Category: 3. Business

  • Trump tariffs and strict US border rules threaten flight of Canada’s ‘snowbirds’ | Florida

    Trump tariffs and strict US border rules threaten flight of Canada’s ‘snowbirds’ | Florida

    The annual migration of hundreds of thousands of Canadian “snowbirds” escaping freezing temperatures in their homeland and heading to warmer US states such as Florida for the duration of the winter could be about to become noticeably thinner.

    Many have ditched plans to visit their southern neighbor and are looking to spend their valuable dollars elsewhere, largely put off by Donald Trump’s escalating economic war with Canada and strict new immigration rules that have created fear and confusion.

    “There’s some resistance. There’s always someone calls in [from Canada] and says, ‘No, no more US! Before we were friends, and now enemies,’” said Richard Clavet, a Canadian originally from Quebec who has owned a motel and apartment rental business in Fort Lauderdale popular with snowbirds for more than three decades.

    “Bookings have declined, our rates are a little lower to try to attract them. In March and April a lot of people kind of walked away from the deposits, which wasn’t so bad because we were able to rent the rooms to others.

    “But in the summer, what was bad was they also didn’t book for the following year, and that hurt us financially.”

    Richard Clavet walks past a statue of a moose he brought from Canada and put on display at one the Canadian themed hotels and motels he owns. Photograph: Miami Herald/TNS

    The boycott, which began last winter after Trump’s election to a second term as president and imposition of trade tariffs, appears to be gathering pace, according to research by the Travel Health Insurance Association of Canada. It promises to put a severe dent in the $20.5bn snowbirds traditionally pump into the US economy between late October and April.

    The study found only 26% of Canadians intend to take a US vacation this winter, down from 41% last year, and of those 61 and older, only one in 10 plan to visit, compared to one in three a year ago.

    Canada’s own tourism industry, meanwhile, is reporting record revenue. Buoyed by visitors who decided to stay home, the sector took in CA$59bn ($42bn) from May to August, a 6% increase on 2014. (American visitors to Canada dropped 1.7% during that same period.)

    Business owners such as Clavet, and realtors in popular snowbird states such as Arizona, Florida, Texas and Hawaii are reporting significantly fewer rental bookings, and higher than usual numbers of Canadians seeking to offload second houses and condos.

    More than half of Canadians with homes in the US – 54% – are considering selling in the next 12 months, with 62% of those citing the political situation as their main reason, according to research published in August.

    While some blame a weak Canadian dollar and rising travel costs for their decision not to travel, 40% also cite political tensions with the US. Trump has frequently assailed Canada and its political leaders, recently retaliating for an anti-tariff advertisement posted by the Ontario government by slapping an additional 10% tariff on imports from a country he has repeatedly taunted as the 51st state.

    Of equal concern to traveling Canadians, experts say, are a raft of invasive new immigration measures imposed by the Trump administration that have left many uncomfortable about crossing the border.

    A Zumba fitness instructor at Richard’s Motel in Hollywood, Florida. Photograph: Miami Herald/TNS

    From December, all non-American visitors will be photographed on both their arrival and departure from the US. The move follows new enforcement this year of an obligation on Canadians visiting for longer than 30 days to register their presence and whereabouts with the US government.

    Ryan Rachkovsky, director of research and communications at the Toronto-based Canadian Snowbird Association, said there was confusion over the registration policy, which he said was being enforced erratically at points of immigration.

    Some members, he said, had been subjected to secondary screening, featuring the collection of biometric data including fingerprints and photographs, while others experienced smooth entries.

    “There is so much inconsistency right now, based on the border officer that you get, based on the port of entry that you’re entering the US from, and because of that we’re providing our members with a warning and letting them know that this might be a possibility,” he said.

    “Our message to snowbirds every year is: be prepared. This year, obviously people are going to be prepared in a different way.”

    Rachkovsky said he believed the drop in travel by Canadians would be more by shorter-term vacationers than the estimated 900,000 snowbirds who traditionally spend up to the permitted six months in the US, but acknowledged many were uneasy about the political situation.

    “The longer-term travelers, some of those individuals have made it clear to us they don’t want to travel to the US this coming season – but I would say the vast majority, particularly those that own homes in the US, will be making the trip this year as they always have,” he said.

