expectations, but a lower margin and a wider non-operating loss left net profit slightly below forecast. Innovative products continued to grow, while the medical aesthetics business continued to decline. Goldman Sachs lowered its target price and maintained its neutral rating.
Newly reimbursed products are entering hospitals faster, and management maintains its full-year innovative drug sales target; Goldman Sachs raises its earnings forecasts and includes recognition of the Novo Nordisk deal’s upfront payment in the first quarter of 2027.
Domestic demand to replace laser equipment supports business growth, and robotic welding shipments have surpassed last year’s full-year total; gross margin nevertheless continued to decline quarter on quarter, and Goldman Sachs maintains a Neutral rating.
Evenflow Macro managing partner Marc Sumerlin speaks with ‘Kudlow’: consumer spending, business investment and core GDP figures are all very strong, inflation is cooling, and the case for an investment-led boom is playing out.
Ari Redbord, TRM Labs' global head of policy, speaks to CNA: Based on on-chain tracing and offline intelligence, he has high confidence that the theft of approximately 6.3 billion dollars from Binance is linked to North Korea. It is also the largest recovery operation in history, with approximately 40% of the stolen funds frozen.
Moor Insights & Strategy founder Patrick Moorhead speaks with Yahoo: Intel beat expectations in the third quarter, but its shares plunged after fourth-quarter guidance came in about 1.5 billion dollars below expectations. Rising memory prices and PC weakness were the main reasons, while the data center and foundry businesses still offer points of interest.
Bloomberg’s Insight speaks with Ballet founder Bobby Lee: The theft of approximately 6.3 billion dollars from Binance was the largest in crypto history. Hacks of centralized exchanges are to be expected, but this one was an order of magnitude larger than previous incidents, while the market response was far more mature.
Bankless weekly recap: In the same week, Bitcoin price predictions ranged from 57 thousand dollars to 1.6 million dollars by 2036. Hosts Ryan and David examine the credibility of these forecasts and discuss Hyperliquid’s partnership with NYSE parent ICE, the debate over tokenized stocks, and Zcash’s privacy narrative.
Bloomberg’s The China Show guest segment: Mattie Zhao, BofA’s co-head of China equities, discusses the forecast for China’s annual AI capital spending to rise from 110 billion dollars to about 350 billion dollars by 2030, the funding mix, and opportunities after a sharp decline in Chinese copper companies’ valuations.
Prof G Markets talks with Ritholtz CEO Josh Brown: examining Anthropic’s S-1, its impressive revenue growth but insufficient moat, the well-timed IPO, and claims of a bubble by Griffin and Dalio.
