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Anavex Life Sciences to Announce Fiscal 2026 First Quarter Financial Results on Monday, February 9, 2026

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February 8, 2026
Decoding phantom limb movements from intraneural recordings
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One Generation Runs the Country. The Next Cashed In on Crypto. – The Wall Street Journal

One Generation Runs the Country. The Next Cashed In on Crypto. The Wall Street Journal
Trump claims “I have helped cryptocurrency more than anyone,” while investors have poured $31.2 million into the bitcoin market. Bitget
Πληροφορίες από HASNAIN NADEEM 786(@HASNAINNADEM) Binance
Why Trump-Linked Crypto Stocks And Tokens Are Back On Traders’ Radar Stocktwits
One generation runs the country. The next cashed in on crypto MSN

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Assessing ERAMET (ENXTPA:ERA) Valuation After Recent Share Price Momentum And DCF Upside Potential

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide.

ERAMET (ENXTPA:ERA) has recently drawn investor attention after a period where the share price showed mixed short term moves, followed by a strong gain over the past 3 months. This has prompted a closer look at fundamentals.

See our latest analysis for ERAMET.

At a share price of €68.05, ERAMET has seen a 28.4% 90 day share price return and a 23.6% 1 year total shareholder return, while the 3 year total shareholder return remains negative. This indicates that recent momentum looks stronger than the longer term picture.

If ERAMET’s recent move has you thinking about other materials names, you might like our screener of 28 best rare earth metal stocks as a starting point for further ideas.

With ERAMET trading at €68.05 and sitting above the average analyst price target, yet flagged with a large estimated intrinsic discount, you have to ask if the market is missing something or already pricing in better days ahead?

On the pricing side, ERAMET’s last close of €68.05 lines up with a P/S of 0.7x, which screens as inexpensive against both peers and the wider European metals and mining group.

The P/S ratio compares the company’s market value to its revenue, so a 0.7x multiple means investors are paying €0.70 for every €1 of annual sales. For a business generating €2,915.0m of revenue but currently reporting a net loss of €97.0m, using sales instead of earnings can be a practical way to benchmark valuation while profitability remains weak.

According to Simply Wall St’s checks, ERAMET looks good value on several fronts: its 0.7x P/S is in line with the peer average of 0.7x, sits below the European metals and mining industry average of 1.1x, and is also well below an estimated fair P/S of 3.8x that their model suggests the market could move towards if sentiment and fundamentals aligned.

Explore the SWS fair ratio for ERAMET

In addition, our DCF model currently estimates ERAMET’s future cash flow value at €413.52 per share, compared with the current €68.05 share price. The SWS DCF model projects future cash flows and discounts them back to today using an appropriate rate, which can sometimes result in very large intrinsic value gaps for companies where expectations for future cash generation differ from what the market is currently pricing.

For ERAMET, which is still loss making but has forecasts pointing to earnings growth and an expected return on equity of 5.8% in three years, a cash flow based approach puts more weight on the path back to profitability than on today’s income statement. That can lead to a very different view compared with simple multiples.

Look into how the SWS DCF model arrives at its fair value.

Result: Price-to-Sales ratio of 0.7x (UNDERVALUED)

However, ERAMET is still reporting a €97.0m loss and operates in cyclical manganese and nickel markets. Weaker pricing or project setbacks could quickly challenge this valuation gap.

Find out about the key risks to this ERAMET narrative.

While the 0.7x P/S suggests ERAMET looks inexpensive, our DCF model goes much further, putting future cash flow value at €413.52 per share versus today’s €68.05 price. That is a very large gap, so you have to ask whether the cash flow assumptions or the market are off the mark.

Look into how the SWS DCF model arrives at its fair value.

ERA Discounted Cash Flow as at Feb 2026

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out ERAMET for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 237 high quality undervalued stocks. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

If you look at the numbers and reach a different conclusion, or simply prefer to test your own view against the data, you can build a personalised thesis in just a few minutes, starting with Do it your way.

A great starting point for your ERAMET research is our analysis highlighting 3 key rewards and 3 important warning signs that could impact your investment decision.

If you want to stress test your view on ERAMET and keep your watchlist fresh, use the screeners below to spot opportunities you might otherwise miss.

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 ERA.PA.

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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China’s aluminium smelters embark on green long march

China’s aluminium industry has embarked on a green long march, moving millions of tonnes of production from the northern coal country, its stronghold for seven decades, to pockets of the south and west rich in renewable energy.

