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Us Insights: What You Need to KnowOn Clients' Minds - AsiaJefferies Asia Equity Research * IEquityAnalystljefferies.asia.equity.research@jefferies.com unless it sees a big pick up JefferiesJapan Metals & Mining Copper prices spiked 13% overnight, with COMEX futures hitting a record$5.65/lb ($12,445/t) following President Trump's surprise announcement of 50% tariffs on copperimports. The move triggered a dramatic divergence between COMEX and LME prices, with thespread ballooning to s2,520/t, one of the widest on record. While prices might be volatile in the shortterm, we see the announcement as structurally bullish for copper. We prefer MMS and JX Metals.Japan Retailers We completed our Asia marketing trip and the most-discussed stocks were: 1)Sanrio, 2) Ryohin Keikaku, 3) Oriental Land, and 4) Round One.Highlights from Asia:Asia Maxima The Trump agenda remains fundamentally contradictory. Deregulation and theextension of tax cuts are bullish for equities. Tariffs and restrictions on immigration are bearishInvestors ended last quarter assuming that the American president has pivoted from hislongstanding obsession with tariffs, reflected in "Liberation Day, to focusing on tax cuts.India Consumer Staples Several consumer firms have faced severe issues in the past few qtrs ongrowth, competition & margins which weighed on the share prices. We see a gradual improvementin some of the issues (demand, margin, etc.) even while others (competition) may persist. However,we believe that several stocks factor in these risks, and we see limited downside but a meaningfulupside in case of a turn. VBL, HUL & Asian Paints (U/G to Buy) appear as the best contra 12M ideas.India Brokers, Asset Mgrs & Exchanges SEBI's interim order to restrict Jane Street from the Indianmarket until it returns profits from manipulative practices underscores focus on governance. As JSwas a large player, this may impact vols that could partly be offset by any uptick in prop activity.xchanges' options premium t/o on Fri was tad below 2M Fri avg. & up WoW; trends for next weekare key. Earnings hit for BSE may be low as FPls form 3-4% of t/o & higher for Nuvama from AS&IE segments.Highlights from US and EU:Tariff on Copper Imports - Trump's anounced 50% tariff on copper imports sent shock wavesthrough the copper market, withthAcaMEX price spiking to a new high of s5.90/lb before settlingat +11% on the day to S5.58/I7b EST. The COMEX-LME spread closed at 25%. Presumablythis new tariff is a result of the Dept of Commerce investigation, as Secretary Lutnick indicated, butfurther clarity and details may be needed before the market fully believes. Freeport benefits most.Beverage, Household & Personal Care Products - Explained: What's Behind Energy DrinkGrowth? Category growth is accelerating...and it's not all macro. Execution has stepped up, newgrowing 15%. Energy is winning because it is playing to win. Easier comps only began in June. RedBull is the winner, but in public equities this is good for Monster, Celsius, and KDP (C4, GHOST,Please see important disclosure information on pages 3 - 8 of this report. 9n is prohibited JefferiesCompany Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:Jefferies Asia Equity Research, certify that all of the views expressed in this research report accurately reflect my personal views about the subjectsecurity(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specificandthereforemaynotbesubiecttotheFiNRARule2241andrestrictioiAs is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriateInvestment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresHiroko Sato holds a long, equity position in IT HoldingsShunsuke Kuriyama holds a long, equity position in Ryohin Keikaku Co., Ltd. (7453 JP)Jefferies Financial Group Inc. ts affiliates or subsidiaries make a market in the securities or ADRs of Hindustan Unilever.Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from HindustanUnilever within the next three monthsWithin the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services fromHindustanUnileverWithin the past twelve months, Hindustan Unilever has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment bankingservices are being or have