US Stock MarketDetailed Quotes

Luxfer (LXFR)

Watchlist
  • 15.270
  • +0.270+1.80%
Close Jan 15 16:00 ET
  • 15.270
  • 0.0000.00%
Post 20:01 ET
408.04MMarket Cap28.81P/E (TTM)

Luxfer (LXFR) Balance Sheet

Quarterly+Annual
YOY yoy
Hide blank lines yoy
(Q3)Sep 30, 2025
(Q2)Jun 30, 2025
(Q1)Mar 31, 2025
(FY)Dec 31, 2024
(Q4)Dec 31, 2024
(Q3)Sep 30, 2024
(Q2)Jun 30, 2024
(Q1)Mar 31, 2024
(FY)Dec 31, 2023
(Q4)Dec 31, 2023
Assets
Current assets
Cash, cash equivalents and short term investments
71.43%6M
2.33%4.4M
-39.71%4.1M
78.26%4.1M
78.26%4.1M
191.67%3.5M
-45.57%4.3M
277.78%6.8M
-81.75%2.3M
-81.75%2.3M
-Cash and cash equivalents
71.43%6M
2.33%4.4M
-39.71%4.1M
78.26%4.1M
78.26%4.1M
191.67%3.5M
-45.57%4.3M
277.78%6.8M
-81.75%2.3M
-81.75%2.3M
Receivables
-25.33%56.6M
-1.28%61.6M
-4.73%58.4M
3.93%63.4M
3.93%63.4M
8.60%75.8M
-12.97%62.4M
-17.27%61.3M
-9.09%61M
-9.09%61M
-Accounts receivable
-13.24%48.5M
2.61%55.1M
-2.10%51.4M
-12.43%45.8M
-12.43%45.8M
-2.95%55.9M
-14.22%53.7M
-15.32%52.5M
-7.27%52.3M
-7.27%52.3M
-Taxes receivable
----
----
----
--0
--0
--1.5M
--1.5M
--1.5M
--1.5M
--1.5M
-Related party accounts receivable
0.00%100K
0.00%100K
0.00%100K
0.00%100K
0.00%100K
0.00%100K
0.00%100K
0.00%100K
0.00%100K
0.00%100K
-Other receivables
-56.28%8M
-9.86%6.4M
-4.17%6.9M
146.48%17.5M
146.48%17.5M
51.24%18.3M
-21.11%7.1M
-40.00%7.2M
-33.02%7.1M
-33.02%7.1M
Inventory
1.71%95.1M
3.74%91.5M
-2.81%86.4M
-12.83%83.6M
-12.83%83.6M
-14.85%93.5M
-26.07%88.2M
-31.30%88.9M
-13.68%95.9M
-13.68%95.9M
Restricted cash
300.00%2.4M
700.00%2.4M
633.33%2.2M
633.33%2.2M
633.33%2.2M
100.00%600K
0.00%300K
0.00%300K
0.00%300K
0.00%300K
Other current assets
--400K
----
----
----
----
----
----
----
----
----
Total current assets
-14.82%167.3M
2.80%183.6M
-5.13%175.7M
4.15%175.8M
4.15%175.8M
3.21%196.4M
-13.84%178.6M
-13.26%185.2M
-16.06%168.8M
-16.06%168.8M
Non current assets
Net PPE
-11.96%69.9M
-3.62%74.6M
-3.89%74.2M
-6.19%74.3M
-6.19%74.3M
-13.79%79.4M
-18.53%77.4M
-20.25%77.2M
-18.77%79.2M
-18.77%79.2M
-Gross PPE
-5.88%305.8M
-1.80%310.5M
-13.00%297.8M
-7.21%292.2M
-7.21%292.2M
-6.45%324.9M
-10.95%316.2M
-2.03%342.3M
-8.30%314.9M
-8.30%314.9M
-Accumulated depreciation
3.91%-235.9M
1.21%-235.9M
15.65%-223.6M
7.55%-217.9M
7.55%-217.9M
3.80%-245.5M
8.19%-238.8M
-4.95%-265.1M
4.15%-235.7M
4.15%-235.7M
Goodwill and other intangible assets
-1.35%80.3M
3.81%81.8M
0.63%79.5M
-1.26%78.5M
-1.26%78.5M
4.36%81.4M
-1.25%78.8M
0.13%79M
1.79%79.5M
1.79%79.5M
-Goodwill
-0.43%69.2M
4.76%70.4M
1.34%68.1M