The country’s output of electrolytic aluminium, the sector’s main product, reached 43.8mn tonnes in 2024, accounting for about 60 per cent of the world’s total production, according to local industry data.

However, following a spree of relocations in recent years, 13mn tonnes of that capacity — about 30 per cent — now comes from new smelters in areas with clean energy and low-development costs in Yunnan, Sichuan, Xinjiang and Inner Mongolia.

The years-long multibillion-dollar relocation project is helping decarbonise one of the world’s dirtiest industries. Analysts believe the aluminium sector’s success will serve as a blueprint for Beijing to direct more aggressive production caps and capacity swapping in other industries.

“In China, there is always this trial system: you start from a city or province and, if it is successful, you ramp it up at a national level, and sectors are also the same,” said Isadora Wang, head of China at energy think-tank Transition Asia.

“The aluminium sector has been the most successful in implementing this capacity swap policy, but if it is proven to be useful, to be effective, then different sectors with some similarities will use it.”

A hydropower station in Yunnan, where many Chinese aluminium smelters have relocated © Yang Zheng/VCG via Getty Images

Change has gathered pace since 2017, when China’s government set an annual domestic production cap of 45.5mn tonnes. The following year Beijing prohibited new smelting capacity in parts of the country already subject to strict air pollution prevention measures. And in 2020, President Xi Jinping set a goal for China to reach peak CO₂ emissions by 2030 and net zero emissions by 2060.

Taken together, these rules mean that companies building new smelters in the south and west also have to decommission an equivalent capacity in their traditional northern hubs, where they are dependent on coal-fired electricity.

Today, beneath clear skies in the south-western province of Yunnan, the future of an industry that has historically contributed to 5 per cent of China’s carbon emissions is coming into view.

Spanning several square kilometres, the industrial park in the small city of Wenshan houses new energy-hungry smelters producing alloys crucial for everything from ships and smartphones to electric vehicles and high-speed trains.

Nearby is a vast web of high-voltage lines delivering electricity from the region’s hydropower stations. The surrounding hills are either clad with solar panels or topped with wind turbines.

“China’s aluminium industry is undergoing a profound and systematic transformation,” Le Jiawen, Wenshan’s mayor, told local industry members at an event attended by the FT.

“Industrial competition is shifting from a battle of scale and cost to a comprehensive contest of ‘green’ and ‘low-carbon’ advantages.”

Plans have been drawn up for a new rail line to be constructed by about 2030, connecting the industrial zone to customers in China and neighbouring Vietnam and Laos, officials said.

China Hongqiao, the country’s biggest private-sector aluminium group by production volume, expects to finish its second smelter in Wenshan this year. When complete, its Yunnan operations will account for 4mn tonnes of annual capacity, just over 60 per cent of its total and equivalent to the US’s entire aluminium output.

Hongqiao, based in north-eastern Shandong, did not provide specific investment figures for the Yunnan relocation. However, according to company filings, the budget for its two new smelters was a combined Rmb45.6bn ($6.5bn).

A corporate presentation stated the relocation, paired with investments in solar and wind production in Shandong and Yunnan, would slash about two-thirds of the company’s carbon emissions.

Further impetus for the relocations has come from environmental policies in Brussels. The EU’s carbon border adjustment mechanism means future imports of products such as steel, aluminium, cement and fertilisers face a carbon levy.

Within China, the relocation policy has raised questions about the viability of northern rust-belt regions, which risk being left behind by the green transition. Hongqiao said it would boost development and production of lower-volume, higher-value products in Shandong.

Environmentalists are also concerned that investments by some Chinese groups in Indonesia to secure bauxite-based materials — a key feedstock for aluminium in which China lacks supply — are underpinning coal-fired electricity growth in the south-east Asian nation.

Analysts from Dutch bank ING noted in December that China’s aluminium output was close to its self-imposed 45mn-tonne cap, keeping global prices high and prompting Chinese companies to expand capacity overseas.

US-based Human Rights Watch also highlighted in a 2024 report how an increasing proportion of aluminium being produced in Xinjiang raised the risk of multinational companies’ supply chains being implicated in Beijing’s long-running campaign of repression in the region.

