Cinthia Aguilar/iStock via Getty Images By Tae Yoon Kim, CFA, FRM, Manager, Global Investment Research | Alex Nae, M.Sc., Quantitative Research Analyst, Global Investment Research Following Brazil [2], we continue the series of short insights into LatAm markets with an overview of Mexico. Since 2023, Mexico has become the most important US trading partner, accounting for 15.4% of total US imports;...
Cinthia Aguilar/iStock via Getty Images By Tae Yoon Kim, CFA, FRM, Manager, Global Investment Research | Alex Nae, M.Sc., Quantitative Research Analyst, Global Investment Research Following Brazil [2], we continue the series of short insights into LatAm markets with an overview of Mexico. Since 2023, Mexico has become the most important US trading partner, accounting for 15.4% of total US imports; IMF[3] estimates indicate that between 2017–2023, $70 billion (or circa. 45%) of Mexico’s export gains were attributable to US tariffs on China. This trade diversion effect has been further reinforced by global supply-chain shifts following the Covid pandemic and geopolitical disruptions, including the war in Ukraine[4]. Together, these factors have positioned Mexico as a central hub in North American manufacturing. The FTSE Mexico Index performance (TR, USD) was 54.1% in 2025 and 10.6% year-to-date[5] in 2026, whilst the FTSE Emerging and FTSE All-World indices returned 26.5% (7.3% YTD) and 23.1% (6.8% YTD), respectively. As a net exporter of crude oil, Mexico is relatively insulated from the effects of the Iran conflict. This aligns with our earlier note on Brazil, where we discussed how EM markets that are net oil exporters show a higher level of resilience to oil supply shocks. Thus, a continuation of the conflict is likely to have a milder negative impact on growth. Nearshoring ("Friendshoring") Figure 1: Value of US imports (U.S. Census Bureau). Source FTSE Russell/LSEG Datastream. Past performance is not a guide to future returns. Please see the end for important legal disclosures. Mexico has been one of the largest beneficiaries of the nearshoring trend, as proximity to the US makes it the de facto manufacturing hub for North America. As such, Mexico is part of the USMCA[1], where compliant exports receive preferential treatment, boosting trade and improving competitiveness for the country. Over 80% of its exports (>25% of GDP) go to the US and supply chains are de...
WW International (NASDAQ:WW), operator of WeightWatchers, reaffirmed its 2026 financial outlook after reporting first-quarter results that reflected continued pressure in its legacy behavioral subscription business, offset in part by growth in its clinical weight-management offering and higher-value
WW International (NASDAQ:WW), operator of WeightWatchers, reaffirmed its 2026 financial outlook after reporting first-quarter results that reflected continued pressure in its legacy behavioral subscription business, offset in part by growth in its clinical weight-management offering and higher-value
3 "Tollbooth" Stocks With Hidden Monopolies in Their IndustriesWW International (NASDAQ:WW), operator of WeightWatchers, reaffirmed its 2026 financial outlook after reporting first-quarter results that reflected continued pressure in its legacy behavioral subscription business, o
3 "Tollbooth" Stocks With Hidden Monopolies in Their IndustriesWW International (NASDAQ:WW), operator of WeightWatchers, reaffirmed its 2026 financial outlook after reporting first-quarter results that reflected continued pressure in its legacy behavioral subscription business, o
Small-Cap Titans: 3 Russell 2000 Winners for 2025WillScot (NASDAQ:WSC) reported first-quarter 2026 results that management said exceeded its expectations, as stronger large-project activity and rising activations helped offset continued softness in some local markets. The compan
Small-Cap Titans: 3 Russell 2000 Winners for 2025WillScot (NASDAQ:WSC) reported first-quarter 2026 results that management said exceeded its expectations, as stronger large-project activity and rising activations helped offset continued softness in some local markets. The compan
3 Companies Quietly Essential to Data Center and AI OperationsWilldan Group (NASDAQ:WLDN) reported a stronger-than-expected start to fiscal 2026, with executives citing margin expansion, improved productivity and rising demand for energy services as key drivers behind a raised fu
3 Companies Quietly Essential to Data Center and AI OperationsWilldan Group (NASDAQ:WLDN) reported a stronger-than-expected start to fiscal 2026, with executives citing margin expansion, improved productivity and rising demand for energy services as key drivers behind a raised fu
Beijing is moving to make green electricity usage a key metric in the operation of new data centre projects, as part of a major push to align the rapid expansion of artificial intelligence with national carbon goals, according to an action plan released Friday. The policy document, jointly released by four bodies – the National Energy Administration, National Development and Reform Commission, Min...