-0.74%67M
-0.74%67M
5.30%69.5M
-0.44%67.2M
1.05%67.2M
2.90%67.5M
2.90%67.5M
-Other intangible assets
-6.72%11.1M
-1.72%11.4M
-3.39%11.4M
-4.17%11.5M
-4.17%11.5M
-0.83%11.9M
-5.69%11.6M
-4.84%11.8M
-4.00%12M
-4.00%12M
Investments and advances
0.00%400K
0.00%400K
0.00%400K
0.00%400K
0.00%400K
33.33%400K
33.33%400K
33.33%400K
0.00%400K
0.00%400K
Related parties assets
0.00%100K
0.00%100K
0.00%100K
0.00%100K
0.00%100K
0.00%100K
0.00%100K
0.00%100K
0.00%100K
0.00%100K
Non current deferred assets
51.61%4.7M
-8.57%3.2M
0.00%3.7M
5.13%4.1M
5.13%4.1M
6.90%3.1M
16.67%3.5M
15.63%3.7M
30.00%3.9M
30.00%3.9M
Defined pension benefit
24.26%54.8M
35.28%55.6M
27.65%51.7M
22.33%49.3M
22.33%49.3M
50.51%44.1M
37.92%41.1M
42.61%40.5M
49.26%40.3M
49.26%40.3M
Total non current assets
0.82%210.1M
7.16%215.6M
4.33%209.5M
1.62%206.6M
1.62%206.6M
2.86%208.4M
-3.22%201.2M
-3.28%200.8M
-1.31%203.3M
-1.31%203.3M
Total assets
-6.77%377.4M
5.11%399.2M
-0.21%385.2M
2.77%382.4M
2.77%382.4M
3.03%404.8M
-8.53%379.8M
-8.34%386M
-8.60%372.1M
-8.60%372.1M
Liabilities
Current liabilities
Payables
-8.56%33.1M
-4.60%31.1M
18.67%39.4M
38.87%36.8M
38.87%36.8M
-17.91%36.2M
-19.51%32.6M
-20.95%33.2M
-33.08%26.5M
-33.08%26.5M
-accounts payable
-16.25%23.2M
-10.18%24.7M
-4.85%29.4M
11.70%29.6M
11.70%29.6M
-29.52%27.7M
-23.40%27.5M
-21.37%30.9M
-29.89%26.5M
-29.89%26.5M
-Total tax payable
-3.53%8.2M
-9.80%4.6M
265.22%8.4M
--5.6M
--5.6M
553.85%8.5M
363.64%5.1M
-14.81%2.3M
--0
--0
-Other payable
--1.7M
--1.8M
--1.6M
--1.6M
--1.6M
----
----
----
----
----
Current accrued expenses
-13.51%28.8M
20.69%28M
3.51%23.6M
14.83%24M
14.83%24M
57.82%33.3M
-4.92%23.2M
-21.11%22.8M
-28.91%20.9M
-28.91%20.9M
Current provisions
-72.73%900K
-84.85%500K
-83.87%500K
173.53%9.3M
173.53%9.3M
13.79%3.3M
0.00%3.3M
-18.42%3.1M
-10.53%3.4M
-10.53%3.4M
Current debt and capital lease obligation
254.22%29.4M
690.48%33.2M
29.27%5.3M
-23.66%7.1M
-23.66%7.1M
33.87%8.3M
-16.00%4.2M
-86.56%4.1M
-68.69%9.3M
-68.69%9.3M
-Current debt
575.68%25M
14,250.00%28.7M
266.67%1.1M
-32.61%3.1M
-32.61%3.1M
236.36%3.7M
--200K
-98.80%300K
-81.60%4.6M
-81.60%4.6M
-Current capital lease obligation
-4.35%4.4M
12.50%4.5M
10.53%4.2M
-14.89%4M
-14.89%4M
-9.80%4.6M
-20.00%4M
-30.91%3.8M
0.00%4.7M
0.00%4.7M
Current deferred liabilities
175.00%5.5M
47.37%2.8M
200.00%3M
250.00%2.8M
250.00%2.8M
33.33%2M
46.15%1.9M
-56.52%1M
-65.22%800K
-65.22%800K
Other current liabilities
-54.17%3.3M
60.42%15.4M
87.65%15.2M
251.28%13.7M
251.28%13.7M
60.00%7.2M
166.67%9.6M
88.37%8.1M