    “Economic and political headwinds are making the snowbird lifestyle more difficult,” he added. “In Florida, prices are going up, particularly for things like insurance coverage, and the Canadian dollar isn’t helping as well, so it’s a much more complex picture than just looking at it from a political standpoint.”

    Analysts say any significant drop in snowbird visits could be catastrophic for states where they are among the biggest spenders during the winter months. The snowbird economy brings in an estimated $20.5bn annually in direct spending, property and sales taxes, and supports millions of jobs, especially in tourism, hospitality and retail.

    The US Travel Association warned earlier this year that even a 10% drop in travel would mean two million fewer visits and cost $2.1bn in lost spending, with local businesses suffering the most.

    “You’ve got businesses that have to recalibrate their projections regarding the number of visitors, which has a very significant ripple effect throughout the manufacturing sector and supply chains, all the way into the travel and tourism industries, but also much beyond that,” said Valorie Crooks of Simon Fraser University and an expert in snowbird demographics and behaviors.

    “There are entire hospitals that bring in seasonal workers to address the demand by the influx of snowbirds from the northern US and Canada, and when you change the numbers you change everything about how a particular hospital system is able to operate.”

    Crooks said the more obstacles that are placed in the path of snowbirds, the more likely they are to take themselves, and their money, elsewhere, such as Mexico, the second most popular destination for Canadian winter travelers.

    “One of the things that being a snowbird is really predicated on is the ease of movement across the border. This is the next step of sentiment that people are concerned about – that political will can seemingly change on a whim, and ease of access across the border shifts because of a change brought about by a government administration,” she said.

    “There are countries all over the world looking to attract people to come and stay for winter seasons, and they’re going to look even more attractive when an established destination like the southern part of the US is no longer somewhere Americans and many Canadians feel comfortable going.”

    Clavet, the Fort Lauderdale rental business owner, disagrees. “As it gets cold and those real snowbirds starts to fly this way, others will follow. Florida is safe and clean, there’s plenty to do, you don’t have to be afraid of the water you’re drinking, you don’t need special vaccines.

    “Florida is just the best place for them. They will come back, and we’ll be OK.”

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  • UK divisions of ticket resale website Viagogo hit with £15m bill over tax shortfall | Viagogo

    UK divisions of ticket resale website Viagogo hit with £15m bill over tax shortfall | Viagogo

    Two UK divisions of the ticket resale website Viagogo have been hit with a £15m tax bill after HMRC found they had not paid enough duty.

    Corporate filings for VGL Services and IFOT Services, both part of the US-listed StubHub group that includes Viagogo, reveal that both firms set aside money to cover costs arising from a “transfer pricing inquiry with HMRC” relating to the period between 2016 and 2018.

    Transfer pricing refers to the way in which separate entities within a larger corporate group charge each other for services or goods they provide to one another.

    Any such transactions should take place at market rates. Tax authorities are known to monitor whether companies are inflating prices artificially in order to move money from a division in a high-tax jurisdiction to one based in a low-tax area.

    The accounts did not go into detail about HMRC’s findings about Viagogo’s tax affairs and there is no suggestion the company deliberately sought to avoid or evade tax.

    The UK businesses do not directly sell tickets but both supplied group companies during the period in question, according to the accounts, including providing technology and customer services.

    The £15m combined sum set aside by the two companies, both of which are registered to an address on London’s Cannon Street, includes interest that HMRC would have earned on the tax receipts, had they been paid, as well as charges for late payment.

    In their filings, the businesses said they believe HMRC’s findings have resulted in “double taxation”, which is when a business is taxed on the same activity in two different jurisdictions.

    The firms said they had now changed their transfer pricing policy but would also seek “remediation” under the UK’s tax agreement with other countries, which could result in a future financial benefit.

    The companies already paid a combined £5.5m earlier this year, but said the “timing of further payments and settlement remains unclear”.

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    Viagogo is under intense scrutiny as the government moves towards a review of “secondary ticketing”, which is expected to result in a cap on the resell price of tickets, amid an outcry over touts using such platforms to exploit fans.

