Category: 3. Business

Gold is currently experiencing a rally for the ages, with the price surge already surpassing its forecasted ceilings for 2026. However, as Wayne Gordon, the head of Investment Advice, Distribution and Research in APAC at UBS, noted on Monocle radio this week, the forces driving today’s “gold mania” are distinct and structural.

“It has been a tremendous rally in gold. In fact, it’s one of the strongest that we have seen in the metal on a year-to-date basis since about 1979,” Gordon told Monocle Radio’s Tom Edwards. While the upswing in the 1970s was largely driven by inflation, the current ascent is fundamentally tied to geopolitics. “The reasons we’re here today started to build at the beginning of the Russia-Ukraine conflict, when we saw a significant shift in the way that banks viewed holding US dollar-denominated reserves,” adds Gordon. “Central banks have continued to buy large amounts of gold since.”

The power of two buyers: central banks and ETFs
The price of gold has continued to rise, even with the strengthening US dollar and increased interest rates. This unusual resilience was due to the “level of influence that central banks have had on the price of gold,” says Gordon.

What’s new this year, he adds, is that “a reversal of nearly three years of outflows from exchange-traded funds” has amplified the rally. “At the start of the year, we thought there would be about 400 to 450 metric tonnes of inflows into ETF funds,” he says. “Now we expect that number to be approximately 800 tonnes.”

This combination of renewed investor interest and geopolitical uncertainty has driven prices up roughly 50 per cent year to date. “We think that ongoing political risks, as well as potential further weakness in the US dollar, can lift gold prices even higher,” says Gordon. UBS now has a target of around $4,200 (€3,613) per ounce.

How much gold should investors hold?
Gordon says that a mid-single-digit allocation makes sense for most portfolios. “Historically, we have seen that somewhere between 5 to 10 per cent allocation to gold has improved the overall volatility of your portfolio,” he says. “It has protected your portfolio to some degree from more material drawdowns.” He adds that gold still plays a vital role even at higher prices. “There’s no counterparty risk and no credit risk to gold. It is insulated from significant moves in currency.”

This interview has been edited for length and clarity. Listen to the full, detailed conversation on ‘The Bulletin with UBS’ on Monocle Radio.

(Bloomberg) — A renewed wave of dip buying lifted stocks as the nascent earnings season fueled bets the strength of Corporate America will keep the positive momentum going.

Wall Street brushed aside worries about a trade war to send the S&P 500 up as much as 1.2%. The index later pared gains in a continuation of the move seen as a “healthy reset” after a torrid surge. Big banks rallied on solid results from Morgan Stanley and Bank of America Corp. Positive comments on artificial-intelligence demand from ASML Holding NV boosted chipmakers.

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“Investors who are buying the dip are still driving the action, keeping sentiment firm even as technical indicators show signs of strain,” said Mark Hackett at Nationwide. “Early earnings from the financial sector have surprised to the upside and consumers remain steady, suggesting growth fears may be premature.”

After one of the best six-month stretches for equities since the 1950s, the market has seen brief bouts of profit-taking amid a flare-up in trade tensions. Speaking in a CNBC event, Treasury Secretary Scott Bessent said that as far as he’s aware, President Donald Trump “is a go” on meeting President Xi Jinping later this month.

Longer-dated Treasuries outperformed. Japan’s first sale of government debt since the ruling political coalition crumbled drew firm demand. French bonds surged on optimism budget concessions made by Prime Minister Sebastien Lecornu will help avert a deeper crisis. Gold hovered near a record $4,200.

Read: Bessent Says He’ll Give Trump Fed Chair Options in December

Federal Reserve Governor Stephen Miran said recent trade tensions have increased uncertainty in the outlook for growth, making it more important for policymakers to lower interest rates quickly.

“There’s now more downside risks than there was a week ago, and I think it’s incumbent upon us as policymakers to recognize that should get reflected in policy,” Miran said Wednesday during an event organized by CNBC. Higher uncertainty around trade policies between China and the US have introduced a “new tail risk,” he said.

Despite the recent tariff noise, fundamentals remain strong, according to Max Kettner at HSBC.

“The weak USD should help US equities in the next two quarters. Global top-down consensus expectations have been upgraded since May, although they remain low enough for further potential upgrades in our view.”

Kettner also noted he’s heading into 2026 with a continued “risk-on stance” as short-term US growth expectations look easy to beat.

