-- 国際通貨基金（IMF）は火曜日のプレスリリースで、中東紛争の影響が国際市場を混乱させていることを受け、中国の今年の経済成長率見通しを1月の4.5%から4.4%に下方修正したと発表した。 この新たな見通しは、中国政府が目標とする国内総生産（GDP）成長率4.5%～5%を下回るものの、IMFが2025年10月に発表した予測値よりは高い。 2027年については、中国のGDP成長率はさらに減速し4%になるとIMFは予測している。 IMFは、世界経済成長率予測を今年3.1%、2027年3.2%に下方修正した一方、世界の総合インフレ率は今年緩やかに上昇すると見込んでいる。 IMFは、「紛争の長期化や拡大、地政学的分断の悪化、人工知能（AI）による生産性向上への期待の見直し、あるいは貿易摩擦の再燃は、成長を著しく弱体化させ、金融市場を不安定化させる可能性がある」と述べている。
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Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.
$OTIS
Asia Markets
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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$^TASI$SASE:2380$SASE:4012
Research
Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.
$URI