    Any such policy in one of its most important markets could deal a blow to Viagogo, whose parent company StubHub Holdings floated on the US Nasdaq index in September with a valuation of $8.6bn (£6.5bn), which has since dwindled to $6.6bn.

    StubHub Holdings is separate to StubHub International, which includes the UK brand of the same name. The Competition and Markets Authority forced the two businesses to split to ensure continued competition in the UK, after Viagogo and StubHub agreed a merger.

    Viagogo did not return a request for comment.

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  • Examining Valuation After Strong Profit Growth in Third Quarter Results

    Examining Valuation After Strong Profit Growth in Third Quarter Results

    Avis Budget Group (CAR) just released its third quarter results, highlighting a clear jump in both net income and earnings per share compared to last year. Sales edged up; however, profitability was the real standout this quarter.

    See our latest analysis for Avis Budget Group.

    Following that strong earnings report, Avis Budget Group’s share price momentum has been notable, with a 78% jump year-to-date and a 1-year total shareholder return of 54%. While there have been some pullbacks over the past quarter, performance over both the short and long term remains robust. This signals that investors are recognizing the company’s improved profitability and growth potential.

    If Avis’s latest rally has you looking for fresh opportunities, now is a great time to broaden your search and discover fast growing stocks with high insider ownership

    But with shares already up sharply this year, investors face a crucial question: Is Avis Budget Group still trading at an attractive valuation, or is the market now fully pricing in its recent surge and future prospects?

    With a most popular narrative fair value of $139.50, Avis Budget Group’s last close of $143.31 stands slightly above what analysts believe is justified at this stage. There is a subtle tension in analyst expectations, which are less bullish than recent share price trends suggest.

    The launch and rapid scaling of Avis First, a premium rental offering, could be fueling expectations of significant revenue and margin expansion, as investors anticipate a sustained uplift in average revenue per day (RPD) and market share capture from price-insensitive travelers. This optimism may not fully account for competitive responses or changing customer preferences, increasing the risk that future revenue and net margin improvements fall short of current valuations.

    Read the complete narrative.

    Want to know the secret formula behind this tight valuation call? The narrative leans on big promises about future revenue momentum and profit margin breakthroughs. Curious which dramatic financial shifts would need to happen for today’s price to be warranted? Find out what drives the numbers in this forecast and see why the narrative walks such a fine line.

    Result: Fair Value of $139.50 (OVERVALUED)

    Have a read of the narrative in full and understand what’s behind the forecasts.

    However, rapid adoption of alternative mobility options or aggressive new competitors in the premium segment could challenge Avis’s growth expectations and threaten future margins.

    Find out about the key risks to this Avis Budget Group narrative.

    Looking at how Avis Budget Group trades versus its revenue, the price-to-sales ratio of 0.4x seems attractively low. This is far below the US Transportation industry average of 1.2x, the peer average of 2.4x, and even the fair ratio of 0.9x that the market could pivot toward. Does this gap point to a hidden opportunity, or is the market rightly cautious based on recent results?

    See what the numbers say about this price — find out in our valuation breakdown.

    NasdaqGS:CAR PS Ratio as at Nov 2025

    If this perspective does not resonate with you or you prefer to draw your own conclusions, consider diving into the data and crafting a personalized story in just a few minutes. Do it your way

    A great starting point for your Avis Budget Group research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.

    Unlock your edge and make smarter investment moves. Don’t leave potential returns on the table. Tap into these hand-picked stock ideas and open up new opportunities:

    This 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.

    Companies discussed in this article include CAR.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • Stock market hits speed bump but investors stay on bullish path – Reuters

    1. Stock market hits speed bump but investors stay on bullish path  Reuters
    2. Valuation Is a Scapegoat. Don’t Blame It for the Market Selloff Tuesday.  Barron’s
    3. Valuations Up, Leadership Down: The Market’s High-Wire Act  MSN
    4. Don’t believe the valuation devastation fears  AFR
    5. Valuation concerns persist, but fundamentals are solid  UBS

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  • Frontline STK-012 Plus Pembrolizumab and Chemo Shows Early Promise in PD-L1–Negative NSCLC