“The biggest risk to our view heading into 2026 remains higher long-end yields. However, given the much lower starting point now, markets would have to start pricing an end to Fed cuts, if not hikes, and that is a long way off in our view,” he concluded.

“Q3 earnings results are important, but they are backward-looking. What I’ll be watching closely is forward guidance, particularly any signs of optimism,” said Stephen Kates at Bankrate. “Positive guidance can be self-reinforcing for Wall St. and Main St. Rising stock prices boost business and consumer confidence, which in turn, encourages more real-economy spending.”

“The third-quarter earnings season should be supportive of our view that the bull market remains intact driven by the combination of durable earnings growth and Fed rate cuts,” said David Lefkowitz at UBS Global Wealth Management.

Retail traders’ demand for call options has outpaced puts for 24 consecutive weeks, which ties with November 2023 for the longest streak ever, said Citadel Securities’ Scott Rubner, citing data going back to 2020.

Their conviction in the stock market “remains extraordinary,” Rubner wrote in a note to clients.

“Although we believe a consolidation phase is probable as investors focus on Q3 earnings, they should continue to seek opportunities to ‘buy the dip’ as we enter the fourth year of this bull market,” said Craig Johnson at Piper Sandler.

Corporate Highlights:

Morgan Stanley’s stock traders soared past expectations in the third quarter, topping all of its largest rivals as US President Donald Trump’s policies kept markets on edge throughout the period. Shares of the company jumped the most in more than six months. As concerns begin to emerge about the quality of US credit, Morgan Stanley reported a noteworthy figure for loan-loss provisions: zero dollars. Bank of America Corp.’s third-quarter earnings beat estimates as investment-banking activity surged amid a long-awaited comeback in M&A and net interest income topped analysts’ estimates. PNC Financial Services Group Inc.’s more-expensive commercial deposits grew faster in the third quarter, a drag on net interest margin that pushed the bank further from its year-end goal. Walmart Inc.’s US CEO said shoppers are spending at a healthy rate and remain resilient, despite warning signs from banks about the economy. Nvidia Corp. added another bull on Wednesday, as HSBC upgraded the chipmaker to buy from hold, citing the ongoing growth of artificial intelligence. Apple Inc. rolled out updated versions of the iPad Pro, Vision Pro and entry-level MacBook Pro with the new M5 chip, refreshing the products just ahead of the all-important holiday season. Apple is preparing to expand its manufacturing operations in Vietnam as part of a push into the smart home market and an ongoing effort to lessen its dependence on China. ASML Holding NV said demand for its most sophisticated chip-making machines is soaring thanks to the artificial intelligence boom, signaling optimism just months after the semiconductor equipment maker warned the trade war could stymie growth. Meta Platforms Inc. removed a Facebook group used to share information about Immigration and Customs Enforcement agents in Chicago after a request from the Justice Department. Nscale, a data center developer focused on artificial intelligence, has agreed to build a site for Microsoft Corp. in Texas, the fourth such deal between the companies in the last two months. Dollar Tree Inc. projected earnings per share to gain at a compound rate of as much as 15% over the next three years. Papa John’s International Inc. jumped as Reuters reports that Apollo Global Management submitted a bid within the last week to take the pizza chain operator private at $64 per share. AppLovin Corp. said it has shut down a product linked to user and short-seller allegations that apps were being downloaded to mobile phones without consent. Investors led by BlackRock Inc.’s Global Infrastructure Partners agreed to buy Aligned Data Centers in a $40 billion deal, one of the asset manager’s largest infrastructure investments ever that comes as Wall Street races to claim a stake in the artificial-intelligence boom. Lone Star Funds plans to acquire US plastic parts and equipment maker Hillenbrand Inc. in an all-cash transaction valuing the target at around $3.8 billion including debt. Novo Nordisk A/S agreed to pay Omeros Corp. as much as $2.1 billion for rights to an experimental rare-disease drug, as the maker of Ozempic continues to use deal-making to build its pipeline. Abbott Laboratories cut the top end of its 2025 earnings guidance by 2 cents a share, just as the Trump administration launched an investigation into the medical device sector that could lead to tariffs on its biggest product category. Volkswagen AG truck brand Scania AB has opened a €2 billion ($2.3 billion) manufacturing facility in China to supply trucks in the world’s biggest market as well as export to Asia. Ryanair Holdings Plc slashed its winter capacity to Berlin and other German cities by 800,000 seats in a dispute over the country’s aviation taxes and access costs. Waymo is planning to launch its driverless ride-hailing service in London next year, marking its second international expansion and its first in Europe. TotalEnergies SE said its third-quarter profit and cash flow may rise slightly after oil and gas output increased and refining margins jumped from a year earlier, outweighing a drop in crude prices. SMBC Nikko Securities Inc.’s planned integration with Jefferies Financial Group Inc. will likely go beyond just bringing together their equity businesses, with ties also possible in other investment banking areas, its chief executive officer said. Global investors are ramping up bets on Taiwan Semiconductor Manufacturing Co. ahead of its earnings, confident that the world’s leading chip foundry will remain one of the biggest winners from the AI spending boom. How should regulators react to the blurring line between investing and gambling? Let us know in the latest Markets Pulse survey.