-27.78%3.9M
-27.78%3.9M
Current liabilities
11.85%101M
48.40%111M
20.33%87M
44.60%93.7M
44.60%93.7M
12.45%90.3M
-4.23%74.8M
-35.33%72.3M
-41.20%64.8M
-41.20%64.8M
Non current liabilities
Long term debt and capital lease obligation
-64.81%27.2M
-61.13%33.7M
-39.87%54.9M
-36.20%52.7M
-36.20%52.7M
-17.85%77.3M
-20.39%86.7M
9.74%91.3M
11.02%82.6M
11.02%82.6M
-Long term debt
-72.19%18.3M
-67.70%23.9M
-42.51%44.9M
-37.87%42M
-37.87%42M
-16.50%65.8M
-19.91%74M
17.62%78.1M
20.28%67.6M
20.28%67.6M
-Long term capital lease obligation
-22.61%8.9M
-22.83%9.8M
-24.24%10M
-28.67%10.7M
-28.67%10.7M
-24.84%11.5M
-23.03%12.7M
-21.43%13.2M
-17.58%15M
-17.58%15M
Non current deferred liabilities
36.27%13.9M
36.27%13.9M
36.27%13.9M
37.25%14M
37.25%14M
-10.53%10.2M
-10.53%10.2M
-10.53%10.2M
3.03%10.2M
3.03%10.2M
Employee benefits
--100K
--100K
--100K
0.00%100K
0.00%100K
--0
--0
--0
-97.78%100K
-97.78%100K
Other non current liabilities
89.47%3.6M
55.56%2.8M
36.84%2.6M
33.33%2.4M
33.33%2.4M
11.76%1.9M
12.50%1.8M
171.43%1.9M
125.00%1.8M
125.00%1.8M
Total non current liabilities
-49.89%44.8M
-48.83%50.5M
-30.85%71.5M
-26.93%69.2M
-26.93%69.2M
-16.60%89.4M
-19.03%98.7M
8.50%103.4M
5.69%94.7M
5.69%94.7M
Total liabilities
-18.86%145.8M
-6.92%161.5M
-9.79%158.5M
2.13%162.9M
2.13%162.9M
-4.16%179.7M
-13.25%173.5M
-15.16%175.7M
-20.17%159.5M
-20.17%159.5M
Shareholders'equity
Share capital
0.00%26.5M
0.00%26.5M
0.00%26.5M
0.00%26.5M
0.00%26.5M
0.00%26.5M
0.00%26.5M
0.00%26.5M
0.00%26.5M
0.00%26.5M
-common stock
0.00%26.5M
0.00%26.5M
0.00%26.5M
0.00%26.5M
0.00%26.5M
0.00%26.5M
0.00%26.5M
0.00%26.5M
0.00%26.5M
0.00%26.5M
Retained earnings
0.28%109M
10.35%109.8M
6.96%110.7M
4.22%108.7M
4.22%108.7M
-1.27%108.7M
-13.40%99.5M
-11.69%103.5M
-13.23%104.3M
-13.23%104.3M
Paid-in capital
1.38%227.9M
1.16%226.8M
1.21%226.6M
1.16%226.1M
1.16%226.1M
0.90%224.8M
0.95%224.2M
0.99%223.9M
0.95%223.5M
0.95%223.5M
Less: Treasury stock
9.09%26.4M
8.47%25.6M
9.01%25.4M
8.73%24.9M
8.73%24.9M
8.04%24.2M
8.26%23.6M
9.91%23.3M
12.25%22.9M
12.25%22.9M
Gains losses not affecting retained earnings
4.73%-104.7M
17.07%-99.1M
7.12%-110.9M
1.53%-116.1M
1.53%-116.1M
15.91%-109.9M
4.86%-119.5M
7.59%-119.4M
15.42%-117.9M
15.42%-117.9M
Other equity interest
12.50%-700K
12.50%-700K
11.11%-800K
11.11%-800K
11.11%-800K
11.11%-800K
11.11%-800K
10.00%-900K
10.00%-900K
10.00%-900K
Total stockholders'equity
2.89%231.6M
15.22%237.7M
7.80%226.7M
3.25%219.5M
3.25%219.5M
9.59%225.1M
-4.14%206.3M
-1.73%210.3M
2.56%212.6M
2.56%212.6M
