Cross-Commodity Outlook – The US-Iran MoU is a big deal, setting the stage for renewed oil surplus, higher metals prices; Metal Matters – Copper Book 2026 – Structural tailwinds and cyclical sensitivity pave path to $15/k copper

研报英文原文证据摘录

Cross-Commodity Outlook – The US-Iran MoU is a big deal, setting the stage for renewed oil surplus, higher metals prices; Metal Matters – Copper Book 2026 – Structural tailwinds and cyclical sensitivity pave path to $15/k copper

Accenture Ltd (ACN.N) - Alarm Bells Ringing

Unfortunately, Accenture’s outlook became even more uncertain after its F3Q26

earnings report due to the lingering Middle East impact and bookings weakness in

Managed Services, while M&A spend is increasing away from services to higher

growth software (what does this say about ACN’s confidence in the services

market?). We believe GenAI’s deflationary pressure on services is much stronger

than its lift from companies investing more to realize the new AI-related

opportunities, causing pressure to ACN’s top-line. The new annual FY26 Y/Y CC

revenue guidance of 3–4% missed our expectations of 4–5%, as organic revenue

growth continues to deteriorate. ACN is hosting an Investor Day in NYC on 14

October to highlight its growth prospects and will attempt to change negative

investor sentiment. We remain Neutral but cut our TP to $135 from $195 due to

peer-group multiple compression caused by declining organic revenue growth and

an uncertain outlook.

Neutral | Target price US$135.00

Bryan Keane

Citi vs Consensus

Western Europe Electrical Equipment - Powering ahead: Datacentre GW growth

matters more than technology mix through 2030

While electrical equipment stocks continue to be seen as key beneficiaries of

datacentre growth, there is increasing focus on the relative growth outlooks

between stocks, most notably around potential exposure to future architectures

like 800v DC and optical switches. Given the range of technologies supplied, the