What Bloomberg Strategists say…

“Equities couldn’t quite finish the job of rallying from steep opening losses Tuesday, but this morning are in an ebullient mood after ASML’s strong sales figures underscored the strength of AI investment demand. It remains very much a bull market from that perspective, and the evidence of the last couple of years suggests that it will take a steady diet of bad news elsewhere to keep the market down for very long.”

—Cameron Crise, Macro Strategist, Markets Live. For the full analysis, click here.

Some of the main moves in markets:

Stocks

The S&P 500 rose 0.3% as of 1:58 p.m. New York time The Nasdaq 100 rose 0.6% The Dow Jones Industrial Average rose 0.1% The MSCI World Index rose 0.5% Currencies

The Bloomberg Dollar Spot Index fell 0.2% The euro rose 0.2% to $1.1629 The British pound rose 0.4% to $1.3376 The Japanese yen rose 0.3% to 151.34 per dollar Cryptocurrencies

Bitcoin fell 1.7% to $111,149.89 Ether fell 3.1% to $3,990.76 Bonds

The yield on 10-year Treasuries advanced one basis point to 4.04% Germany’s 10-year yield declined four basis points to 2.57% Britain’s 10-year yield declined five basis points to 4.54% Commodities

West Texas Intermediate crude fell 0.5% to $58.39 a barrel Spot gold rose 1.3% to $4,195.64 an ounce ©2025 Bloomberg L.P.

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The UK has proposed establishing a compensation scheme for victims of a Chinese investment fraud that could allow the Treasury to retain much of a £5bn bitcoin fortune.

The crypto haul is at the centre of a battle at the High Court in London between UK authorities and thousands of Chinese investors who were cheated and who contend the British state should not benefit.

The court heard on Wednesday that the director of public prosecutions, Stephen Parkinson, told victims about the possibility of establishing such a scheme, although details were not provided.

In 2018, police seized 61,000 bitcoin from devices at a mansion in Hampstead, north London. The government is now trying to keep the majority of the haul, which has soared in value in the past seven years and is currently worth about £5bn.

Zhimin Qian, 47, also known as Yadi Zhang, who was wanted by Chinese authorities for masterminding an investment fraud, fled the country after converting much of her investors’ cash into bitcoin.

She and her Malaysian assistant Seng Hok Ling, 47, pleaded guilty to money laundering charges last month at Southwark Crown Court in London. They are due to be sentenced next month.

UK authorities recently obtained access to additional cryptocurrency assets worth about £67mn, the court was told.

Counsel for the CPS, led by Martin Evans KC, said in written submissions that Zhang had last month disclosed access codes and passwords for a ledger and two cryptocurrency wallets.

“The ledger had been found in a purpose-made concealed pocket within a pair of jogging bottoms which [Zhang] was wearing at the time of her arrest,” the written submission said.

Evans told the court that the compensation scheme proposal would provide “adequate protection” for victims.

In a statement following the hearing, William Glover, director at law firm Fieldfisher, representing a group of victims, said: “While there is likely still some distance to go in the proceedings, we are pleased with the outcome of the hearing.

“The DPP has effectively accepted responsibility to create a form of compensation scheme for those who may be unable to seek redress through the existing statutory provisions,” he added.

The CPS said it had maintained throughout the course of legal proceedings that it intended to seek a civil recovery order to compensate victims for their lost investment insofar as they have not otherwise been compensated.

It would consider how all victims could be compensated, not just those participating in the UK legal proceedings.

The bitcoin spoils are so large that some Treasury officials have privately queried whether they could help chancellor Rachel Reeves plug the UK’s fiscal gap — estimated at up to £30bn by 2029 — at her Budget in November.

However, other government officials have cautioned that the haul is likely to be subject to a protracted legal battle, and the Treasury has been told it cannot use it in their calculations.