A worker operates machinery to move large rolls of aluminium material between rows of metal coils in a factory workshop. — Aluminium materials in use at a Hangzhou workshop. It is claimed China now boasts the world’s only ‘complete’ aluminium ecosystem, including more than 20 industry clusters nationwide © Costfoto/Future Publishing via Getty Images

The decarbonisation strategy has sparked aggressive competition between China’s cash-strapped local governments, each aggressively vying for investments.

Official promotional material from Inner Mongolia and Yunnan, reviewed by the FT, shows governments offering policy support including tax breaks, research and development subsidies, and cheap electricity, water, gas and land.

The low power prices in particular are an “important consideration” for companies as they choose new locations, said Shen Xinyi, who leads the China team for the Centre for Research on Energy and Clean Air, a European think-tank.

In a presentation to industry members in December, Fan Shunke, deputy secretary of the Communist Party committee for the China Nonferrous Metals Industry Association, said the relocation strategy and production caps meant emissions from China’s aluminium industry had peaked in 2024.

He touted that China now boasted the world’s only “complete” aluminium ecosystem, pointing to more than 20 industry clusters nationwide that included not only smelters but also facilities for producing bauxite and prebaked carbon anodes.

“The US does not have this, Europe is even less capable and the Middle East wants to build one,” said Fan.

Additional contributions by Wenjie Ding in Wenshan

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Is India about to make Ozempic-like weight-loss drugs a whole lot cheaper?

Mumbai, India
—

On any given morning in Mumbai’s Shivaji Park, power-walkers circle the running track, fitness watches buzzing with every step. Minutes later, some drift toward nearby food stalls, where oil sizzles and hot samosas and syrupy jalebis land on paper plates. It’s a snapshot of India’s uneasy relationship with health and indulgence – and the backdrop to a fast-growing medical and commercial frenzy.

That frenzy is over the imminent expiry of a patent protecting semaglutide, a protein that mimics a hormone telling your brain that you’re not hungry. It’s a key ingredient in Novo Nordisk’s wildly popular injectable weight-loss drug Ozempic.

Novo Nordisk’s India patent will expire in March. And the country’s colossal pharma production industry is gearing up to take advantage by selling generic versions.

Analysts there predict a price war that could drive the cost of some weight-loss drugs down by as much as 90 percent in India – and possibly in other countries too. Jefferies, the investment bank, describes it as a “magic pill moment” for India, projecting that the semaglutide market could grow to $1 billion.

“We are fully prepared and geared up,” Namit Joshi, chairman of the government’s Pharmaceuticals Export Promotion Council of India (Pharmexcil), told CNN. “There will be a bombardment of this product the moment the patent expires.”

Just as India – known as the “pharmacy of the world” – helped make HIV drugs cheaper and more widely available decades ago, analysts say it could become the key, low-cost supplier of a new global health revolution against obesity.

The shift could also be transformative for India, currently the world’s diabetes capital and among the fastest-growing markets on the planet for anti-obesity treatments and drugs. By 2050, 450 million adults in India are projected to be overweight, according to an estimate in medical journal The Lancet.

Semaglutide mimics a hormone that regulates appetite and blood sugar – essentially, it tells your brain you’re full. It’s the core part of popular commercially available anti-obesity drugs like Ozempic, which is often sold pre-loaded into a syringe that patients self-inject with.

It’s a method India’s pharma giants are confident they can replicate, come March.

At least 10 Indian firms, including Dr. Reddy’s Laboratories, Cipla, and OneSource Specialty Pharma have started processes to manufacture semaglutide weight-loss drugs, according to documents reviewed by CNN.

OneSource says it is investing nearly $100 million as part of plans to ramp up production capacity by five times over the next 18 to 24 months, particularly for drug-device combination products – things like syringes prepped with weight-loss drugs, including semaglutide.

Another Indian company, Biocon, told CNN it has commissioned an injectables facility in the city of Bengaluru, designed to serve both domestic and international markets, with a total investment of around $100 million.

The firm is hoping to launch the products in 2027, CEO Siddharth Mittal added, and has plans to export to Brazil and Canada.

Rival firm Dr. Reddy’s told Reuters it plans to launch the generic version of semaglutide in 87 countries, including India, next year. Its CEO Erez Israeli said he expects the generic drug to generate “hundreds of millions of dollars” in sales for the company.

Pharmexcil’s Joshi believes the average price of a monthly dose in India could fall to $77 within a year after the patent’s expiry, and eventually to around $40.

