The Point for CEEMEA

Research evidence excerpt

The Point for CEEMEA

achieving greater liquidity for TABGD and broader institutional ownership post

recent share transfer, and (2) entering a "next chapter" being "well positioned" to

accelerate next phase of international expansion. Currently, we do not model any

growth outside of Turkey for TABGD, so a successful pilot phase and scaling

outside of Turkey could represent upside risks to growth.

Maxim Nekrasov

Sector

Monday Mining Minutes - Market pricing in lower commodity prices for big

diversified miners

MUSINGS – The market is currently pricing in lower commodity prices for the big,

diversified miners. For example, we estimate both BHP and RIO are now pricing in -

10% and -8% lower commodity prices whereas GLEN continues to price in

significantly lower commodity prices (-45% on our estimates, reflecting ESG

concerns).

Ephrem Ravi | Shashi Shekhar, CFA | Krishan M Agarwal

Retail, Internet and Brands - Citi’s Consumer Checkout: NKE Tariff refunds pave

way for peers to follow suit; largest earnings uplift for PUM / ADS / HMB

At its 4Q results earlier this week (30-Jun), NKE noted it now expects to receive a

one-time benefit of $986m relating to the recovery of IEEPA tariffs, with >$300m

having been already collected. We see positive read-across to all industry players

(albeit to a less material extent given relative geographical exposures). We had

previously flagged in Mar-26 that the path to refunds appeared more certain

following the Supreme Court ruling in Feb-26, but at the time, the timeline and

mechanism for refunds remained unclear. The latest development at NKE gives us

confidence that other global retailers will follow suit and apply for refunds. We

expect Puma, Adidas and H&M to see the largest EBIT uplifts from potential IEEPA