    Frontline STK-012 Plus Pembrolizumab and Chemo Shows Early Promise in PD-L1–Negative NSCLC

    The combination of STK-012 and standard-of-care pembrolizumab (Keytruda) plus chemotherapy (PCT) demonstrated early efficacy and safety when used as first-line treatment in patients with PD-L1–negative nonsquamous non–small cell lung cancer (NSCLC), according to data from the phase 1a/1b STK-012-101 trial (NCT05098132) presented during the 2025 SITC Annual Meeting.1

    No dose-limiting toxicities were reported, and most treatment-related adverse effects (TRAEs) were noted to be manageable and reversible. One grade 4 TRAE in the form of neutropenia was reported, and no grade 5 toxicities occurred. Notably, no TRAEs resulted in treatment discontinuation, and there were no substantive hallmark interleukin-2 (IL-2) TRAEs.

    At a median follow-up of 4 months (range, 1.3-12.2), the regimen elicited an objective response rate (ORR) of 55% in all efficacy-evaluable patients (n = 22), which was comprised entirely of partial responses (PRs); the disease control rate (DCR) was 96%. In those with a PD-L1 tumor proportion score (TPS) below 1% (n = 18) experienced an ORR of 50%, again comprised entirely of PRs, with a DCR of 94%.

    Top Takeaways Regarding STK-012 Combination in PD-L1–Negative NSCLC

    • STK-012 plus pembrolizumab and chemotherapy achieved an 55% response rate and a disease control rate of 96% in patients with PD-L1–negative nonsquamous NSCLC.
    • Responses deepened over time, including in patients with STK11 and KEAP1 mutations, with most remaining on treatment at cutoff.
    • The regimen showed manageable, reversible toxicity and no hallmark IL-2–related adverse effects, supporting further evaluation in phase 2.

    Moreover, those who received the combination of STK-102 and PCT experienced deepening of response over time; 15 of 22 patients were still receiving treatment at the time of the efficacy clinical cutoff date of September 15, 2025. In those with at least 1 immuno-oncology resistance TSG mutation (n = 11), the ORR with the combination was 55%; in those with 2 TSG mutations in the form of STK11 and KEAP1 (n = 4), this rate was even higher, at 75%.

    “Despite advances that have improved outcomes for newly diagnosed lung cancer patients, a significant unmet need persists—most notably among PD-L1–negative nonsquamous NSCLC and tumors with immune resistance mutations,” Adam J. Schoenfeld, MD, of Memorial Sloan Kettering Cancer Center, in New York, NY, stated in a news release.2 “Early STK-012 + SoC PCT data in these hard-to-treat populations are encouraging; if replicated in larger cohorts, they could reshape the treatment landscape.”

    What Was the Study Design of STK-012-101?

    The phase 1a portion sought to enroll 6 to 10 patients with stage IV nonsquamous NSCLC who were treatment naive, not selected for PD-L1 expression, and who did not have actionable genetic alterations.1 The phase 1b portion sought to include 20 to 40 patients with stage IV nonsquamous NSCLC who were treatment naive, without actionable genetic alterations, and who had a PD-L1 TPS below 1%.

    STK-012 was given in the outpatient setting at 2.25 mg subcutaneously for cycles 1 to 5+, pembrolizumab at 200 mg intravenously for cycles 1 to 5+, pemetrexed at 500 mg/m2 for cycles 1 to 5+, and carboplatin at area under the curve 5 for cycles 1 to 4. The primary end point was safety, and the secondary end point was ORR.

    In the efficacy-evaluable patients (n = 22), the median age was 69 years (range, 30-82), and 55% were male. Regarding ECOG performance status, 59% had a status of 0, and 41% had a status of 1. In terms of smoking status, 73% of patients were current or former smokers, and 27% had never smoked. With regard to PD-L1 TPS, the majority of patients (82%) had a TPS under 1% and 18% had a TPS of 1%. Most patients had non-mucinous adenocarcinoma (77%).