That kind of pricing wont be seen on US shelves anytime soon – Ozempic’s US patent doesn’t expire until the 2030s.

At 70 years old, Mahesh Chamadia had almost given up on the idea of losing weight. The Mumbai accountant wakes at 4:30 a.m. for badminton, keeps a treadmill at home, and has tried gyms, diets, and yoga. But the weight always came back. After 25 years of trying, he needed to find a solution, and fast. “I did not want to carry this heavy weight as I got older and older,” he told CNN.

Then, in 2024 Chamadia started reading about a new class of injectable drugs making headlines abroad. Every week, he scoured the papers for updates. At his checkups, he would quiz his doctor: When are they coming to India?

By March 2025, when Eli Lilly’s tirzepatide (sold under the brand name Mounjaro) hit Indian pharmacies, he was first in line. “I told my doctor, I want to try it,” he recalls.

Nine months later, he’s 10 kilograms (22 pounds) lighter – more than he’s lost in decades. His blood sugar sometimes dips to 100, the unicorn number for diabetics, something he says has “never happened in his history of 25 years of diabetes.”

Vials of Mounjaro, a tirzepatide injection drug used for treating type 2 diabetes and weight loss, are seen in a fridge at a health clinic in Hyderabad, India, on April 14, 2025.

His triglycerides – the most common type of body fat – fell for the first time, his energy surged, and even his cravings reduced. “Every Sunday for 25 years I brought samosas home after badminton. Now I don’t. My cravings have become negligible.”

According to research firm Pharmarack, Mounjaro has quickly risen to become India’s second-largest pharmaceutical brand in September 2025 – just six months after its launch. A boom in weight-loss drug sales has transformed Eli Lilly into a Wall Street heavyweight, its stock up more than 35% this year and its market value recently crossing $1 trillion.

The medicine doesn’t come cheap. Chamadia says he spends around 25,000 Indian rupees ($280) per month on his injections – more than the salary of many workers.

“Yes, it is expensive,” he says, “but it doesn’t matter too much. My insulin doses have come down, some of my other diabetes medicines have reduced.”

These drugs are not without risks. According to the website of Wegovy, another popular brand, the most common side effects include nausea, diarrhea, vomiting, constipation, abdominal pain, and headaches.

And in a country where Bollywood stars and social media influencers heavily shape body image, doctors worry the drugs could be misused.

Some clinics have already started advertising these injections as part of pre-wedding crash slimming programs to help brides or grooms get into shape quickly for their big day.

“Whenever you have a surge in demand, especially with weight-loss drugs, there is bound to be misuse,” obesity specialist Dr. Rajiv Kovil told CNN.

“These are not meant for cosmetic slimming before a wedding or a party,” he cautioned.

“The management of obesity comes as a package; semaglutide is just one tool,” said Dr. Atul Luthra, endocrinologist at Fortis Hospital, near the capital New Delhi.

“Regular physical activity and a proper diet not only improve the efficacy of semaglutide but also help with its tolerability. If people don’t follow the required dietary precautions, they will experience more stomach and intestine-related side effects.”

Back in his doctor’s office, Chamadia scrolls on his phone, scanning news alerts about the soon-to-launch higher-dose injection pens. “It should have arrived in India by now,” he says, glancing at the doctor. For him, each delivery is more than a prescription refill – it’s a measure of progress, of finally gaining control over his health.

Doctors, meanwhile, are bracing for a flood of new patients seeking the injections – some, like Chamadia, who medically qualify, and others drawn by the lure of a quick fix.

For doctors and policymakers, the countdown will carry a different urgency: whether this new era of weight-loss drugs can meaningfully tackle an obesity epidemic projected to engulf nearly half a billion Indians, or whether it will leave the country chasing a solution in a syringe while ignoring the harder work of changing diets and lifestyles.

Chamadia, for one, is convinced. He is already urging his 38-year-old son, who is also struggling with obesity and diabetes, to join him in injecting appetite-suppressing drugs.

“This is not only about weight loss,” Chamadia insists. “It is about controlling everything else – sugar, fatty liver, lipids.”