As new radioligand agents reshape the prostate cancer treatment paradigm, these rapid advances in prostate cancer management underscore the importance of patient-centered care discussions, according to Alicia Morgans, MD, MPH.

In an interview with OncLive®, Morgans highlighted the current role of radioligand therapies for the treatment of patients with metastatic castration-resistant prostate cancer (mCRPC) and emphasized the importance of shared decision-making with patients in prostate cancer management, especially with the increasing number of treatment options.

She also discussed the clinical applications of radium-223 plus enzalutamide (Xtandi) in patients with mCRPC in another part of the interview.

Morgans is a genitourinary medical oncologist and director of the Survivorship Program at Dana-Farber Cancer Institute, as well as an associate professor of medicine at Harvard Medical School in Boston, Massachusetts.

PSMAddition Trial Topline Findings

• The phase 3 PSMAddition trial (NCT04720157) met its primary end point, demonstrating a statistically significant and clinically meaningful benefit in radiographic progression-free survival with lutetium Lu 177 vipivotide tetraxetan combined with standard of care (SOC) vs SOC alone in patients with PSMA-positive metastatic hormone-sensitive prostate cancer (mHSPC).

• These results suggest that lutetium Lu 177 vipivotide tetraxetan, which is already approved by the FDA for the treatment of patients with metastatic castration-resistant prostate cancer, shows potential for use in an earlier disease setting, addressing a significant unmet need for patients with HSPC.

• The PSMAddition data are planned to be presented at an upcoming medical meeting.

OncLive: Where do radioligand therapies fit into the mCRPC treatment paradigm?

Morgans: Lutetium Lu 177 vipivotide tetraxetan [Pluvicto] is the currently available radioligand therapy that is a PSMA-targeted agent available in a heavily pretreated, post-chemotherapy and now prechemotherapy mCRPC setting.¹ We are enthusiastically awaiting the first-line use of this agent in [patients with] metastatic hormone-sensitive prostate cancer. We expect to see [the phase 3 PSMAddition trial (NCT04720157) of the agent in this setting] report out soon, because we’ve heard that it may be a positive trial.² In that trial, [in patients with] metastatic hormone-sensitive disease, lutetium Lu 177 vipivotide tetraxetan is added to androgen deprivation therapy [ADT] and an androgen receptor pathway inhibitor [ARPI] vs ADT plus an ARPI [alone]. [Those data are] going to be interesting.

This agent is being assessed in various additional areas. The radioligand therapy area is one that we are going to see a lot of change and advance in over the next few years, because the drugs that are being developed may use lutetium 177 as a radioactive component, but some of them are using other agents, like actinium 225, copper, or lead. There are multiple radioactive moieties that are being used and delivered to prostate cancer cells, including beta-emitting ones such as lutetium 177, as well as alpha-emitting ones. One of the most advanced there is actinium 225. We may see these different options open up for us.

We also see that [investigators] are targeting different proteins or different parts of the cancer that might also give us new opportunities [beyond the] PSMA protein. There’s a lot going on in radioligand therapy. There’s a lot of discovery and a lot of learning from a clinical perspective and from a patient perspective. We should keep our eyes on this, because this area of care is destined to change rapidly over the next few years.

What factors influence your decision to use radioligand therapies in your practice?

We use radioligand therapies in patients in part of a shared decision-making process. For patients with advanced disease, [such as] those who have already received chemotherapy and some who may have already received radium-223, we’re considering using treatments like lutetium Lu 177 vipivotide tetraxetan, but integrated earlier [into the treatment paradigm]. Importantly, one size does not fit all. Even when it comes to radioligand therapies, there’s a lot of enthusiasm around PSMA-targeting agents, but they’re not necessarily the best treatment for every patient, and we have conversations with patients about all their options. These include chemotherapy, radium-223, a PARP inhibitor, or a PARP [inhibitor–based] combination, depending on the patient’s germline and somatic genetic testing [results]. Any of these could be options, or perhaps a clinical trial might be of more interest or a better fit for an individual patient.

Many patients are using radioligand therapies, particularly lutetium Lu 177 vipivotide tetraxetan, earlier [in the treatment course], but we are also still using radium-223, chemotherapy, and everything else. Having open and candid conversations about all the aspects of treatment, including monitoring dosing frequency, [being aware of] whether [the treatment is administered] orally or intravenously, [knowing] what the adverse effects are, [and knowing] what the restrictions may be regarding radiation safety, when it comes to the radioligand therapies, are all important considerations for patients. We end up using [radioligand therapies] at various points across the spectrum after these long and important conversations with patients, as well as with their families.

