Upside Ahead for Gold and Silver; DXY Below $100.25 We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass). We will maintain our bullish intermediate-term outlook as long as market dynamics remain healthy and the S&P 500 (SPX) is above 6200. We have also discussed weekly since our 10/14/25 Compass how our near-term bullish outlook remains intact as long as the SPX holds above the 3-month uptrend, which coincid...
The tariff war has eased, but with Trump, uncertainty has become a guarantee. While the macro-economic impact has been limited so far, the prolonged situation could still result in significant and long-lasting economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List. The Federal Reserve (FED) has started its easing cycle, but the final amount of interest rate cuts is uncertain. The European Central Bank (ECB) has now largely completed its interest rate cutting ...
In a world in which organic trends are slowing down, Eurocommercial Properties' results showed its LFL growth accelerated in 3Q25 thanks to successful remerchandising projects in Woluwe and Carosello - indicating improved performance in terms of footfall, retailer sales and renegotiations. OCR remains light and best-in-class at 10%, leaving room for future rental income growth. On the back of these 9M results, we fine-tune our estimates making limited changes only (2025F EPS up 0.5%). Valuation ...
Arcadis: Feedback from conference call 3Q25. Belgian telcos: Telenet positive net adds in broadband, near ECM decision. CTP: 34k sqm lease signed in Poland. Eurocommercial Properties: Organic momentum is getting stronger. Fugro: Reasonable 3Q, challenging 4Q and beyond. Heijmans: Order book quality improves further. KPN: VodafoneZiggo guidance maintained, ECM decision near. Proximus: CPaaS peer Twilio reports strong 3Q25 results. Retail Estates: Jysk new tenant of 5 Leen Bakker B...
Eurocommercial reports results in line with our expectations at EUR 1.85 direct investment result per share vs. 1.83 KBCSe (+1.1% YoY). The rental income growth accelerated at 3.6% like-for-like (1.7% above inflation) driven by rent reversion, stable (+10bps) vacancy and higher retail sales (+4.1% vs 2.6% in 1H25). The like-for-like growth is mainly driven by the Italian portfolio at +5.1%. The average rent collection dropped from 99.0% to 98.0% coming from the French portfolio (92% in 3Q25). Th...
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