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Monolithic Power Systems (MPWR) Is Up 9.4% After Dividend Hike And Revenue Guidance Update

In early February 2026, Monolithic Power Systems reported past fourth-quarter and 2025 results with higher sales year on year, issued first-quarter 2026 revenue guidance of US$770.0 million to US$790.0 million, announced a quarterly dividend increase from US$1.56 to US$2.00 per share, and outlined the planned retirement of long-serving CFO Bernie Blegen, with Corporate Controller Rob Dean to become interim CFO.
An interesting angle for investors is how the company is pairing a sizable dividend boost and above-consensus revenue outlook with a carefully managed finance leadership transition designed to maintain continuity.
With this backdrop, we’ll examine how the combination of stronger-than-expected revenue guidance and a higher dividend shapes Monolithic Power Systems’ investment narrative.

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To own Monolithic Power Systems today, you need to be comfortable paying a rich multiple for a company that is leaning into growth, capital returns and a complex end-market mix. The latest quarter reinforced that picture: revenue continued to rise year on year, Q1 2026 guidance of US$770.0 million to US$790.0 million came in above prior expectations, and the dividend was lifted to US$2.00 per share, even as earnings over the past year were lower than the prior period and net margins compressed. Those moves, together with a share price that has already run hard, keep execution risk and valuation front and center over the short term. The planned CFO transition, with a long-tenured insider stepping in as interim, appears designed to limit disruption rather than change the thesis in a material way.

However, investors should be aware that paying up for strong guidance does not remove valuation and execution risk. Monolithic Power Systems’ shares are on the way up, but could they be overextended? Uncover how much higher they are than fair value.

MPWR 1-Year Stock Price Chart

Twelve Simply Wall St Community fair values span roughly US$428 to about US$1,198 per share, underlining how far apart private investors can be on MPWR. Set against rich current multiples and a higher dividend commitment, that spread invites you to weigh differing views on how much growth and margin resilience the business can realistically deliver.

Explore 12 other fair value estimates on Monolithic Power Systems – why the stock might be worth as much as $1198!

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Washington Post publisher Will Lewis abruptly resigns amid criticism of staff cuts | Washington Post

Will Lewis, the Murdoch media veteran who took over as publisher and chief executive of the Washington Post in early 2024, announced abruptly on Saturday evening that he is leaving the company.

His departure comes just three days after the Post laid off nearly one-third of its entire staff, citing the need to cut costs and reposition the money-losing publication. Lewis, who did not appear on the all-staff meeting during which the cuts were announced, has faced criticism for his absence and leadership.

“All – after two years of transformation at The Washington Post, now is the right time for me to step aside,” Lewis wrote in an untitled email to Post staffers obtained by the Guardian. “I want to thank Jeff Bezos for his support and leadership throughout my tenure as CEO and Publisher. The institution could not have a better owner.”

Lewis then addressed some of the criticism that the Post has received in recent days, including from many current employees. At least 300 journalists were cut from the Post’s newsroom in one of the largest round of layoffs in American media history.

“During my tenure, difficult decisions have been taken in order to ensure the sustainable future of The Post so it can for many years ahead publish high-quality nonpartisan news to millions of customers each day,” Lewis wrote, signing off: “With gratitude, Will.”

Jeff D’Onofrio, who only joined the Post in June as chief financial officer, will serve as acting publisher and chief executive.

“This is a challenging time across all media organizations, and The Post is unfortunately no exception,” D’Onofrio wrote in a memo to staffers. “I’ve had the privilege of helping chart the course of disrupters and cultural stalwarts alike. All faced economic headwinds in changing industry landscapes, and we rose to meet those moments. I have no doubt we will do just that, together.

“I’m honored to take the helm as acting Publisher and CEO to lead us into a sustainable, successful future with the strength of our journalism as our north star,” he wrote. “I look forward to working shoulder to shoulder with all of you to make that happen.”

Bezos, who has owned the Post since 2013, and who has received heavy criticism in recent days for his stewardship of the publication, released a statement touting the Post and its new leadership team – without addressing Lewis’s tenure overseeing the company.

“The Post has an essential journalistic mission and an extraordinary opportunity. Each and every day our readers give us a roadmap to success. The data tells us what is valuable and where to focus,” Bezos said. “Jeff, along with [executive editor Matt Murray] and [opinion editor Adam O’Neal], are positioned to lead The Post into an exciting and thriving next chapter.”

During an interview last week, Murray defended Lewis when asked about his absence. “Look, Will has been engaged with me very closely on this for a long time,” Murray told Fox News. “And there were a lot of things that the company did and Will was engaged with all across the company, and I wasn’t. He had a lot of things to tend to today.”