How do you integrate patients’ goals and preferences into your treatment decision-making strategies?

Shared decision-making is still a critical part of prostate cancer care and may be increasingly important as the number of treatment opportunities continues to grow. All these nuanced details end up coming into play in those conversations and may be more or less important to any individual patient. It’s important that we take the time to have those conversations, and that we give patients materials or resources to use, so if they can’t make a choice right now, they can go home, think about it, read about it, learn about it, come back, and continue to have conversations if [the decision is] not clear right away. Shared decision-making isn’t going away in advanced prostate cancer care. The more [treatment] opportunities we have and the more advances we make, the more opportunities we’ll have to match each patient with the right treatment for them.

References

1. FDA expands Pluvicto’s metastatic castration-resistant prostate cancer indication. FDA. March 28, 2025. Accessed October 15, 2025. https://www.fda.gov/drugs/resources-information-approved-drugs/fda-expands-pluvictos-metastatic-castration-resistant-prostate-cancer-indication
2. Novartis Pluvicto demonstrates statistically significant and clinically meaningful rPFS benefit in patients with PSMA-positive metastatic hormone-sensitive prostate cancer. News release. Novartis. June 2, 2025. Accessed October 15, 2025. https://www.novartis.com/news/media-releases/novartis-pluvictotm-demonstrates-statistically-significant-and-clinically-meaningful-rpfs-benefit-patients-psma-positive-metastatic-hormone-sensitive-prostate-cancer

El Tesoro® Tequila Announces El Tesoro® Mundial: Yamazaki® Edition – Its First Collaboration with The House of Suntory

 

The Mundial Collection continues its tradition of partnering with renowned distilleries from around the world with new Japanese whisky collaboration from Suntory Global Spirits

New York, NY – (October 15, 2025) – El Tesoro de Don Felipe® Tequila, the acclaimed third-generation family-operated tequila brand now led by Master Distiller Jenny Camarena, unveils the newest installment of its premium, limited-edition cask-finished series, “The Mundial Collection.” In collaboration with The House of Suntory, the founding house of Japanese whisky, both distilling and blending traditions are proud to unite and introduce El Tesoro® Mundial: Yamazaki® Edition.  

 

El Tesoro® Mundial: Yamazaki® Edition brings together three masters of distilling: Carlos and Jenny Camarena, the former and newly appointed Master Distillers of El Tesoro, and Shinji Fukuyo, The House of Suntory’s fifth-generation Chief Blender. Known for their expertise in deciphering peak conditions and flavor profiles among their storied warehouses, this extraordinary tequila delicately expresses the notes that Yamazaki®, The House of Suntory’s iconic single malt, is known for. This groundbreaking partnership unites the cultures of Japan and Mexico in one special bottle, made for fans of premium aged spirits worldwide.

 

“It is our greatest honor to share this opportunity with our friend Shinji Fukuyo-san and the team at The House of Suntory,” says Jenny Camarena, Master Distiller and CEO at El Tesoro and La Alteña Distillery. “Our Mundial Collection is one of the most exciting projects at La Alteña. Each time we release a new one, we show another way tequila can take the shape of something new that can express ideas and flavors one would never expect. My brother Carlos began working on the Yamazaki Edition years ago, and it’s been my pleasure to see it come to its final stage. We are so excited to bring a united piece of Mexico and Japan distilling and blending excellence to our fans.”

 

Mundial Yamazaki® Edition is an El Tesoro Añejo, aged for 12 months in authentic Yamazaki® 12-Year-Old Japanese sherry and wine casks, adding notes of red berries and warm spices for a truly distinctive tequila intended for savoring. As a special one-time release, this is the first and only time El Tesoro has been rested in Yamazaki® casks.

 

Expressions in the Mundial Collection see one-of-a-kind special releases of El Tesoro® tequilas matured in unique casks that have previously held some of Suntory Global Spirits’ premium spirits from across the globe, all of which share a strong commitment to craftsmanship and high-quality production.

