... noticeable against the backdrop of Azure's success at Microsoft. Calculations indicate that the high-margin AWS business is facing competition and client caution amid economic uncertainty. At the same time, Amazon's operating profit came under pressure: forecasts for operating income for Q2 were lowered, disappointing investors. Consequently, AMZN shares in 2025 fell harder than most of the "seven," and hedge funds significantly reduced their net long position. However, Amazon also has positive aspects: the rapidly growing advertising segment (+19% in 2024) and efforts to expand service offerings ...

... trade. Productivity, Inflation, and Corporate Profits The rapid rise in wages begs the question: is it matched by gains in efficiency? Current projections suggest labor productivity will grow much more slowly than wages. According to the Ministry’s forecast, productivity in 2025–2026 will increase by only ~2.2–2.3% per year, improving to around 2.8–2.9% by 2028. In other words, wage growth in Russia is outpacing productivity by nearly a factor of two. This gap poses risks for inflation and business performance: if ...

... earlier in the year. The Bank of Russia noted in its accompanying statement that inflation expectations among the population are decreasing and consumer demand remains subdued, creating room for cheaper credit. The regulator also improved the inflation forecast for the end of 2025 and allowed for the possibility of further rate cuts if current trends persist. Markets reacted ambiguously to the CBR's bold decision. Bonds saw an influx of buyers: OFZ yields fell on expectations of cheaper funding, increasing the attractiveness ...

... to the stabilization of net interest margins and the absence of one-off gains from the previous year. Important metrics will include lending dynamics in Italy and the level of troubled debts. Investors will also look for management comments regarding forecasts for 2025, especially after the bank raised its annual profit target beyond €9.3 billion amid strong performance. A strong report from UniCredit would confirm the financial stability of the European banking sector, while signs of a slowdown may reflect negatively ...

... growth, inflation challenges, and prospects for various sectors. Find out which regions will demonstrate resilience, where the main risks lie, and which investment strategies will be most effective in the face of global uncertainty. Macroeconomic Forecast for 2025: Key Findings from the Macro Outlook 2025 Report The macroeconomic overview for 2025, presented in the Macro Outlook 2025 report, highlights global economic trends, risks, and prospects. This analysis provides investors, traders, and businesses with ...