Total equity
2.89%231.6M
15.22%237.7M
7.80%226.7M
3.25%219.5M
3.25%219.5M
9.59%225.1M
-4.14%206.3M
-1.73%210.3M
2.56%212.6M
2.56%212.6M
Currency Unit
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Accounting Standards
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
Audit Opinions
--
--
--
Unqualified Opinion
--
--
--
--
Unqualified Opinion
--
(Q3)Sep 30, 2025(Q2)Jun 30, 2025(Q1)Mar 31, 2025(FY)Dec 31, 2024(Q4)Dec 31, 2024(Q3)Sep 30, 2024(Q2)Jun 30, 2024(Q1)Mar 31, 2024(FY)Dec 31, 2023(Q4)Dec 31, 2023
Assets
Current assets
Cash, cash equivalents and short term investments 71.43%6M2.33%4.4M-39.71%4.1M78.26%4.1M78.26%4.1M191.67%3.5M-45.57%4.3M277.78%6.8M-81.75%2.3M-81.75%2.3M
-Cash and cash equivalents 71.43%6M2.33%4.4M-39.71%4.1M78.26%4.1M78.26%4.1M191.67%3.5M-45.57%4.3M277.78%6.8M-81.75%2.3M-81.75%2.3M
Receivables -25.33%56.6M-1.28%61.6M-4.73%58.4M3.93%63.4M3.93%63.4M8.60%75.8M-12.97%62.4M-17.27%61.3M-9.09%61M-9.09%61M
-Accounts receivable -13.24%48.5M2.61%55.1M-2.10%51.4M-12.43%45.8M-12.43%45.8M-2.95%55.9M-14.22%53.7M-15.32%52.5M-7.27%52.3M-7.27%52.3M
-Taxes receivable --------------0--0--1.5M--1.5M--1.5M--1.5M--1.5M
-Related party accounts receivable 0.00%100K0.00%100K0.00%100K0.00%100K0.00%100K0.00%100K0.00%100K0.00%100K0.00%100K0.00%100K
-Other receivables -56.28%8M-9.86%6.4M-4.17%6.9M146.48%17.5M146.48%17.5M51.24%18.3M-21.11%7.1M-40.00%7.2M-33.02%7.1M-33.02%7.1M
Inventory 1.71%95.1M3.74%91.5M-2.81%86.4M-12.83%83.6M-12.83%83.6M-14.85%93.5M-26.07%88.2M-31.30%88.9M-13.68%95.9M-13.68%95.9M
Restricted cash 300.00%2.4M700.00%2.4M633.33%2.2M633.33%2.2M633.33%2.2M100.00%600K0.00%300K0.00%300K0.00%300K0.00%300K
Other current assets --400K------------------------------------
Total current assets -14.82%167.3M2.80%183.6M-5.13%175.7M4.15%175.8M4.15%175.8M3.21%196.4M-13.84%178.6M-13.26%185.2M-16.06%168.8M-16.06%168.8M
Non current assets
Net PPE -11.96%69.9M-3.62%74.6M-3.89%74.2M-6.19%74.3M-6.19%74.3M-13.79%79.4M-18.53%77.4M-20.25%77.2M-18.77%79.2M-18.77%79.2M
-Gross PPE -5.88%305.8M-1.80%310.5M-13.00%297.8M-7.21%292.2M-7.21%292.2M-6.45%324.9M-10.95%316.2M-2.03%342.3M-8.30%314.9M-8.30%314.9M
-Accumulated depreciation 3.91%-235.9M1.21%-235.9M15.65%-223.6M7.55%-217.9M7.55%-217.9M3.80%-245.5M8.19%-238.8M-4.95%-265.1M4.15%-235.7M4.15%-235.7M
Goodwill and other intangible assets -1.35%80.3M3.81%81.8M0.63%79.5M-1.26%78.5M-1.26%78.5M4.36%81.4M-1.25%78.8M0.13%79M1.79%79.5M1.79%79.5M
-Goodwill -0.43%69.2M4.76%70.4M1.34%68.1M-0.74%67M-0.74%67M5.30%69.5M-0.44%67.2M1.05%67.2M2.90%67.5M2.90%67.5M
