This report is the second in our series on decarbonising the built environment. While our first report focused on building materials, this report tackles two of the sector’s most critical and emissions-intensive inputs: cement and steel. Together, these materials account for approximately 16% of global CO2 emissions and sit at the heart of modern construction. They are also difficult to decarbonise as their respective production processes are heat intensive, assets are long lived and margins are typically thin. Regulation, customers and capital are increasingly pushing for lower-carbon materials and new technologies are emerging, including clinker substitution and carbon capture in cement, and greater scrap use, electrification and hydrogen-based routes in steel. The investment cycle will mean that the transition takes time, but materials producers will need to adapt.

Stock picking in a broadening market – a conversation with Randy Baron of Pinnacle Associates

Immuno-oncology (IO) has transformed cancer treatment, shifting the paradigm from cytotoxic and targeted therapies to immune-driven disease control (harnessing the body’s own immune system). Immune checkpoint inhibitors (ICIs), CAR-T cell therapies and cancer vaccines have produced durable responses in defined patient populations; however, the first wave of IO is approaching clinical and commercial saturation. ICI response rates remain limited to c 20–40% in solid tumours, while CAR-T therapies, despite curative potential in haematological malignancies, are restricted by high cost, complex manufacturing, immune-related toxicities and lower efficacy in solid tumours. Earlier cancer vaccines also failed to show consistent benefit. These constraints are driving next-generation approaches, focused on platforms that actively programme immune responses, rather than simply releasing inhibitory checkpoints. This report examines key innovation vectors shaping the next phase for this sector.

By Michael Kokalari CFA, chief economist, and Thai Thi Viet Trinh, senior economist.

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In a year that has been characterised by a roller-coaster ride in sentiment, the end outcome is likely to be one that is very positive for those investors who blocked out the noise, held their noses and stayed in equity markets.

For any income-focused investor moving from initial interest to active consideration of adding a stock to their portfolio, it is advisable to interrogate the extent to which the company’s strategy is supported by a durable and mathematically sound shareholder return framework.

Will they secure the dividend and fund buybacks?

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Here’s the scorecard to watch

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