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  1. The Energy Transition – One of the Megatrends of Our Generation

    The Energy Transition – One of the Megatrends of Our Generation

    Integral to our investment analysis is evaluating not just how a company’s strategy affects earnings, cash flows, and returns but also the change in its CO2 intensity. We do so with our proprietary interactive Emissions Metric Model, which measures the change in CO2 emissions per unit of energy. We are launching our CS Emissions Metric Model.

  2. Proprietary Survey Shows Physicians Growing Interest in Hemophilia Gene Therapy

    Proprietary Survey Shows Physicians Growing Interest in Hemophilia Gene Therapy

    Hemophilia is a rare, X-linked recessive genetic disorder characterized by insufficient production of a protein necessary to clot. There are approximately ~20,000 hemophilia patients in the US and ~200,000 patients worldwide.

  3. Further rise in tech supply chain inventory moving the industry closer to cyclical adjustments

    Further rise in tech supply chain inventory moving the industry closer to cyclical adjustments

    Semiconductor inventory was up to 95 days in 1Q22, above the 85-day 1Q average since 2019 and the 77-day median of the past decade. Global fabless inventory is up to 102 days now, above the high end of its 67- to 99-day range owing mainly to aggressive wafer procurement and slower consumer demand. IDM inventory ex-Intel was also up in the upper half of its 90- to 130-day 10-year range, but restocking continues for broad-based demand. The profile is consistent with our observations on easing display, mobile, and consumer component tightness, but still-tight analog IC supply.

  4. Cloud Migrations in China

    Cloud Migrations in China

    Digital transformation is driving the rapid development of China's public cloud market. Enterprises have accelerated the speed of cloud adoption. They are also moving towards hybrid/multi-cloud deployments such as private Cloud, dedicated Cloud, and edge cloud. International Data Corporation estimates China's whole cloud market (including Cloud as a Service, cloud-related IT services, and cloud infrastructure construction) to have reached US$63.7bn in 2021.

  5. Key Takeaways from the 2022 Healthcare Insurance Symposium

    Key Takeaways from the 2022 Healthcare Insurance Symposium

    The enhanced HIX subsidies implemented last May could be extended, but closing the coverage gap in Medicaid is not expected to pass. Our expert believes that further delays in clinical lab PAMA cuts could be extended for another year as part of an Omnibus 2023 Appropriations bill that could pass in 4Q22 or 1Q23.

  6. How Sustainable Is Demand in the European Chemical Sector?

    How Sustainable Is Demand in the European Chemical Sector?

    We refreshed our industry supply and demand estimates to incorporate a grey-sky scenario and assess potential earnings downside. Additionally, we compared current performance with midcycle and bottom-quartile history.

  7. Considering Canada's Commodity Complex

    Considering Canada's Commodity Complex

    From the commodity development point of view, Canada fares well, with a large landmass (the second largest country), an abundance of multiple natural resources, and a somewhat small population base. With the growing prominence of themes around de-globalization, balkanization, and more narrowly focused economic arrangements, the potential resource base within one's borders looks to become a more critical theme versus reliance on imports – especially from countries outside alliances and trade blocks.

  8. How Will China's Economy Overcome Its Covid Setbacks?

    How Will China's Economy Overcome Its Covid Setbacks?

    With top policymakers maintaining their original 2022 economic target, FAI (especially infrastructure) is likely to become the primary driver to stabilise economic growth. Fiscal policy will likely take the lead, supported by  possible special sovereign bonds on top of local special bonds set to complete issuance in June. Property relaxation will remain the policy focus.

  9. Enabling the "Net" in Net Zero

    Enabling the "Net" in Net Zero

    Demand for carbon offset credits will grow significantly in the coming years. A third of the world's 2,000 largest companies have made a net-zero or equivalent commitment, and 56% have an execution strategy; of those, nearly half plan to use offsets to help them meet climate goals. As global government policies continue to lag corporate commitments on climate actions, the demand for "high quality" carbon credits will inevitably grow. By most industry estimates, offset demand could reach 1 billion tonnes by 2030, >5x the 2021 level, driven by aviation, financial services and the energy sector.

  10. Inflation In India - What's Next?

    Inflation In India - What's Next?

    We find two distinct inflation impulses (defined as above seasonal MoM changes in the consumer price index, or CPI) behind the rise in India’s CPI inflation from 4.3% YoY in Sep-2021 to 7.8% in Apr-2022.