-Other intangible assets -6.72%11.1M-1.72%11.4M-3.39%11.4M-4.17%11.5M-4.17%11.5M-0.83%11.9M-5.69%11.6M-4.84%11.8M-4.00%12M-4.00%12M
Investments and advances 0.00%400K0.00%400K0.00%400K0.00%400K0.00%400K33.33%400K33.33%400K33.33%400K0.00%400K0.00%400K
Related parties assets 0.00%100K0.00%100K0.00%100K0.00%100K0.00%100K0.00%100K0.00%100K0.00%100K0.00%100K0.00%100K
Non current deferred assets 51.61%4.7M-8.57%3.2M0.00%3.7M5.13%4.1M5.13%4.1M6.90%3.1M16.67%3.5M15.63%3.7M30.00%3.9M30.00%3.9M
Defined pension benefit 24.26%54.8M35.28%55.6M27.65%51.7M22.33%49.3M22.33%49.3M50.51%44.1M37.92%41.1M42.61%40.5M49.26%40.3M49.26%40.3M
Total non current assets 0.82%210.1M7.16%215.6M4.33%209.5M1.62%206.6M1.62%206.6M2.86%208.4M-3.22%201.2M-3.28%200.8M-1.31%203.3M-1.31%203.3M
Total assets -6.77%377.4M5.11%399.2M-0.21%385.2M2.77%382.4M2.77%382.4M3.03%404.8M-8.53%379.8M-8.34%386M-8.60%372.1M-8.60%372.1M
Liabilities
Current liabilities
Payables -8.56%33.1M-4.60%31.1M18.67%39.4M38.87%36.8M38.87%36.8M-17.91%36.2M-19.51%32.6M-20.95%33.2M-33.08%26.5M-33.08%26.5M
-accounts payable -16.25%23.2M-10.18%24.7M-4.85%29.4M11.70%29.6M11.70%29.6M-29.52%27.7M-23.40%27.5M-21.37%30.9M-29.89%26.5M-29.89%26.5M
-Total tax payable -3.53%8.2M-9.80%4.6M265.22%8.4M--5.6M--5.6M553.85%8.5M363.64%5.1M-14.81%2.3M--0--0
-Other payable --1.7M--1.8M--1.6M--1.6M--1.6M--------------------
Current accrued expenses -13.51%28.8M20.69%28M3.51%23.6M14.83%24M14.83%24M57.82%33.3M-4.92%23.2M-21.11%22.8M-28.91%20.9M-28.91%20.9M
Current provisions -72.73%900K-84.85%500K-83.87%500K173.53%9.3M173.53%9.3M13.79%3.3M0.00%3.3M-18.42%3.1M-10.53%3.4M-10.53%3.4M
Current debt and capital lease obligation 254.22%29.4M690.48%33.2M29.27%5.3M-23.66%7.1M-23.66%7.1M33.87%8.3M-16.00%4.2M-86.56%4.1M-68.69%9.3M-68.69%9.3M
-Current debt 575.68%25M14,250.00%28.7M266.67%1.1M-32.61%3.1M-32.61%3.1M236.36%3.7M--200K-98.80%300K-81.60%4.6M-81.60%4.6M
-Current capital lease obligation -4.35%4.4M12.50%4.5M10.53%4.2M-14.89%4M-14.89%4M-9.80%4.6M-20.00%4M-30.91%3.8M0.00%4.7M0.00%4.7M
Current deferred liabilities 175.00%5.5M47.37%2.8M200.00%3M250.00%2.8M250.00%2.8M33.33%2M46.15%1.9M-56.52%1M-65.22%800K-65.22%800K
Other current liabilities -54.17%3.3M60.42%15.4M87.65%15.2M251.28%13.7M251.28%13.7M60.00%7.2M166.67%9.6M88.37%8.1M-27.78%3.9M-27.78%3.9M
Current liabilities 11.85%101M48.40%111M20.33%87M44.60%93.7M44.60%93.7M12.45%90.3M-4.23%74.8M-35.33%72.3M-41.20%64.8M-41.20%64.8M
Non current liabilities
