logo
Morgan Stanley's Hornbach on Markets, Strategy

Morgan Stanley's Hornbach on Markets, Strategy

Bloomberg11-06-2025
Matthew Hornbach, Head of Global Macro Strategy at Moragn Stanley, discusses his outlook for macro markets and investment strategy. He speaks with Haidi Stroud-Watts from the sidelines of the "Morgan Stanley Australia Summit" on "Bloomberg: The Asia Trade". (Source: Bloomberg)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Investing in Cedar Woods Properties (ASX:CWP) three years ago would have delivered you a 108% gain
Investing in Cedar Woods Properties (ASX:CWP) three years ago would have delivered you a 108% gain

Yahoo

time13 minutes ago

  • Yahoo

Investing in Cedar Woods Properties (ASX:CWP) three years ago would have delivered you a 108% gain

By buying an index fund, you can roughly match the market return with ease. But if you choose individual stocks with prowess, you can make superior returns. Just take a look at Cedar Woods Properties Limited (ASX:CWP), which is up 80%, over three years, soundly beating the market return of 22% (not including dividends). On the other hand, the returns haven't been quite so good recently, with shareholders up just 62%, including dividends. Let's take a look at the underlying fundamentals over the longer term, and see if they've been consistent with shareholders returns. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. Cedar Woods Properties was able to grow its EPS at 29% per year over three years, sending the share price higher. This EPS growth is higher than the 22% average annual increase in the share price. So one could reasonably conclude that the market has cooled on the stock. We'd venture the lowish P/E ratio of 11.71 also reflects the negative sentiment around the stock. You can see below how EPS has changed over time (discover the exact values by clicking on the image). We know that Cedar Woods Properties has improved its bottom line lately, but is it going to grow revenue? You could check out this free report showing analyst revenue forecasts. What About Dividends? When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for Cedar Woods Properties the TSR over the last 3 years was 108%, which is better than the share price return mentioned above. This is largely a result of its dividend payments! A Different Perspective We're pleased to report that Cedar Woods Properties shareholders have received a total shareholder return of 62% over one year. And that does include the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 13% per year), it would seem that the stock's performance has improved in recent times. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Consider for instance, the ever-present spectre of investment risk. We've identified 3 warning signs with Cedar Woods Properties , and understanding them should be part of your investment process. Of course Cedar Woods Properties may not be the best stock to buy. So you may wish to see this free collection of growth stocks. Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Australian exchanges. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

AGC's Group Company in Southeast Asia Obtains International Sustainability and Carbon Certification, "ISCC PLUS Certification"
AGC's Group Company in Southeast Asia Obtains International Sustainability and Carbon Certification, "ISCC PLUS Certification"

Yahoo

time13 minutes ago

  • Yahoo

AGC's Group Company in Southeast Asia Obtains International Sustainability and Carbon Certification, "ISCC PLUS Certification"

TOKYO, July 28, 2025--(BUSINESS WIRE)--AGC (AGC Inc., Headquarters: Tokyo; President: Yoshinori Hirai) (TOKYO:5201), a world-leading manufacturer of glass, chemicals and other high-tech materials, has announced that its group company PT Asahimas Chemical (ASC, Headquarters: Indonesia), has recently obtained ISCC PLUS Certification*, one of the international certification systems for sustainable products. This certification confirms that biomass-derived raw materials and renewable raw materials (including those derived from renewable energy) are managed sustainably throughout the entire supply chain, including the manufacturing process, in accordance with ISCC standards, and that the traceability is ensured. This certification enables ASC to handle ISCC PLUS-certified products such as Caustic soda, Vinyl chloride monomer (VCM), and Polyvinyl chloride resin (PVC), thereby strengthening its product portfolio. Additionally, ASC will be able to provide customers who are actively promoting sustainability with products that meet international standards. The following products in the Chemicals Segment of the AGC Group have currently obtained this certification. Certified companies and sites Representative products certified Date of certification PT Asahimas Chemical Anyer plant (Indonesia) Caustic sodaVinyl chloride monomer (VCM)Polyvinyl chloride resin (PVC)Hydrochloric acidSodium hypochloriteEthylene dichloride (EDC) June 2025 AGC Vinythai Public Company Limited Map Ta Phut plant 1 (Thailand) Epichlorohydrin "EPINITY™" July 2023 Under its long-term management strategy "Vision 2030", the AGC Group has set "Sustainability Management" as one of its key strategies. By providing these certified products, the Group will promote initiatives that reduce environmental impact throughout the entire value chain - from the procurement of raw materials to customer use - thereby contributing to the realization of a sustainable global environment. [Remark]* ISCC (International Sustainability and Carbon Certification) PLUS Certificationhttps:// View source version on Contacts MEDIA INQUIRIESAGC Communications & Investor Relations DivisionContact: info-pr(at) inquiresAGC CompanyContact: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Trump scores another big trade deal after securing promise of massive investment, but China will be less willing to cave, analyst says
Trump scores another big trade deal after securing promise of massive investment, but China will be less willing to cave, analyst says

