CONNECTING THE DOTS HALO Phase 2, Green Barometers, China LLMs, El Nino and TGS plus key research

研报英文原文证据摘录

CONNECTING THE DOTS HALO Phase 2, Green Barometers, China LLMs, El Nino and TGS plus key research

Goldman Sachs Connecting the Dots

Europe Capital Markets - Strong 2Q trends point to earnings upgrades; focus on Flatex

(on CL) into result.

London Stock Exchange Group (LSEG.L): Buy - Oliver Carruthers highlights a focus on

model context protocol (MCP) commercialisation, structural drive of data consumption /

vendor consolidation, and sees the AI risk as overdone. Podcast here where Oliver

discusses his feedback from meeting with LSEG’s Chief Information Officer on data

consumption.

Commodities Updates

Oil Tracker: Negative Supply News From Gulf and Russia - Yulia Zhestkova Grigsby notes

oil flows had recovered to 80% of pre-war within first 10D, but recent attacks have taken

them back to low 70s% of normal. Russia oil attacks have also kept refinery margins at

very high levels. See also: Prices at the Pump: Persistently Pricey

Europe Metals & Mining JunQ: Inflation back in focus. Positioning for Tighter

Commodities. Upgrade GLEN to Buy - Matt Greene remains constructive on copper, zinc

and metallurgical coal, where he sees tightening physical markets driven by supply

outages or risk of trade policy. Given this outlook, he upgrades Glencore to Buy,

reflecting its exposure to his preferred commodities, with potential upside from

Marketing earnings and attractive valuation relative to diversified peers.

Matt Greene also hosted two calls with Trading (GBM) on Metals, discussing what

caught traders by surprise, and what matters most from here. Listen here for Bulks and

Metals.

El Niño

Agriculture Analyst: Risks to Agricultural Prices From Food and Energy Security Policy -

Lina Thomas highlights the concentrated supply chain in crops is at risk given