In today’s briefing:
- China’s Tire Sector Shifts To Next Gear In Global Consolidation
- Consolidation of The Copper Kingdom – The Anglo Teck Merger
- ECB: Balanced In The Good Place
- CX Daily: China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy War
- Real Estate: A Welcomed New Player in Town (Coverage Initiation)
China’s Tire Sector Shifts To Next Gear In Global Consolidation
- Sailun revives Bridgestone’s idle TBR plant, breaks ground in Egypt
- Chinese pneumatic tire exports climb 4.6% in value in H1 2025
- Jiangsu General ramps up projects in Thailand and Cambodia
Consolidation of The Copper Kingdom – The Anglo Teck Merger
- Anglo American (AAL LN) – BHP Group Ltd (BHP AU) fails in May 2024; 17 months later, Anglo American (AAL LN) – Teck Resources (TECK US) merge.
- The Anglo Teck portfolio will have more than 1.2 million tonnes of annual copper production, anchored by six world-class copper assets with more than 70% copper exposure.
- The company will divest its non-core assets, including DeBeers, steelmaking coal, nickel, and other similar assets, and pivot to consolidating/growing its copper operations.
ECB: Balanced In The Good Place
- Staying in the ECB’s “good place” encouraged a neutral bias around its unanimous decision for no change, while being appropriately open to tackling future shocks.
- Staff inflation forecasts still undershoot the target, with recent upside news seemingly postponing passthrough rather than trimming the extent into something like our view.
- President Lagarde sounded relaxed about France’s spread widening, and the ECB did not discuss the TPI. We still expect no ECB easing against this, or further rate cuts.
CX Daily: China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy War
- Delivery /: China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy War
- Environment /In Depth: Why ‘Green Tides’ Keep Rolling Into East China
- Drugmakers /In Depth: Disputed Sinovac Chairman Struggles to Retain Control Amid Multibillion-Dollar Dividend Payouts
Real Estate: A Welcomed New Player in Town (Coverage Initiation)
- After years of drought, NEXT’s IPO on the Mexican Stock Exchange is welcome news, particularly given its growing portfolio in Industrial Real Estate —our preferred real estate segment—, and a focus on Logistics —our preferred segment within Industrial Real Estate—. To be developed in several stages, NEXT’s offer included 9 properties (and slightly over 500k sqm of GLA), yet we expect a meaningful increase to over 7.0mn sqm pending regulatory approval after the recent (Aug. 25) shareholder vote to integrate the Jupiter (from e-Group) and FUNO’s industrial real estate portfolios.
- We are thus accounting for a complete consolidation during 4Q25, with FY26 the first full year with NEXT’s real estate portfolio.
- We therefore see NEXT as solidly positioned to capture current market trends in industrial real estate.
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