 

The first edition, El Tesoro® Mundial Collection: The Laphroaig® Edition, was released in 2021 and shined a light on the proud distilling tradition of tequila with the barrel-aging expertise of Scotch. The result was a gentle hint of salty ocean air and peat smoke for a truly distinctive tequila. The second edition, El Tesoro Mundial Collection: Knob Creek® Rye Edition, was released in 2023 and featured El Tesoro Añejo aged in the distinctive casks of Knob Creek Rye Whisky barrels, resulting in a beautiful balance between subtle sweetness and spice. Last year, Camarena released the Basil Hayden Toast Edition – a delicate finish of toasted caramel on top of a beautifully aged reposado.

 

 

EL TESORO® MUNDIAL COLLECTION: YAMAZAKI® EDITION
SRP: $199.99
ABV: 42%
APPEARANCE: Gold, clear, shiny with a captivating sparkle. 
AROMA: Aromatic agave, minerals, oak, dry fruits, nuts, honey, delicate florals, fresh tobacco.
PALATE: Mineral, toasted almonds, pecans, raw honey, balanced bitterness, warm spices, sherry notes, toasted coffee beans, dark chocolate.
FINISH: Long and lingering with sherry notes, fruits, seasoned oak, red berries, warm spices, clove, pepper.

 

ABOUT EL TESORO® TEQUILA
Since the first drop of El Tesoro® ran off the still of La Alteña Distillery more than 80 years ago, every decision has been made to celebrate the agave’s unique flavor. El Tesoro® is a truly authentic tequila made slowly and carefully to capture the agave’s essence in a bottle. The El Tesoro® portfolio of core products available in the U.S. includes the following (all 40% ABV as El Tesoro® is always distilled to proof): Blanco ($50 SRP), Reposado ($65 SRP), Añejo ($85 SRP), Extra Añejo ($150 SRP) and Paradiso ($180 SRP). For more information, please visit www.eltesorotequila.com

 

ABOUT THE HOUSE OF SUNTORY
Since 1923, Suntory has been renowned as the founding house of Japanese Whisky. Founder Shinjiro Torii built Japan’s first malt whisky distillery in Yamazaki, and the Suntory legacy continued with Torii’s son and Suntory’s second Master Blender, Keizo Saji, who continued to establish distilleries including the Hakushu Distillery. 

As the generations of Suntory’s master blenders carry on, Suntory Whisky remains committed to heritage and innovation. The House of Suntory is proud to confirm that all exported Suntory Japanese Whisky products are 100% distilled, matured, and bottled in Japan and compliant with the new production and labelling standards set by the Japan Spirits & Liqueurs Makers Association (JSLMA). The House of Suntory has been named Distiller of the Year four times at the International Spirits Challenge in London, UK (2010, 2012, 2013, 2014), with Chief Blender Shinji Fukuyo being named Master Blender of the Year for the first time ever and Yamazaki® 12 Year Old being recognized as the Supreme Champion Spirit in 2024. Suntory Whiskies are subtle, refined, and complex. The portfolio includes Yamazaki®, Hakushu®, Chita®, Kakubin®, Hibiki®, Suntory Whisky Toki™ and Ao®. The House of Suntory portfolio also offers Roku™ Japanese Gin and Haku™ Japanese Vodka. Created from Japanese ingredients by the master artisans at The House of Suntory, Roku™ Gin and Haku™ Vodka represent the nature and spirit of Japan. In 2023, Suntory Whisky celebrated one hundred years of whisky innovation—a major milestone not only for the brand’s history, but for Japanese spirits culture as a whole. To mark this anniversary, The House of Suntory rolled out its centennial campaign throughout 2023.

 

ABOUT SUNTORY GLOBAL SPIRITS
As a world leader in premium spirits, Suntory Global Spirits inspires the brilliance of life, by creating rich experiences for people, in harmony with nature. Known for its craftsmanship of premium whiskies, including Jim Beam® and Maker’s Mark®; Japanese whiskies, including Yamazaki®, Hakushu®, Hibiki® and Toki™; and leading Scotch brands including Laphroaig® and Bowmore®, Suntory Global Spirits also produces leading brands such as Tres Generaciones® and El Tesoro® tequila, Roku™ and Sipsmith® gin, and is a world leader in Ready-To-Drink cocktails, with brands like -196 and On The Rocks™ Premium Cocktails. A global company with approximately 6,000 employees in nearly 30 countries, Suntory Global Spirits is driven by its core values of Growing for Good, Yatte Minahare and Giving Back to Society. The company’s Proof Positive sustainability strategy includes ambitious goals and investments to drive sustainable change and have a positive impact on the planet, consumers and communities. Headquartered in New York City, Suntory Global Spirits is a subsidiary of Suntory Holdings Limited of Japan.

