The Point for Australia/NZ

Research evidence excerpt

The Point for Australia/NZ

along with exposure to a growing energy infrastructure stream, with increased

government focus on domestic energy security driving investment opportunities.

We also see potential for growth from data center energy demand benefitting

APA's power generation business. We rate APA Buy, forecasting ~8% free cash

yield with 3%+ p.a. free cash growth out to FY30.

Suraj Nebhani, CFA | Howard Penny | Akshit Batra

Global

Global Multi-Asset - Turmoil in the Middle East—Implications for Supply Chains

Economics View: The interim agreement between the United States and Iran has

allowed oil prices to decline and has eased headwinds restraining the global

economy. Even so, it is too soon to say that conflict-related challenges are entirely

behind us. The durability of the deal remains to be seen, and the conflict has done

damage to productive infrastructure across the Middle East. An important

implication is that supply-chain pressures are likely to linger. Consistent with this

view, our Citi Global Supply Chain Pressure Index has already tightened

significantly and, as such, we see some looming challenges for global growth and

inflation. Equity View: The sectors most at risk, including Aluminum,

Petrochemicals, and Fertilizers, look poised to endure a sustained period of

pressures. In contrast, Helium & Chip Manufacturing and North American

Transport strike us as better positioned.

Nathan Sheets | Cole Langlois | Laura (Chia Yi) Chen | Peter Lee | Elizabeth Sun, CFA

Monday Mining Minutes - Large Caps mostly leading TSR of mining sector YTD,

dividends a minor contributor

MUSINGS – Miners continued to deliver positive shareholder returns in 2026 ytd

following a c65% positive return last year. The large cap sector has delivered c25%