Lewis also faced criticism when a former Post sports reporter published a photo of him at the festivities for Sunday’s Super Bowl, even after the Post largely destroyed its sports section, laying off writers who cover football.

Lewis, 56, joined the Post after a lengthy career working for Rupert Murdoch’s media properties. Most recently, Lewis had spent six years as chief executive officer and publisher of the Wall Street Journal, departing in 2020.

Lewis began his career as a journalist at the Financial Times. After working as business editor at the Sunday Times and editor in chief of the Telegraph from 2005 to 2010, Lewis was appointed group general manager at what was then called News International.

He played a key role in handling the aftermath of the hacking scandal that enveloped Murdoch’s UK media properties as part of the company-created management and standards committee that handled the company’s interactions with police investigating the allegations. Lewis said upon joining the Post that he did not plan to discuss his role in the aftermath of the hacking scandal any further.

His departure was celebrated by some current and former Post journalists who spoke with the Guardian.

“Will can put on British charm and knows how to manage up but eventually results matter,” said Glenn Kessler, a former Post journalist who has been critical of the paper’s leadership. “Every initiative he launched failed and he never found a way to boost readers for the Post.”

“Will Lewis’s exit is long overdue. His legacy will be the attempted destruction of a great American journalism institution,” said the union representing most Post employees. “But it’s not too late to save The Post. Jeff Bezos must immediately rescind these layoffs or sell the paper to someone willing to invest in its future.”

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Why BofA’s Hartnett Sees A Main Street Boom Ahead Of The Midterms

Bank of America’s top investment strategist Michael Hartnett is urging investors to flip the script, backing Main Street over global elites as cooling inflation, AI disruption and political pressure reshape markets ahead of U.S. midterms.

The expert laid out a bold call in his latest Flow Show report: Investors should “stay long Detroit, short Davos” — favoring U.S. small and mid‑caps, banks, REITs, emerging markets, and international equities over the so‑called Magnificent 7 and other Big Tech giants.

Hartnett’s core message is that markets are beginning to price a political and economic pivot toward affordability.

That shift matters.

Don’t Miss:

Assets punished during the big bond bear market of the early 2020s are quietly outperforming the elite “Davos” trades that dominated portfolios for years.

Since the Trump inauguration in January 2025, the so-called “Bro Billionaire” basket – an equally weighted mix of Nvidia Corp. (NASDAQ:NVDA), Meta Platforms Inc. (NASDAQ:META), Palantir Technologies Inc. (NYSE:PLTR), Tesla Inc. (NASDAQ:TSLA), ARK Innovation ETF (NYSE:ARKK), Apollo Global Management Inc. (NYSE:APO), Blackstone Inc. (NYSE:BX), Oracle Corp. (NYSE:ORCL), Coinbase Global Inc. (NASDAQ:COIN), and Bitcoin (CRYPTO: BTC) are up roughly 6%, while U.S. small caps – tracked by the iShares Russell 2000 ETF (NYSE:IWM) – are up closer to 13%.

That divergence may look modest, but historically it’s how regime changes begin: slowly, then suddenly.

The expert indicates that a series of macroeconomic and political shifts are underpinning this rotation. With inflation surprises tilting to the downside and artificial intelligence (AI) adoption cooling the labor market, affordability pressures — on energy, healthcare, credit, housing, and electricity — have moved to the political foreground.

Hartnett said the team stays long Main Street and short Wall Street until Trump’s approval rating rises on affordability-focused policy.

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A key risk sits with the former market leaders as Hartnett warns of a flip from asset-light to asset-heavy business models.

AI hyperscalers are expected to spend $670 billion on capex in 2026, consuming 96% of their cash flow, compared with roughly $150 billion or 40% of their cash in 2023.

That changes everything.

The leaders of the 2020s — the Magnificent Seven — are no longer the cleanest balance sheets in the market.

They’re no longer the biggest buyback engines.

According to Hartnett, Wall Street isn’t abandoning AI — it’s rotating from AI spenders to AI beneficiaries, from services to manufacturing, from hype to cash flow.

See Also: Americans With a Financial Plan Can 4X Their Wealth — Get Your Personalized Plan from a CFP Pro

Hartnett sees a historical pattern where major global events trigger long-term shifts in market leadership.

From gold after Bretton Woods to bonds in the Volcker era, U.S. stocks during globalization, commodities after China’s WTO entry, and megacap tech after COVID, leadership has consistently rotated following big events.