For more information on Suntory Global Spirits, its brands, and its commitment to social responsibility, please visit www.suntoryglobalspirits.com and www.drinksmart.com. 
 

• Goal is to study the use of ethanol in engines as an alternative to diesel
• Tests will be conducted through 2027 in Vitória-Minas Railway fleet
• Partnership advances the decarbonization of the company’s rail operations

Vale and locomotive manufacturer Wabtec Corporation [NYSE: WAB] have announced a partnership to study a dual-fuel engine capable of running on both diesel and a diesel-ethanol blend. The studies will initially be conducted in laboratories to validate the concept and evaluate performance, emissions reduction, and ethanol/diesel substitution rate. The tests are expected to run through 2027 to assess future application in the Vitória-Minas Railway (EFVM) fleet.

The agreement to use ethanol, a renewable fuel that replaces fossil diesel consumption, is part of a series of joint initiatives with Wabtec to advance Vale’s rail decarbonization program. In January, the companies announced an agreement to purchase 50 locomotives equipped with Evolution Series engines capable of operating with up to a 25-percent biodiesel blend. In the coming years, Vale and Wabtec will conduct a series of tests aiming to further increase this percentage.

“Innovative initiatives like these, aimed at adopting alternative fuels in our locomotives, are part of Vale’s commitment to accelerating the decarbonization of our rail network,” said Carlos Medeiros, Vice President of Operations of Vale. “In 2024, Vale’s rail network accounted for 14% of the company’s carbon emissions”.

“For the first time, Wabtec will use ethanol as an energy source in a locomotive, a milestone in the global rail industry. We are committed to developing technological solutions that accelerate the transition to more efficient and sustainable transportation,” said Danilo Miyasato, President and Regional Leader of Wabtec LATAM.

Net Zero
In 2020, Vale announced its goal to reduce direct and indirect emissions (Scopes 1 and 2) by 33% by 2030. This is another step toward achieving net zero carbon emissions by 2050, in line with the Paris Agreement’s ambition to limit global warming to below 2°C by the end of the century. The company also committed to reducing net emissions from its value chain (Scope 3) by 15% by 2035.

About Vale
Vale is a global mining company that exists to improve life and transform the future together. One of the world’s largest producers of iron ore and nickel, and a significant copper producer, Vale is headquartered in Brazil and operates globally. Its operations include integrated logistics systems, with approximately 2,000 kilometers of railways, maritime terminals, and 10 ports around the world. Vale aims to be recognized by society as a benchmark in safety, the best and most reliable operator, a talent-driven organization, a leader in sustainable mining, and a reference in value creation and sharing.

About Wabtec
Wabtec Corporation (NYSE: WAB) is revolutionizing the way the world moves for future generations. The company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 155 years and has a vision to achieve a sustainable rail system in the U.S. and worldwide. Visit Wabtec’s website at www.wabteccorp.com.

By Steve Gelsi

Hiring more bankers is paying off, CEO Brian Moynihan says. Separately, Morgan Stanley’s stock hits a record as profit rises above forecasts.

Bank of America benefited from increased dealmaking on Wall Street.

Bank of America Corp.’s stock rallied Wednesday after the megabank’s third-quarter profit blasted past Wall Street expectations on a boost in dealmaking and record net interest income, as consumers and businesses kept spending.

With the good times mostly intact in recent weeks, Bank of America effectively lifted its fourth-quarter outlook for net interest income to a range of $15.6 billion to $15.7 billion, from a range of $15.5 billion to $15.7 billion.

Bank of America’s stock (BAC) rose 4% in recent afternoon trading. The stock briefly reached an 18-year high when it was up 5.5% at its intraday high of $52.85 around midmorning.

Among other big banks, shares of Morgan Stanley (MS), which also reported quarterly results on Wednesday (see more below), ran up 5.4% toward a record close.

Bank of America Chief Executive Brian Moynihan said the bank’s across-the-board improvements in revenue and profit came after steady hiring of dealmakers to play to its strength in business banking and to win market share.

“You’re seeing a lot of activity in the midsized market in the U.S., which we are capturing through the combination of our investment-banking teammates and our commercial-banking teammates,” Moynihan told analysts on the bank’s conference call.

At the same time, the bank has reduced its headcount to about 213,000, from a peak of 217,000 seen over the past three years, as it boosts productivity with investments in technology such as its Erica virtual financial assistant, Moynihan said.