Yahoo

time22 minutes ago

  • Yahoo

Trump scores another big trade deal after securing promise of massive investment, but China will be less willing to cave, analyst says

President Donald Trump said the EU will invest $600 billion in the U.S., buy $750 billion of American energy products, and purchase 'vast amounts' of weapons as part of a trade deal that sets a 15% tariff. It comes a week after a similar agreement with Japan, which pledged to invest $550 billion in key U.S. industrial sectors. Now that trade deals have been clinched with the European Union and Japan, the U.S. looks to focus on China as the world's two biggest economies prepare for high-stakes talks. Negotiations between Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are scheduled to start on Monday in Stockholm. That comes as a trade truce between the two sides is due to end Aug. 12, though they are reportedly going to extend the deadline by 90 days. U.S. deals with Japan and the EU could offer a blueprint for China. The EU will invest $600 billion in the U.S., buy $750 billion of American energy products and purchase 'vast amounts' of weapons, according to Trump. It comes a week after a similar agreement with Japan, which vowed to invest $550 billion in key U.S. industrial sectors. Both the EU and Japan will face a 15% tariff on most of their exports to the U.S. Bessent highlighted the $550 billion pledge as a key reason the U.S. and Japan were able to settle on a levy that was lower than the 25% rate Trump had threatened earlier. 'They got the 15% rate because they were willing to provide this innovative financing mechanism,' he told Bloomberg TV on Wednesday, when asked if other countries could get a similar rate. Similarly, Trump had hinted that the EU would have to 'buy down' the threatened tariff rate of 30% and pointed to the Japan deal. But talks with Beijing may be tougher. 'When Japan broke down and made a deal the EU had little choice,' Jamie Cox, managing partner for Harris Financial Group, said in a note on Sunday. 'The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold.' Without a lasting agreement between the U.S. and China, tariffs could soar back to prohibitively high levels that would effectively cut off trade. In April, Trump had set tariffs on China at 145%, prompting Beijing to retaliate with its own levy of 125%. Meanwhile, the U.S. has reached deals elsewhere in Asia, with the Philippines and Indonesia facing 19% tariffs while Vietnam has a 20% duty. That's as Trump seeks to discourage the trans-shipment of Chinese goods via other countries in the region. Any pledges of investment in the U.S. also come as Trump's tariffs face legal challenges, with a court hearing scheduled Thursday on whether the president has authority under the International Emergency Economic Powers Act to impose wide-ranging duties. On Sunday, European Commission President Ursula von der Leyen confirmed that the EU's $750 billion in U.S. energy purchases would come over the next three years, meaning they will happen while Trump is in office. But U.S. tariffs could be invalidated before any money is spent, and Wall Street is skeptical that Japan will fully deliver on a target that isn't a binding commitment. Analysts at Piper Sandler have concluded that Trump's tariffs are illegal and noted that the $550 billion Japanese investment comes with few concrete details. 'Our trading partners and major multinationals know Trump's tariffs are on shaky legal ground,' they wrote. 'Therefore, we find it hard to believe many of them are going to make massive investments in the US they would not have otherwise made in response to tariffs that may not last.' This story was originally featured on Sign in to access your portfolio

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store