Software loan exposure is concentrated in application software.

Most software borrowers are rated B- or lower.

Borrower categories include B or higher, B-, CCC+ or lower, and not rated.

The analysis covers outstanding software loans.

Sources are PitchBook and Apollo Chief Economist.

Commodities can diversify multi-asset portfolios when equities and bonds decline together.

Historically low correlations with equities and bonds may improve portfolio risk-adjusted outcomes.

Commodities can provide a natural hedge against inflation and potential financial repression.

AI infrastructure, electrification and decarbonisation are increasing demand for copper and other industrial metals.

Central-bank purchases support gold amid reserve diversification, fiscal concerns and geopolitical uncertainty.

Commodity-related equities offer indirect exposure but carry company-specific operating and management risks.

Europe faces numerous national, state and local elections through 2027.

Right-wing populist parties are projected to make significant gains across several European countries.

Markets are focused on whether populist governments maintain fiscal discipline while pursuing social policies.

Germany's September 2026 state elections could threaten Chancellor Friedrich Merz's leadership as AfD support rises.

France's 2027 presidential election is expected to feature a strong National Rally challenge amid high debt and persistent deficits.

Italy has benefited from Giorgia Meloni's fiscal restraint, with the 10-year BTP-Bund spread near 80 basis points.

Nomura is structurally bearish on France and bullish on Spain relative to Germany.

The UK government's October 2026 budget will test Prime Minister Andy Burnham's spending plans against fiscal constraints.

Speculators bought a record $22.2 billion of gold futures from July 28 through August 18.

Purchases comprised $13.6 billion of new longs and $8.6 billion of short covering.

Managed Money bought $10.9 billion, Other traders $8.5 billion, and Non-Reportables $2.8 billion.

Gold net length reached the 93rd percentile on a two-year lookback.

Gold rose 5.9% from August 18 to 21 while the US 2s30s curve flattened by 8 basis points.

Aggregate gold open interest increased by $8.9 billion over August 18 to 21.

Potentially hawkish comments from Chairman Warsh could trigger tactical position unwinds.

The report analyzes 2Q26 results from 20 Korean semiconductor supply-chain companies and meetings with 14 firms.

Equipment vendors reported expanding backlogs and customer requests to accelerate deliveries as memory investment strengthened.

Korean WFE imports rose 73% year over year in 2Q26 and 97% in July 2026.

Samsung Electronics and SK Hynix capex are forecast to grow 59% and 75% year over year in 2026.

Substrate and CCL suppliers reported tight supply, triple-digit backlog growth, pricing increases, and 40-50% revenue-growth guidance.

The ABF substrate shortage is projected at 8% in 2026, widening to 34% in 2027 and 51% in 2028.

HBM total addressable market is estimated to grow 67% in 2026 and 108% in 2027.

The findings reinforce positive views on Samsung Electronics, SK Hynix, and Samsung Electro-Mechanics.

Second-quarter 2026 revenue rose 14% year over year to Rmb1,479mn.

Gross margin reached 34.4%, approximately 3 percentage points above Goldman Sachs estimates.

First-half EV revenue increased 10% year over year to Rmb1,487mn, representing 55% of total revenue.

First-half industrial control revenue grew 16% to Rmb421mn, supported by grid and data center applications.

Goldman Sachs raised 2026-2030 EPS estimates by 3%-9% on stronger margin expectations.

The Buy rating was reiterated with a 12-month price target of Rmb154.8, implying 16.3% upside.

The 2026 World Robot Conference emphasized product-market fit, measurable ROI, and early commercialization.

Exhibition space rose 10% year over year to 55,000 square meters, while exhibitors increased 36% to more than 300.

Humanoid robot OEM participation grew 56% year over year to approximately 42 companies.

Logistics sorting is emerging as an early application, with small-batch production expected by late 2026 and larger batches in 2027.

Reported logistics targets include throughput of 1,300-1,800 parcels per hour and success rates of 95%-98%.

AI development remains focused on model engineering, multimodal perception, real-world data collection, and policy refinement rather than new architectural paradigms.

Future hardware cost reductions are expected to come mainly from scale, manufacturing yields, standardized bills of materials, and platform reuse.

Ratings include Buy on Inovance, Sanhua H, and Shuanghuan; Neutral on LeaderDrive, Sanhua A, Luster, and Best Precision; and Sell on Moons’ Electric.

Hang Seng index changes take effect after market close on September 4 or September 11, 2026, depending on Stock Connect eligibility.

Hua Hong Grace Semiconductor and Weichai Power will join the HSI, increasing its constituent count from 93 to 95.

Shanghai Iluvatar CoreX Semiconductor will replace Tongcheng Travel in HSTECH; HSCEI has no constituent changes.

The HSCI will add 61 stocks and delete 15 stocks.

Estimated rebalancing activity exceeds US$7.2 billion in gross two-way passive flows.

Tech hardware and semiconductors are projected to receive about US$866 million in net inflows, while banks face about US$802 million in net outflows.

Trip.com is expected to receive the largest stock-level inflow at about US$472 million, while HSBC faces the largest outflow at about US$520 million.

Goldman Sachs downgraded AAC Technologies to Neutral from Buy.

The 12-month target price was cut to HK$50.00 from HK$62.50, implying 24.7% upside from HK$40.10.

First-half 2026 revenue was Rmb14.5bn, down 22% half over half, while operating profit missed Goldman Sachs estimates by 33%.

Goldman Sachs expects second-half 2026 revenue to grow 53% half over half on seasonality, smartphone launches, and new products.

2026-2028 net income estimates were reduced by 6%, 2%, and 2%, respectively.

AI data-center cooling, optical lenses, edge AI devices, and automotive electronics are identified as long-term growth opportunities.