    At baseline, of the 11 patients with at least 1 TSG, 10 had STK11 mutations, 4 had KEAP1 mutations, and 2 had SMARCA4 mutations. Of the 4 patients with at least 2 TSG, 3 had STK11 and KEAP1, and 1 had STK11 with KEAP1 and SMARCA4. Eight patients had the following KRAS mutations: G12D (n = 3), G12V (n = 2), G13D (n = 1), G12C (n = 1), and Q61H (n = 1); 4 had KRAS mutation co-occurring with STK11.

    What Was the Safety Profile of STK-012 Plus Pembrolizumab and Chemotherapy?

    STK-012 plus PCT had a manageable toxicity profile. The safety clinical cutoff date was August 8, 2025. At a median follow-up of 3.12 months (range, 0.1-11.0), 25 patients were evaluable for safety; 10 of these patients were enrolled in the phase 1a portion of the research, and 15 were enrolled in the phase 1b portion. Grade 1/2 TRAEs occurred in 52% of patients; they were grade 3 or 4 for 28% of patients.

    The most common TRAEs reported in at least 10% of patients were nausea (grade 1/2, 44%), fatigue (grade 1/2, 36%; grade 3, 4%), rash/dermatitis (grade 1/2, 24%; grade 3, 16%), injection site reaction (grade 1/2, 28%), diarrhea (grade 1/2, 28%), pyrexia (grade 1/2, 16%), anemia (grade 1/2, 4%; grade 3, 12%), decreased appetite (grade 1/2, 16%), neutropenia (grade 3, 8%; grade 4, 4%), chills (grade 1/2, 12%), cough (grade 1/2, 12%), and vomiting (grade 1/2, 12%).

    No significant IL-2 TRAEs were reported. Eight percent of patients each experienced grade 1/2 increase in aspartate and alanine aminotransferase, and 4% of patients experienced lymphopenia.

    What’s Next for STK-012?

    The phase 2 portion, SYNERGY-101, is recruiting patients with nonsquamous NSCLC who have stage IIIB/IIIC or IV disease and who are treatment naive.3 Patients will be required to have a PD-L1 TPS below 1% per local testing and test negative for actionable genetic alterations.

    Patients (n = 105) will be randomized 1:1:1 to receive STK-012 at 2.25 mg with PTC every 3 weeks or STK-012 at 1.5 mg plus PTC every 3 weeks, or PTC alone. Stratification factors comprise ECOG performance status (0 vs 1) and smoking status (current vs former). The primary end point is ORR by blinded independent central review.

    References

    1. Schoenfeld AJ, Garon EB, Chiang AC, et al. Initial phase 1a/1b results of STK-012, an α/β IL-2 receptor biased partial agonist, with pembrolizumab, pemetrexed, and carboplatin in 1L PD-L1 negative non-squamous NSCLC. Presented at: 2025 SITC Annual Meeting; November 5-9, 2025; National Harbor, MD. Accessed November 8, 2025.
    2. Synthekine presents positive initial results from phase 1a/1b clinical trial of STK-012 plus pembrolizumab and chemotherapy in first-line, PD-L1 negative nonsquamous non-small cell lung cancer. News release. Synthekine, Inc. November 7, 2025. Accessed November 8, 2025. https://www.businesswire.com/news/home/20251107945337/en/Synthekine-Presents-Positive-Initial-Results-from-Phase-1a1b-Clinical-Trial-of-STK-012-Plus-Pembrolizumab-and-Chemotherapy-in-First-Line-PD-L1-Negative-Nonsquamous-Non-Small-Cell-Lung-Cancer
    3. STK-012 monotherapy and in combination therapy in patients with solid tumors. ClinicalTrials.gov. Updated August 7, 2025. Accessed November 8, 2025. https://clinicaltrials.gov/study/NCT05098132

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  • Significant Demographic Headwinds in China

    Significant Demographic Headwinds in China

    In 1963, 33 million babies were born in China. In 2024, there were 9 million, see chart below.

    Sources: United Nations, Apollo Chief Economist

    Download high-res chart


    This presentation may not be distributed, transmitted or otherwise communicated to others in whole or in part without the express consent of Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”).  

    Apollo makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness, or completeness of any of the statements made during this presentation, including, but not limited to, statements obtained from third parties. Opinions, estimates and projections constitute the current judgment of the speaker as of the date indicated. They do not necessarily reflect the views and opinions of Apollo and are subject to change at any time without notice. Apollo does not have any responsibility to update this presentation to account for such changes. There can be no assurance that any trends discussed during this presentation will continue.   

