In today’s briefing:
- Primer: AT&T (T US) – Oct 2025
- The Volatility Playbook: Japan Vs. Developed Markets

Primer: AT&T (T US) – Oct 2025
- AT&T is undergoing a strategic refocus on its core telecommunications business, prioritizing 5G and fiber network expansion to drive future growth.
- The company exhibits stable financial performance with recent growth in service revenues and strong free cash flow, supporting network investments and shareholder returns.
- Significant challenges remain, including a substantial debt burden and intense competition in the mature U.S. telecom market, which could pressure margins and growth targets.
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The Volatility Playbook: Japan Vs. Developed Markets
- Amidst US-China tariff uncertainties and divergent central bank policies, a strategic approach to volatility across key global indices is being considered, aiming to capitalize on anticipated market shifts.
- The evolving political landscape in Japan, alongside a unique monetary policy trajectory, presents distinct volatility opportunities compared to volatility markets in the US and Europe.
- Part I explores a multi-leg volatility strategy, designed to leverage specific market conditions. Part II is a deep dive into VIX, VNKY, VSTOXX trading.