Beijing is moving to make green electricity usage a key metric in the operation of new data centre projects, as part of a major push to align the rapid expansion of artificial intelligence with national carbon goals, according to an action plan released Friday. The policy document, jointly released by four bodies – the National Energy Administration, National Development and Reform Commission, Ministry of Industry and Information Technology and National Data Administration – encouraged operators...
The Dow Jones Industrial Average (DJINDICES: ^DJI) , S&P 500 (SNPINDEX: ^GSPC) , and Nasdaq Composite (NASDAQINDEX: ^IXIC) rising under a sitting president is nothing new. The Dow or S&P 500 have gained in 26 of the last 33 presidential terms, dating back to 1896. But in terms of annualized returns, Wall Street's major stock indexes have gained more under President Donald Trump than under most oth...
The Dow Jones Industrial Average (DJINDICES: ^DJI) , S&P 500 (SNPINDEX: ^GSPC) , and Nasdaq Composite (NASDAQINDEX: ^IXIC) rising under a sitting president is nothing new. The Dow or S&P 500 have gained in 26 of the last 33 presidential terms, dating back to 1896. But in terms of annualized returns, Wall Street's major stock indexes have gained more under President Donald Trump than under most other presidents. During his first, non-consecutive term, the Dow, S&P 500, and Nasdaq Composite rallied 57%, 70%, and 142%, respectively . Since the president's second term began on Jan. 20, 2025, investors have witnessed an encore performance. All three indexes are up by double digits, with the evolution of artificial intelligence (AI) and record S&P 500 share buybacks powering the Trump bull market. Continue reading
It's hard to remember an initial public offering (IPO) with more hype than SpaceX. The company already has a wide following as the pioneer of the space economy; its founder, Elon Musk, is one of the most famous CEOs in the world; and the company is planning to go public with an absolutely enormous valuation. However, given that the company will likely trade at a massive valuation, not all investor...
It's hard to remember an initial public offering (IPO) with more hype than SpaceX. The company already has a wide following as the pioneer of the space economy; its founder, Elon Musk, is one of the most famous CEOs in the world; and the company is planning to go public with an absolutely enormous valuation. However, given that the company will likely trade at a massive valuation, not all investors will choose to buy it. But the stock may have such a large market cap that even those hoping to avoid SpaceX will have no choice but to own it. Here's why. Continue reading
Earnings Call Insights: ALX Oncology (ALXO) Q1 2026 Management view "Most notably, we are very excited to share with you the data set that was presented yesterday in Munich at ESMO Breast 2026 from the analysis of our trial evaluating evorpacept and zanidatamab, which clearly showed again that CD47 expression is a key predictive biomarker for increasing durable clinical response in heavily pretrea...
Earnings Call Insights: ALX Oncology (ALXO) Q1 2026 Management view "Most notably, we are very excited to share with you the data set that was presented yesterday in Munich at ESMO Breast 2026 from the analysis of our trial evaluating evorpacept and zanidatamab, which clearly showed again that CD47 expression is a key predictive biomarker for increasing durable clinical response in heavily pretreated HER2-positive patients." (CEO & Director Jason Lettmann) "Here, we observed that all patients who were confirmed HER2-positive and CD47 high achieved a response, including one complete response." (CEO Lettmann) "We also yet again saw the durability that one hopes to see with an IO mechanism with a median duration of response of 20 months and a median PFS of 22 months." (CEO Lettmann) "We added Jeff Knight, who is now our Chief Development and Chief Operating Officer, which really further strengthens our leadership team." (CEO Lettmann) "Our clinical safety database is now more than 800 evorpacept-treated patients." (Chief Medical Officer Barbara Klencke) "We estimate that there are approximately 20,000 addressable patients who are HER2-positive and overexpress CD47, representing a $2 billion to $4 billion market opportunity in the United States, the 5 major European markets and Japan." (CMO Klencke) "As we advance the enrollment and dose escalation in this trial, we are now shifting from providing granular updates to reporting initial safety data in the second half of 2026." (CMO Klencke) No CFO prepared remarks were included in this transcript. Outlook "Overall, clinical time lines remain on track as we're expected to read out 80 patients mid next year." (CEO Lettmann) "Slide 31 shows our ongoing ASPEN-09 study in the HER2-positive breast cancer setting." (CMO Klencke) "This is going to -- this is a single-arm study that will enroll up to 120 patients and has a primary endpoint of response rate in the subset of patients who overexpress CD47." (CMO Klencke) "We're makin...