He sees 2025 as the next inflection point, marking a shift away from U.S. exceptionalism toward global rebalancing.

In this new cycle, Hartnett expects U.S. small and mid-cap stocks, financials, regional banks, REITs, and real assets to outperform, alongside international equities, China’s consumer sector, and emerging market commodity producers.

Conversely, he warns that high-valuation, asset-light Big Tech leaders face rising risk as capital rotates toward more traditional, income-generating parts of the economy.

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This article ‘Stay Long Detroit, Short Davos’: Why BofA’s Hartnett Sees A Main Street Boom Ahead Of The Midterms originally appeared on Benzinga.com

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Get Ready for Double Whammy of US Jobs and Inflation

This content was published on

February 7, 2026 – 22:00

(Bloomberg) — Investors and policymakers are gearing up for a busy week of US economic reports that includes arguably the two most consequential data snapshots — employment and inflation.

The January jobs report on Wednesday and the consumer price index, due Friday, are unusually close together on the calendar after the partial government shutdown delayed each by a few days. Normally, the jobs report lands on a Friday and CPI comes the following week.

The employment report will be even more substantive than usual. In addition to the monthly payrolls and unemployment numbers, each January release includes an annual revision to the jobs count. The so-called benchmark update is expected to reveal a notable markdown to payrolls growth in the year through March 2025.

As for the regular monthly figures, economists predict payrolls rose 69,000 in January. Such an outcome would be the best in four months and offer some reassurance against further softening in the labor market. The unemployment rate is seen holding at 4.4%, near a four-year high.

In the CPI data, economists will look for more evidence that inflation is on a downward trend after previous reports were complicated by last year’s record-long government shutdown. Forecasters expect an underlying metric of inflation — which excludes food and energy costs — to rise at the slowest annual pace since early 2021.

The Federal Reserve chose to hold interest rates steady in January given signs of stabilization in the labor market and inflation that’s still elevated. Fed Governors Christopher Waller and Stephen Miran, who both dissented in favor of another rate cut, will speak in the coming week.

What Bloomberg Economics Says:

“For payrolls, we estimate the BLS benchmark revision will lower the level for March 2025 by about 650K jobs — somewhat less pessimistic than the consensus. January’s jobs print may surprise on the low side, as the BLS’s modifies its ‘birth and death’ model to account for recent hiring weakness.”

—Anna Wong, Stuart Paul, Eliza Winger, Chris G. Collins, Alex Tanzi and Troy Durie, economists. For full analysis, click here

Government figures on Tuesday are projected to show another month of solid retail sales in December. Despite elevated anxiety about the high cost of living and the shaky job market, household spending has been resilient — a trend that many economists expect to endure in the near term as annual tax refunds roll out.

While household spending growth has been solid, the housing market remains bogged down by affordability constraints. National Association of Realtors data due on Thursday will probably show sales of previously owned homes declined in January.

For more, read Bloomberg Economics’ full Week Ahead for the US Looking north, the Bank of Canada’s summary of deliberations will offer insight into its decision to hold rates steady for a second consecutive meeting, while warning that heightened uncertainty made its next move hard to predict. Senior Deputy Governor Carolyn Rogers will speak on Thursday about how artificial intelligence is impacting the economy.

Elsewhere, Japan’s election, inflation data from China to Switzerland to Brazil, gross domestic product in the UK, and rate decisions from Russia to Peru may focus investors.

Click here for what happened in the past week, and below is our wrap of what’s coming up in the global economy.

Asia

China sets the tone early with January credit data, including new yuan loans, aggregate financing, and money supply figures.

Investors want to see whether easier policy is translating into stronger economic momentum. Inflation readings later in the week, including producer and consumer prices due Wednesday, should help clarify whether deflationary pressures are easing or becoming more entrenched.

Fresh off a national election, Japan gets a big batch of data on Monday, with cash earnings and real wage data for December expected to shed light on whether income growth is fueling prices. Balance-of-payments figures are released the same day, while machinery orders later in the week will offer an update on capital spending momentum.

In Australia, attention turns to domestic demand indicators arriving Tuesday, including household spending for December and consumer confidence readings. The figures land a week after the Reserve Bank’s hawkish pivot.

South Korea has January unemployment data on Wednesday.