    Statements made throughout this presentation are not intended to provide, and should not be relied upon for, accounting, legal or tax advice and do not constitute an investment recommendation or investment advice. Investors should make an independent investigation of the information discussed during this presentation, including consulting their tax, legal, accounting or other advisors about such information. Apollo does not act for you and is not responsible for providing you with the protections afforded to its clients. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any security, product or service, including interest in any investment product or fund or account managed or advised by Apollo. 

    Certain statements made throughout this presentation may be “forward-looking” in nature. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such statements. Forward-looking statements may be identified by the use of terminology including, but not limited to, “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology.


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  • EU climate rules risk energy security, warn gas suppliers – Financial Times

    EU climate rules risk energy security, warn gas suppliers – Financial Times

    1. EU climate rules risk energy security, warn gas suppliers  Financial Times
    2. ExxonMobil Threatens To Leave EU Over Sustainability Rules  Crude Oil Prices Today | OilPrice.com
    3. Europe’s green rules stir row, draws international flak: India opposes, Qatar warns  Firstpost
    4. Exclusive-QatarEnergy, Exxon Executives Warn of Europe Exit Over Climate Law  US News Money
    5. Darren Woods Warns EU: Soften Rules or Exxon Exits Europe  Business Chief

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  • Dollar volatility tumbles as currency markets move past ‘Trump shock’

    Dollar volatility tumbles as currency markets move past ‘Trump shock’

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    Currency markets have moved beyond the “Trump shock” that sparked big gyrations earlier in the year, as measures of dollar volatility tumble to levels last seen before the US presidential election.

    Expectations of swings in the dollar’s value against the euro and the yen, which spiked following Donald Trump’s election last November, have fallen this month to their lowest in more than a year, according to indices provided by CME Group.

    At the same time the US dollar index, which measures the greenback against a basket of currencies including the pound and the euro, has regained some of the year’s sharp losses to trade close to its level before it began to surge in the run-up to Trump’s win.

    Investors and analysts say a series of tariff deals with big US trading partners such as the EU and China have sucked volatility out of the market, while the US economy has weathered the onset of tariffs better than many expected. Meanwhile, big central banks are nearing the end of their cycle of interest rate cuts, draining another source of market instability.

    “The world is learning to live with Trump,” said Chris Turner, head of markets research at ING. “Investors have learned to deal with headlines with a pinch of salt.”

    The dollar strengthened before the US election on a bet — labelled the “Trump trade” — that the Republican’s trade and tax policies would strengthen the world’s biggest economy and its currency. 

    That unravelled dramatically as Trump’s tariff announcements in April rocked currency markets, with a record nearly $10tn in daily FX volumes that month. 

    Worries about the domestic economic impact of the trade war as well as concerns over Federal Reserve independence sent the dollar index tumbling to its worst start to the year since the 1970s.

    But the dollar has ground higher since the summer, helped by a rally in US stocks that carried Wall Street to record highs before this week’s pullback in tech shares. Some big fund managers argue worries over US assets were overdone. 

    “For all the talk of the end of US exceptionalism, when you look at the big picture, the dollar has been a strong currency for several years,” said Robert Tipp, head of global bonds at PGIM, suggesting that the dollar’s decline this year represents a “correction in a bull market” rather than “the beginning of the end”. 

    Line chart of ICE US Dollar index, points showing Dollar stabilises after sharp drop

    The collapse in volatility expectations is the market saying “the ‘Trump shock’ is over”, wrote Deutsche Bank’s George Saravelos in a note this week, pointing to easing trade tensions and fiscal policy on “autopilot”. 

    “What else is there for President Trump to do to shock the market? We are struggling to come up with an answer ourselves.”

    A lack of US macroeconomic data due to the country’s longest-ever government shutdown has also dulled volatility in the dollar and US Treasury markets, analysts say.

    Investors with limited comprehensive data information about inflation, the labour market and consumer spending have held off from taking big positions. A measure of volatility in the Treasury market — ICE’s Move Index — has fallen to four-year lows since the shutdown began.