Long term debt and capital lease obligation -64.81%27.2M-61.13%33.7M-39.87%54.9M-36.20%52.7M-36.20%52.7M-17.85%77.3M-20.39%86.7M9.74%91.3M11.02%82.6M11.02%82.6M
-Long term debt -72.19%18.3M-67.70%23.9M-42.51%44.9M-37.87%42M-37.87%42M-16.50%65.8M-19.91%74M17.62%78.1M20.28%67.6M20.28%67.6M
-Long term capital lease obligation -22.61%8.9M-22.83%9.8M-24.24%10M-28.67%10.7M-28.67%10.7M-24.84%11.5M-23.03%12.7M-21.43%13.2M-17.58%15M-17.58%15M
Non current deferred liabilities 36.27%13.9M36.27%13.9M36.27%13.9M37.25%14M37.25%14M-10.53%10.2M-10.53%10.2M-10.53%10.2M3.03%10.2M3.03%10.2M
Employee benefits --100K--100K--100K0.00%100K0.00%100K--0--0--0-97.78%100K-97.78%100K
Other non current liabilities 89.47%3.6M55.56%2.8M36.84%2.6M33.33%2.4M33.33%2.4M11.76%1.9M12.50%1.8M171.43%1.9M125.00%1.8M125.00%1.8M
Total non current liabilities -49.89%44.8M-48.83%50.5M-30.85%71.5M-26.93%69.2M-26.93%69.2M-16.60%89.4M-19.03%98.7M8.50%103.4M5.69%94.7M5.69%94.7M
Total liabilities -18.86%145.8M-6.92%161.5M-9.79%158.5M2.13%162.9M2.13%162.9M-4.16%179.7M-13.25%173.5M-15.16%175.7M-20.17%159.5M-20.17%159.5M
Shareholders'equity
Share capital 0.00%26.5M0.00%26.5M0.00%26.5M0.00%26.5M0.00%26.5M0.00%26.5M0.00%26.5M0.00%26.5M0.00%26.5M0.00%26.5M
-common stock 0.00%26.5M0.00%26.5M0.00%26.5M0.00%26.5M0.00%26.5M0.00%26.5M0.00%26.5M0.00%26.5M0.00%26.5M0.00%26.5M
Retained earnings 0.28%109M10.35%109.8M6.96%110.7M4.22%108.7M4.22%108.7M-1.27%108.7M-13.40%99.5M-11.69%103.5M-13.23%104.3M-13.23%104.3M
Paid-in capital 1.38%227.9M1.16%226.8M1.21%226.6M1.16%226.1M1.16%226.1M0.90%224.8M0.95%224.2M0.99%223.9M0.95%223.5M0.95%223.5M
Less: Treasury stock 9.09%26.4M8.47%25.6M9.01%25.4M8.73%24.9M8.73%24.9M8.04%24.2M8.26%23.6M9.91%23.3M12.25%22.9M12.25%22.9M
Gains losses not affecting retained earnings 4.73%-104.7M17.07%-99.1M7.12%-110.9M1.53%-116.1M1.53%-116.1M15.91%-109.9M4.86%-119.5M7.59%-119.4M15.42%-117.9M15.42%-117.9M
Other equity interest 12.50%-700K12.50%-700K11.11%-800K11.11%-800K11.11%-800K11.11%-800K11.11%-800K10.00%-900K10.00%-900K10.00%-900K
Total stockholders'equity 2.89%231.6M15.22%237.7M7.80%226.7M3.25%219.5M3.25%219.5M9.59%225.1M-4.14%206.3M-1.73%210.3M2.56%212.6M2.56%212.6M
Total equity 2.89%231.6M15.22%237.7M7.80%226.7M3.25%219.5M3.25%219.5M9.59%225.1M-4.14%206.3M-1.73%210.3M2.56%212.6M2.56%212.6M
Currency Unit USDUSDUSDUSDUSDUSDUSDUSDUSDUSD
Accounting Standards US-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAP
Audit Opinions ------Unqualified Opinion--------Unqualified Opinion--
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