IN THIS ISSUE

• Macro Strategy — What Will China's Next Five-Year Plan Mean for the Rest of the World?: This plan will lay the groundwork for how China develops economically and socially between now and 2030. For the U.S. and Europe, it could mean the widening or narrowing of China's advantage across a range of technologies; for Emerging Markets, it could spell the difference between unlocking economic growth via greater share of global manufacturing and buckling under the weight.
  
  
• Market View — Q3 Earnings Season: Five Key Questions Investors Want Answers To: The health of the U.S. consumer? The distribution costs of U.S. tariffs? The free cash flow effects of the One Big Beautiful Bill Act? The weak U.S. dollar's impact on earnings? And all things artificial intelligence.
  
  
• Thought of the Week — The Bull Market Enters its Fourth Act: Whether this advance can continue beyond this point will depend on fundamental factors, but history suggests this bull has more room to run.​