The new valuation uses a 17 times 2027 estimated P/E multiple.

Samsung announced an estimated remaining FY2026 shareholder return pool of W90tn-W110tn.

The company plans approximately W30tn of cash dividends in 3Q26, including regular and special dividends.

Goldman Sachs expects total 2026 shareholder returns of about W106tn, including roughly W76tn of dividends and W30tn of buybacks and cancellations.

Goldman Sachs raised 2026E, 2027E, and 2028E EPS estimates by 1%, 7%, and 11%, respectively.

The Buy-rated common shares have a W490,000 12-month price target, implying 74.1% upside from W281,500.

Estimated shareholder returns rise to W179tn in 2027 and W232tn in 2028 if Samsung maintains a 50% FCF payout target.

News & Sell-Side Research

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A continuously refreshed market tape and concise public research summaries from the Fiat Elpis desk.

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2026-08-24 06:39:00

The Pakistan Army Chief Field Marshal Syed Asim Munir left Islamabad for Tehran a few minutes ago to meet with high-ranking officials of Iran, ISNA reports

2026-08-24 06:36:00

Newsquawk Daily European Opening News - 24th August 2026

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BW OFFSHORE BOOKS IMPAIRMENT CHARGE OF $125M ON BW OPAL

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BW OFFSHORE 2Q OPER REV. $163.1M

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PHILIPPINES SELLS 7.665 BLN PHP OF 35-DAY BILLS AT AUCTION

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BW OFFSHORE SEES FY EBITDA $250M TO $280M, SAW $310M TO $340M

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BW OFFSHORE 2Q EBITDA $62.5M

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https - // truthsocial.com/@thatswhattime itis/117143083463839683

2026-08-24 06:23:00

Broker Ratings (Search - Technology - Positive Terms, Technology - Negative Terms, Communication Services - Positive Terms, Communication Services - Negative Terms, nq)

2026-08-24 06:23:00

RT @ katy_liberty Mark Levin just laid it out clearly. Trump is cutting and reviewing regulations to restore American energy independence, put more money in people’s paychecks, and make homeownership attainable again — while still looking out for the environment and American work...

2026-08-24 06:23:58

Cambricon Technologies Sheds 7.1% in Shanghai

2026-08-24 06:23:31

CXMT Corp. Shares Decline 3.3% in Shanghai

2026-08-24 06:22:00

US administration officials, including Witkoff and Kushner, are now no longer expected in Ukraine, Politico reports

2026-08-24 06:22:42

Hua Hong Grace Semiconductor Shares Decline 4.0% in Shanghai; Fall 5.3% in Hong Kong

2026-08-24 06:22:41

PETRORABIGH NAMES HASSAN BIN HAMAD AL YAMI CEO

2026-08-24 06:22:25

SMIC Shares Drop 7.0% to HK$67.45

2026-08-24 06:22:10

Chip Stocks Fall in Hong Kong, China

2026-08-24 06:21:57

PETRORABIGH CEO AL-GHAMDI RESIGNS EFFECTIVE AUG. 31

2026-08-24 06:19:00

Norway says it will proceed with development of its Barents Sea oil and gas reserves, regardless of the EU's proposed Arctic drilling moratorium

2026-08-24 06:18:00

Russia says its forces struck a tanker carrying fuel near Ukraine's Odessa

2026-08-24 06:03:44

KELLTON TO BUILD AI-DRIVEN PLATFORM FOR U.S. HEALTHCARE CO

2026-08-24 06:00:00

Singapore CPI (Jul MM) -0.2% vs. Exp. 0% (Prev. 0%)

2026-08-24 06:01:29

RBI TO CONDUCT OVERNIGHT VRRR AUCTION UNDER LAF ON AUG 24, 2026 - 24 AUG 2026 10 - 25 - 00 (HEADLINE ONLY)

2026-08-24 06:01:24

MAGNORA DATA CENTER SIGNS GRID CONNECTION DEAL IN FINLAND

2026-08-24 06:00:00

Singapore Core CPI (Jul YY) 2.00% vs. Exp. 2.2% (Prev. 1.60%)

2026-08-24 06:00:00

Singapore CPI (Jul YY) 2.2% vs. Exp. 2.4% (Prev. 1.9%)

2026-08-24 06:00:43

SINGAPORE JULY CORE CPI RISES 2% Y/Y; EST. +2.2%

2026-08-24 05:57:00

UK PM Burnham arrived in Kyiv, Ukraine on Monday morning

Public summaries

Sell-Side Research

Software Loans Concentrated in Lower-Rated Borrowers

Software loan exposure is concentrated in application software.

Why Investors Are Rediscovering Commodities

Commodities can diversify multi-asset portfolios when equities and bonds decline together.

The Seeds of Political Change

Europe faces numerous national, state and local elections through 2027.

Gold Futures See Record Three-Week Buying

Speculators bought a record $22.2 billion of gold futures from July 28 through August 18.

Korean Semiconductor Supply Chain Check

The report analyzes 2Q26 results from 20 Korean semiconductor supply-chain companies and meetings with 14 firms.

Faratronic Second-Quarter Margin Beat Supports Buy

Second-quarter 2026 revenue rose 14% year over year to Rmb1,479mn.

China Humanoid Robots Shift Toward Commercialization

The 2026 World Robot Conference emphasized product-market fit, measurable ROI, and early commercialization.

Hang Seng September Rebalancing and Flow Implications

Hang Seng index changes take effect after market close on September 4 or September 11, 2026, depending on Stock Connect eligibility.

AAC Downgraded to Neutral on Fair Valuation

Goldman Sachs downgraded AAC Technologies to Neutral from Buy.

Samsung Electronics 2026 Shareholder Return Plan

Samsung announced an estimated remaining FY2026 shareholder return pool of W90tn-W110tn.

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