External broker reports(aggregated public sources), ABN AMRO

ABN AMRO

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>The euro’s sensitivity to energy prices has shifted, but the recent rise in energy prices has again weighed on the currency</li><li>Financial markets are testing how far the authorities will tolerate yen weakness</li><li>The Reserve Bank of New Zealand raised rates by 25 bp and signalled that further rate hikes are likely</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The euro’s sensitivity to energy prices has shifted, but the recent rise in energy prices has again weighed on the currencyFinancial markets are testing how far the authorities will tolerate yen weaknessThe Reserve Bank of New Zealand raised rates by 25 bp and signalled that further rate hikes are likelyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

High Conviction Concentrated Growth Investing, Fallacy Alarm

Fallacy Alarm

High Conviction Concentrated Growth Investing

High conviction concentrated growth investing. Blends single stock, macro and thematic research into powerful long and short ideas. I am convinced that a robust and comprehensive investment process requires macro and micro considerations. And it requires a deep understanding what you are looking for and what you are invested in. Digitization has changed the dynamics both how businesses operate and how investors compete for returns. Ideas can scale much faster and fail much faster than before. The biggest value creation happens before it can be spotted in financial statements. As a result, my approach can be best summarized as high conviction, high concentration growth investing, embedded into a macro framework built on the realization that our current demographic set-up, monetary paradigm and innovation cycle will likely deliver a strong decade for nominal and real returns of productive assets.

Technical Analysis

<ul><li>Since late 2023, Momentum has been outperforming all other investment factors with a persistency and a dominance that has rarely been observed before.</li><li>The convergence of three feedback loops makes that possible.</li><li>Interest Loop: Interest expenses are now accounting for 60% of the Treasury’s deficit.</li></ul>

Since late 2023, Momentum has been outperforming all other investment factors with a persistency and a dominance that has rarely been observed before.The convergence of three feedback loops makes that possible.Interest Loop: Interest expenses are now accounting for 60% of the Treasury’s deficit.

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Macroeconomics

<ul><li>Belgium’s economy is expected to maintain a steady growth trajectory, with real GDP growth projected to reach 0.97% in 2026 and 1.19% in 2027, while the growth rate for 2025 has been adjusted to 0.84%.</li><li>Investment as a share of GDP is expected to remain steady, at around 24.10% throughout the projection period, while Gross National Savings are estimated to decrease slightly from 23.23% of GDP in 2024 to 22.67% by 2027.</li><li>Both government revenue and expenditures are expected to rise significantly in the upcoming years, according to the latest IMF forecasts.</li></ul>

Belgium’s economy is expected to maintain a steady growth trajectory, with real GDP growth projected to reach 0.97% in 2026 and 1.19% in 2027, while the growth rate for 2025 has been adjusted to 0.84%.Investment as a share of GDP is expected to remain steady, at around 24.10% throughout the projection period, while Gross National Savings are estimated to decrease slightly from 23.23% of GDP in 2024 to 22.67% by 2027.Both government revenue and expenditures are expected to rise significantly in the upcoming years, according to the latest IMF forecasts.

Belgium Economy: Quarterly Macro Note - June 21, 2026

Decoding the Future of MENA Financial Markets, MENA Market Lab

Denis Collot

Decoding the Future of MENA Financial Markets

MENA Market Lab

Decoding the future of Middle East and North Africa Financial markets

Cross Asset Strategy

<ul><li>Non-oil PMIs recover in the region.</li><li>Neom has budgeted 16 bn $ over four years to terminate long-term contracts.</li><li>Saudi banks’ NFA improve on government entities’ foreign currency deposits. Saudi FX, forty years of peg at 3.75 !</li></ul>

Non-oil PMIs recover in the region.Neom has budgeted 16 bn $ over four years to terminate long-term contracts.Saudi banks’ NFA improve on government entities’ foreign currency deposits. Saudi FX, forty years of peg at 3.75 !

<ul><li>The net foreign assets of the banking sector rose in April. Record high remittances in March with 5.5 bn $.</li><li>Non-oil PMI a fraction higher but still below 50.</li><li>Hearing news of incoming missiles in Israel and jet attacks over Tehran.</li></ul>

The net foreign assets of the banking sector rose in April. Record high remittances in March with 5.5 bn $.Non-oil PMI a fraction higher but still below 50.Hearing news of incoming missiles in Israel and jet attacks over Tehran.

United States

The US dollar is the official currency of the United States of America.

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FX Weekly - Energy prices back in focus

Financial markets are testing how far the authorities will tolerate yen weakness. The Reserve Bank of New Zealand raised rates by 25 bp and...

ABN AMRO

Momentum Trifecta

Since late 2023, Momentum has been outperforming all other investment factors with a persistency and a dominance that has rarely been observed before.

Fallacy Alarm

Belgium Economy: Quarterly Macro Note - June 21, 2026

Belgium’s economy is expected to maintain a steady growth trajectory, with real GDP growth projected to reach 0.97% in 2026 and 1.19% in 2027,...

VRS (Valuation & Research Specialists)

Middle East FX, June 9th 2026

Non-oil PMIs recover in the region. Neom has budgeted 16 bn $ over four years to terminate long-term contracts. Saudi banks’ NFA improve on...

MENA Market Lab

Egypt (June 8th 2026)

The net foreign assets of the banking sector rose in April. Record high remittances in March with 5.5 bn $. Non-oil PMI a fraction higher but...

MENA Market Lab

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