    The dollar has also received a boost from last month’s Federal Reserve meeting, where the central bank cut rates but warned that the next cut was not a “foregone conclusion”. A slower pace of rate cuts would typically support the currency.

    Investors said this showed the currency was now responding to the traditional determinants of currency strength, principally differences in interest rates between countries. “We’ve settled back into more traditional drivers of FX,” said ING’s Turner.

    Demand for call options on the dollar, a bet that the currency will strengthen, is outpacing put options by the most since February, according to separate data from CME Group.

    Some fund managers said the dollar was regaining its traditional role as a stabiliser in their portfolios, because of its tendency to strengthen in times of global stress: a quality that had been called into question when the currency plunged alongside risky assets following Trump’s April tariff salvo.

    The start of the year was “more of an anomaly than the trend”, said Rushabh Amin, a portfolio manager at Allspring Global Investments. “We think the dollar will continue to act as a portfolio diversifier going forward, particularly for foreign investors.”

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  • Assessing AMETEK (AME) Valuation After Recent Share Price Gains

    Assessing AMETEK (AME) Valuation After Recent Share Price Gains

    AMETEK (AME) shares have shown stability over the past month, climbing around 9%. Investors might be analyzing recent shifts in investor sentiment and financial performance as they consider whether to buy at current price levels.

    See our latest analysis for AMETEK.

    Even with a slight dip this week, AMETEK’s recent 1-month share price return of nearly 9.5% hints at renewed investor confidence. While momentum has picked up in the short term, the long-term story is steady. Its five-year total shareholder return sits at an impressive 73%.

    If you’re searching for the next compelling opportunity, broaden your perspective and see what stands out among fast growing stocks with high insider ownership.

    But with strong recent gains and a track record of solid long-term returns, the big question remains: is AMETEK still undervalued, or have investors already priced in the company’s future growth potential?

    With the most widely followed fair value at $216.53 versus a last close of $196.29, investors are eyeing a healthy potential upside. This narrative compares market optimism against foundational business drivers to project where AMETEK’s valuation may go next.

    Ongoing successful execution of a disciplined M&A strategy, leveraging a robust acquisition pipeline and significant balance sheet capacity, provides a catalyst for compounding top-line and EPS growth. Integration synergies and operational excellence drive expansion of operating and EBITDA margins.

    Read the complete narrative.

    Curious about the financial engine fueling this upbeat price target? There’s a surprising mix of steady profit growth, ambitious future earnings multiples, and resilience in margins hiding beneath the surface. Want to see the full blueprint behind these bold assumptions? The key variables may just challenge what you think about AMETEK’s potential.

    Result: Fair Value of $216.53 (UNDERVALUED)

    Have a read of the narrative in full and understand what’s behind the forecasts.

    However, persistent weakness in key end markets or unexpected trade disruptions could challenge AMETEK’s current positive valuation outlook and future growth assumptions.

    Find out about the key risks to this AMETEK narrative.

    Looking at AMETEK’s price-to-earnings ratio provides a more cautious reading. At 30.8x, it is pricier than the industry average of 29.9x and well above our calculated fair ratio of 25.2x. This suggests some valuation risk if the market’s optimism fades. Is there enough growth ahead to justify this premium?

    See what the numbers say about this price — find out in our valuation breakdown.

    NYSE:AME PE Ratio as at Nov 2025

    If you want to dig deeper into the numbers or chart your own view on AMETEK, it only takes a few minutes to build a personalized outlook. Do it your way.

    A great starting point for your AMETEK research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.

    Smart investors keep their edge by always hunting for fresh opportunities. Don’t miss out on new trends. Use these powerful tools to spot your next big winner:

    This 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.

    Companies discussed in this article include AME.

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  • Goldman Sachs says we’re not in an AI bubble, and its young multimillionaire clientele are all-in on AI-energy investments and healthcare innovations

    Goldman Sachs says we’re not in an AI bubble, and its young multimillionaire clientele are all-in on AI-energy investments and healthcare innovations

    Last month, more than 100 young wealthy founders, inheritors, and industry leaders flew in from all around the world in the luxe mountain town of Aspen, Colo. At Goldman Sachs’ annual At the Helm event, the bank’s affluent clients dropped and did pushups for a Navy SEAL, unfurled their relationship with wealth guru Sahil Bloom, and strategized legacy with Mindy Kaling. But one of the most buzzy endeavors was addressing the elephant in the room: artificial intelligence. 

