External broker reports(aggregated public sources), ABN AMRO

ABN AMRO

External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>The return of president Trump to the White House is likely to mean a significant rise in US import tariffs in 2025</li><li>China will bear the brunt, but Europe will also be hit</li><li>Global trade and growth will initially benefit from a frontloading ahead of the tariff rises, before slowing sharply later in 2025</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The return of president Trump to the White House is likely to mean a significant rise in US import tariffs in 2025China will bear the brunt, but Europe will also be hitGlobal trade and growth will initially benefit from a frontloading ahead of the tariff rises, before slowing sharply later in 2025Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>This analysis shows that the emission reduction trend in sectors in the post-Paris period (2017-2023) would not – if it continued – lead to achieving the 2030 target</li><li>Indeed, following the post-Paris period trend in GHG emissions, the 2030 emissions reduction target (55% below 1990 level) will not be achieved, with a 5% gap</li><li>The recent analysis by the Netherlands Environmental Assessment Agency (PBL) even suggests that on the basis of current policies the post-Paris emission reduction trend will slow for many sectors</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

This analysis shows that the emission reduction trend in sectors in the post-Paris period (2017-2023) would not – if it continued – lead to achieving the 2030 targetIndeed, following the post-Paris period trend in GHG emissions, the 2030 emissions reduction target (55% below 1990 level) will not be achieved, with a 5% gapThe recent analysis by the Netherlands Environmental Assessment Agency (PBL) even suggests that on the basis of current policies the post-Paris emission reduction trend will slow for many sectorsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ESG Economist - Five climate challenges in Dutch climate sectors

<ul><li>Over the past year, very little progress was made in the ambition and implementation of policies to reduce greenhouse gas emissions globally</li><li>At the beginning of next year, countries have to submit their new national commitments to reduce emissions according to the global targets set out in the Paris Agreement (NDCs), with the end-point of the targets extended to 2035, from 2030</li><li>To keep the Paris goals within reach all countries, in particular the G20, have to overperform on their current 2030 climate targets</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Over the past year, very little progress was made in the ambition and implementation of policies to reduce greenhouse gas emissions globallyAt the beginning of next year, countries have to submit their new national commitments to reduce emissions according to the global targets set out in the Paris Agreement (NDCs), with the end-point of the targets extended to 2035, from 2030To keep the Paris goals within reach all countries, in particular the G20, have to overperform on their current 2030 climate targetsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

What to look for at COP29:  the cost of delay and the Trump victory

<ul><li>Following the September macro data and the October PMIs, the ‘hard’ activity data for October published this morning bring further signs that China’s growth momentum is picking up in the final quarter of this year.</li><li> Particularly retail sales came in stronger than expected, with annual growth rising to a ten-month high of 4.8% yoy (September: 3.2%, consensus: 3.8%). </li><li>On a monthly basis, retail sales grew by 0.4% mom s.a. (September: 0.6%). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Following the September macro data and the October PMIs, the ‘hard’ activity data for October published this morning bring further signs that China’s growth momentum is picking up in the final quarter of this year. Particularly retail sales came in stronger than expected, with annual growth rising to a ten-month high of 4.8% yoy (September: 3.2%, consensus: 3.8%). On a monthly basis, retail sales grew by 0.4% mom s.a. (September: 0.6%). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China - October Data Suggest Demand Side Is Improving

<div data-component-type="rich-text"><ul><li>United States – A calm week for US data releases. We expect the S&amp;P manufacturing PMI to revert to trend at 48.0, while the services PMI remains high at 55.0. </li><li>After this week's surprisingly hawkish speech by Fed Chair Powell, markets will be looking at the upcoming appearances by Fed officials more closely.</li><li>Eurozone – On Friday, the eurozone PMIs for November will be published. PMIs are expected to remain roughly stable compared to October, with the manufacturing PMI staying in contractionary territory while the services PMI remains above 50, signaling expansion. </li></ul></div>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United States – A calm week for US data releases. We expect the S&amp;P manufacturing PMI to revert to trend at 48.0, while the services PMI remains high at 55.0. After this week's surprisingly hawkish speech by Fed Chair Powell, markets will be looking at the upcoming appearances by Fed officials more closely.Eurozone – On Friday, the eurozone PMIs for November will be published. PMIs are expected to remain roughly stable compared to October, with the manufacturing PMI staying in contractionary territory while the services PMI remains above 50, signaling expansion. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.