Against this backdrop, the bank’s third-quarter net income increased by 23% to $8.5 billion, or $1.06 a share, from $6.9 billion, or 81 cents a share, in the year-ago quarter.

Bank of America handily topped the FactSet consensus estimate of 95 cents a share. That marked the widest margin for a bottom-line beat since the first quarter of 2023.

Revenue for the latest quarter rose 11% to $28.1 billion, ahead of the Wall Street analyst estimate of $27.5 billion.

Investment-banking revenue increased by 43% to $2 billion, in a particularly big increase among its many business lines.

Despite jitters over the U.S. economy and volatility in markets because of tariffs and geopolitical upheaval during the third quarter, Bank of America’s provision for credit losses – the money it sets aside for bad loans – fell to $1.3 billion from $1.5 billion in the year-ago quarter.

The bank also said its net charge-offs, or money it doesn’t expect to be paid back on credit cards and other loans, dropped to $1.4 billion from $1.5 billion.

While investors grapple with the possibility of an artificial-intelligence bubble and jitters over high-profile bankruptcies of auto-parts maker First Brands and subprime-car-loan specialist Tricolor, client balances rose 11% to $4.6 trillion.

Read: Jamie Dimon warns, ‘When you see one cockroach, there are probably more,’ after Tricolor loan loss

Unemployment is still low, the stock market is at or near record highs, home prices are holding up and wage growth has continued, said Chief Financial Officer Alastair Borthwick.

“The consumer is spending more,” Borthwick said. “While [the media] may ask how they’re feeling, we tend to see how they’re spending, and right now the performance of credit cards is quite good.”

The bank has no exposure to Tricolor’s bankruptcy, Borthwick said. On Tuesday, rival JPMorgan Chase & Co. (JPM) said it had to book a loss on loans to Tricolor.

Bank of America took part in an asset-based loan to First Brands, but Borthwick said the bank’s money is backed by collateral and that the bank has a senior position among lenders in the loan.

CFRA analyst Kenneth Leon upgraded Bank of America’s stock to buy from hold and increased his price target to $58 a share from $52 a share, citing a boost in efficiency resulting from more digital engagement with customers.

“We expect operating leverage to continue in [the fourth quarter of] 2025 with disciplined cost controls and revenue growth,” Leon said. “More adoption for mobile banking and payment solutions is anticipated.”

Looking ahead, Leon said Bank of America faces more risk in traditional lending than capital markets.

“While the consumer remains resilient, we may see credit-card growth slow if the jobs market faces challenges ahead,” Leon said.

Among the highlights in its third-quarter results, the bank’s overall investment-banking team gained 1.36 percentage points of market share during the quarter.

Its third-quarter efficiency ratio improved by 3.29 percentage points.

The bank reported 1 million new credit-card accounts and 212,000 new checking accounts during the quarter.

Net interest income, or the profit it makes from loans minus the costs of paying interest on deposits, rose 9% from a year ago to $15.2 billion, slightly ahead of the consensus analyst estimate of $15.19 billion and a record for the bank.

The bank’s results come a day after JPMorgan Chase & Co., Citigroup Inc. (C), Wells Fargo & Co. (WFC) and Goldman Sachs Group Inc. (GS) all reported stronger-than-expected third-quarter earnings.

Morgan Stanley’s stock advances on fatter third-quarter profit

Morgan Stanley reported third-quarter net income that rose by 44% to $4.6 billion, or $2.80 per share, from $3.2 billion, or $1.88 per share, in the year-ago quarter.

Morgan Stanley topped the analyst estimate of $2.10 a share by 33%, which is its largest earnings beat on a percentage basis since December 2020, when it beat the analyst consensus estimate by 47.9%.

Morgan Stanley’s third-quarter revenue increased to $18.22 billion from $15.38 billion in the year-ago period, ahead of the analyst estimate of $16.69 billion.

The bank’s wealth-management unit saw a 30% pretax margin as it added $81 billion in net new assets.

Its institutional securities unit results were driven by a roughly $1 billion increase in its revenue to $4.1 billion, while its investment-banking business’s revenue jumped to $2.11 billion from $1.46 billion.

Morgan Stanley’s stock has climbed 30.2% in 2025. Meanwhile, Bank of America’s stock has gained 18.6%, ahead of the 13.1% rise in the S&P 500 index SPX and the Financial Select Sector SPDR ETF’s XLF 9.9% advance.

-Steve Gelsi

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  10-15-25 1333ET
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