    AI is on everyone’s mind—from the desk worker hand-wringing over their role becoming automated, to the tech CEO trying to keep up with their competitors. It’s a $280 billion industry that’s boosted leaders like Anthropic’s Dario Amodei to billion-dollar net worths, and is completely upending the way we move through our professional and personal lives. So, of course, wealthy clientele attending Goldman Sachs’ annual summit were all ears. The attendees—thirty- and forty-somethings who are members of the bank’s Private Wealth Management (PWM) division, which boasts an average account size of over $75 million—gathered to hash out their anxiety and excitement. 

    Over the course of the three-day summit, attendees and Goldman leaders talked all things AI—from the most lucrative investments, to the tech’s impact on the environment, and its potential to innovate industries. But alongside discussion of the hottest AI startups and new breakthroughs, Goldman Sachs had to set the record straight on one question. Despite OpenAI’s CEO Sam Altman and Meta’s Mark Zuckerberg drawing comparisons to the dot-com boom, the $238 billion bank said that we’re not in an AI bubble. 

    “We did have a conversation about markets and whether or not we think we’re in a bubble,” Brittany Boals Moeller, region head of Goldman Sachs’ San Francisco PWM division, tells Fortune. “We do not think we’re in a bubble, and we pay very close attention to that.”

    “Will there be some winners and losers from AI? Absolutely. There will definitely be some places where valuations are overblown, and time will tell where those spaces are. So it’s smart for clients to be diligent about how they’re investing in AI.”

    How Goldman Sachs’ wealthy clientele are approaching AI

    At the Helm attendees had a lot to say about AI. The group, mainly millennials and young Gen Xers, grew up in the internet era and recognize how technology can switch up the status quo. Boals Moeller says the recent AI breakthrough is no different. Clients are clued in on the technology, from how to effectively prompt chatbots, to what companies are making waves. 

    “This is a group of early adopters, high-energy tech-enabled people, and so the discussion around AI in general was very positive,” she explains. “I’m sure that there are some who have concerns about directionally where it goes. But there were a lot of people who were very excited about the innovation.”

    There were a few areas of AI that particularly piqued their interests: the tech’s implications on healthcare, personal productivity, and energy use. In medicine, AI is already being put to good use. The tech can interpret brain scans twice as accurately as professionals examining stroke patients, spot more bone fractures than humans can, and detect early signs of more than 1,000 diseases. And when it comes to productivity, many see boundless opportunities. People are using AI to automate their mundane work responsibilities, plan out vacation getaways, and get through a pile of emails. In the office, McKinsey found that long-term AI use in corporate cases could drive $4.4 trillion in added productivity growth.

    All of these complex language models need to be powered, and At the Helm millionaires were well aware of the energy drain. It’s projected that in just three years, more than half of the electricity going to data centers will be used for AI, according to the Lawrence Berkeley National Laboratory. By 2028, AI alone could gobble up the same amount of electricity it takes to power 22% of all U.S. households. Boals Moeller says attendees are concerned about the environment impacts, but also how they can invest in AI-related energy the right way.

    “Energy did come up in the context of AI quite a bit as an interesting investment opportunity for clients, and also to balance that with the social issues about energy [as] a finite resource,” Boals Moeller continues, adding that it’s a way to access AI’s value creation from a “tangential” place. “How do we really think about that responsibly relative to the energy needs?”

    AI is also undoubtedly one of the biggest investment opportunities of this century. And with Goldman Sachs’ PWM clients boasting anything from $10 million to $1 billion in assets, they’re flush with cash to go all-in on the right opportunity. Nvidia stock has been labeled a “millionaire-maker,” and Adobe’s aggressive adoption of AI tools made it a standout long-term play for investors. The event’s attendees want in on the action, too.

    “People were excited to be closer to [the technology],” Boals Moeller says.


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