In Southeast Asia, the spotlight turns to growth. Malaysia releases fourth-quarter GDP on Friday, alongside current-account figures, offering insight into domestic demand.

India publishes January inflation on Thursday, a key test for the Reserve Bank of India as it weighs the scope for easing later this year. Food prices remain a swing factor, and any upside surprise could complicate the policy outlook.

In sum, the week’s data will help determine whether Asia’s cooling inflation narrative is intact — or whether, as Australia’s experience shows, central banks risk being pushed into a more stop-start policy path as growth and prices diverge across the region.

For more, read Bloomberg Economics’ full Week Ahead for Asia Europe, Middle East, Africa

Following the Bank of England’s close vote against a rate cut — and Governor Andrew Bailey’s apparent endorsement of bets on a 50% chance of a March move — data in the coming week will reveal the strength of the economy in the fourth quarter. Most analysts predict only a slight acceleration to growth of 0.2% from the prior three months.

Officials scheduled to speak include key voters including Bailey himself on Sunday and Catherine Mann on Monday. Chief economist Huw Pill is on the diary for Friday.

In the euro zone, following the European Central Bank’s decision to keep borrowing costs unchanged, an appearance on Monday in the European Parliament by President Christine Lagarde is among several by policymakers in the coming days. Data on trade and a second reading of GDP are due on Friday.

On Thursday, European Union leaders will gather for a meeting focused on improving the bloc’s single market — for which the ECB has provided a checklist of desired measures.

Switzerland’s inflation number on Friday may draw attention, with a result of just 0.1% — at the lower end of the Swiss National Bank’s target range — predicted by economists. Some even forecast a return to zero price growth, while the central bank chief, Martin Schlegel, has acknowledged that more negative readings are possible this year.

Both Norway and Denmark will release inflation numbers on Tuesday following Norway’s GDP reading the previous day.

For more, read Bloomberg Economics’ full Week Ahead for EMEA The diary features a number of central bank decisions around Africa:

Uganda on Monday and Mauritius on Wednesday are expected to leave their rates steady at 9.75% and 4.5% respectively, as policymakers assess the inflation trajectory. Kenya on Tuesday and Zambia on Wednesday are likely to reduce borrowing costs. Kenya’s central bank is seen cutting its rate by 25 basis points to 8.75%, with inflation likely to stay within its target band in the near term. Zambia is expected to deliver a 50 basis-point cut, to 13.75%, anticipating price growth to slow. Eastern Europe will also see some decisions:

On Thursday, the National Bank of Serbia may extend its long streak of unchanged rates amid slowing inflation and early signs of a pickup in growth. The Bank of Russia will likely choose between a third consecutive modest 50 basis-point cut or a hold at 16% at its first meeting of the year on Friday, as policymakers wonder if the inflation effects of a hike in value-added tax could persist. Consumer-price data later that day may show an acceleration. Latin America

Mexico-watchers on Monday get both mid- and full-month consumer price reports as a follow-up to the central bank’s decision to pause at 7%.

Inflation picked up in early January, which to some analysts may push Banxico to the sidelines until the second quarter, when pressures related to newly enacted tariffs and excise tax hikes, along with a minimum wage increase, subside. Analysts in Citi’s latest Mexico Expectations Survey see annual prints creeping higher in January and February.

Brazil will also post its January inflation report, which is likely to show some uptick after ending 2025 within the central bank’s target range. Consumer price increases overshot the top of the target range in three of the previous four years.

Banco Central do Brasil stands poised to finally begin whittling away at its 15% key rate next month, but how fast and how far remain open questions.

Argentina’s inflation ended 2025 moving in the wrong direction, with the annual reading posting slight increases in November and December while the monthly rate rose for four straight months.

Economy Minister Luis Caputo sees January’s monthly result likely coming in near December’s 2.8%, which implies a year-on-year figure of 32.2%.

Analysts in the central bank’s most recent survey marked up their 2026 inflation forecast to 22.4% from 20.1% previously.

Peru’s central bank board meets Thursday, with the country’s economy in no need of stimulus and inflation running below the 2% midpoint of its 1% to 3% target range. A fifth straight hold at 4.25% looks nearly certain there.

For more, read Bloomberg Economics’ full Week Ahead for Latin America –With assistance from Swati Pandey, Monique Vanek, Robert Jameson, Mark Evans, Laura Dhillon Kane, Tony Halpin and Kira Zavyalova.

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