Global Portfolio Manager’s Digest：Corporate Green

FOCUS GlobalPortfolioManager’sDigest CorporateGreen Theracetozero.Whilethecorporatenetzerocommitmentshavebeenincreasing,thequalityofthosecommitmentsvariesandcompaniesmightre-prioritizeclimatecommitmentsinlightofcurrentmacrochallenges.Asmandatoryclimate-relateddisclosurerequirementsincreaseglobally,weexpectincreasinginvestorandregulatoryscrutinyofcorporatenetzerogoals.Targetsthatfallshortcouldexposecompaniestoriskswithrespecttocustomers,investors,andregulators(page4). Loominguncertainties.Welowerour2023GDPforecastforChinaondeepeningpropertywoes,aloomingglobalrecession,andrisinggeopoliticaltensions.WhileChina’s20thPartyCongresskeptthesloganof“developmentasthetoppriority,”theemphasisisonqualityratherthanspeed.Inourview,thetopleaderswillgraduallydownplaygrowthtargetsamidheightenedpoliticaltensionsandashrinkingworking-agepopulation.Ontheheelsofthis,welayoutbetterandworsescenarios(page5). CHARTOFTHEWEEK HistoryshowsthattheconsensusestimatesforS&P500arealwayslatetodiscountthefullcutsinearningsduringarecession Source:BarclaysResearch,Refinitiv,Bloomberg(seeU.S.EquityInsights:The‘HopeRally’isPremature,31-Oct-22) Research 6November2022 BestofBarclaysESGResearch CorporateNetZeroCommitments:SeparatingtheWheatfromtheChaff4 China GDPdowngradeandriskscenarios5 GlobalStrategy&EconomicOutlookEquityStrategy US:The‘HopeRally’isPremature6 Europe:Nopivot,reopeningdoubts, mixedearnings7 CreditStrategy Americas:TheSupplyEdition:HigherbutwithaDifferentMix8 Europe:Alowbarforincreasingsupply10 RatesStrategy Waystogo13 EconomicOutlook Hikinghighandslow14 KeyInflectionPointsEquity SelectRatingChanges: AmgenInc.,AuctionTechnologyGroupPLC,FirstSolar,Logista,TelefonicaDeutschland,TullowOilPlc.,VGPNV21 Credit SelectRatingChanges: HGTobacco25 Regulars BarclaysEvents2 Summaryofequityratingchanges20 Summaryofcreditratingchanges23 Allresearchreferencedhereinhasbeenpreviouslypublished.Youcanviewthefullreports,includinganalystcertificationsandotherrequireddisclosures,byclickingthehyperlinksinthispublicationorbygoingtoourResearchportalonBarclaysLive. Restricted-Internal ThisdocumentisintendedforinstitutionalinvestorsandisnotsubjecttoalloftheindependenceanddisclosurestandardsapplicabletodebtresearchreportspreparedforretailinvestorsunderU.S.FINRARule2242.Barclaystradesthesecuritiescoveredinthisreportforitsownaccountandonadiscretionarybasisonbehalfofcertainclients.Suchtradinginterestsmaybecontrarytotherecommendationsofferedinthisreport. FOROTHERIMPORTANTFIXEDINCOMERESEARCHDISCLOSURES,PLEASESEEPAGE27. BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision. FOROTHERIMPORTANTEQUITYRESEARCHDISCLOSURES,PLEASESEEPAGE31.FORANALYSTCERTIFICATION(S)PLEASESEEPAGE27. BARCLAYSEVENTS ConferenceCalls&Webcasts DateTimeCall/Webcast Pleaseclickonthelinkstoviewdetailsofforthcomingconferencecallsandwebcasts 7November 10:00pmEST/15:00pmGMT Bi-weeklyHealthcareWebcast 7November 2:00pmEST Software3Q22EarningsHalftimeReport(CloudComms&CX) 8November 7:45amEST/12:45pmGMT BarclaysTuesdayCreditCall 8November 8:30amEST/13:00pmGMT US-China:SemiSpeakerSeries 8November 10:00pmEST/15:00pmGMT TheESGbondmarket:Perspectivesfromissuersandinvestors 8November 12:00pmEST/17:00pmGMT CreditInvestorUpdatewithHalliburton(HAL) 10November 12:30pmGMT/7:30amEST ThursdayMacro:China:Howslowcanitgo? 10November 10:00pmEST/15:00pmGMT Mid-termelectionresultscallwithFrankLuntz 10November 4:00pmEST ManulifeFinancial-PostEarningsRelease 10November 14:00pmGMT/9:00amEST ESGSelect:VirtualroundtablewithKlöcknerPentaplast 14November 15:00pmGMT/10:00amEST ConversationswiththeC-Suite:Amplifon(AMP) 14November 10:00pmEST/15:00pmGMT EU&USHPC:Whatwelearntfromthequarter&howtopositionfornextyear 17November2:00pmESTPolicyandMarketImplicationsoftheBidenAdministration’sStudentLoan 21November11:30amEST/16:30pmGMTVirtualRoundtableDiscussion:4Q22MSRMarket/ValuationsUpdate ForgivenessPlan 23November14:00pmGMT/9:00amESTConversationswiththeC-Suite:Demant(DEMANT) 24November15:00pmGMT/10:00amESTConversationswiththeC-Suite:GNStoreNord(GN) 29November1:00pmEST/10:00amPSTMolsonCoors(TAP):VirtualDiscussionwithCFOandTreasurer 24November15:00pmGMT/10:00amESTStateofEuropeanFashion/GeneralRetail Conferences&SpecialEvents DateEventLocation PleasecontactyourBarclaysSalesrepresentativeforavailability.10–11November EuropeanRetailForum VirtualConference 22November ESG2.0:Wherenext? London 30November–1December GlobalAutomotiveandMobilityTechConference NewYork 29–30November Eat,Sleep,PlayConference NewYork 1December EuropeanIGCreditConference2022 London 7–8December GlobalTechnology,MediaandTelecommunicationsConference SanFrancisco,California 202311–13January GlobalInflationConference Miami,Florida 12–13January EuropeanRealEstateConference London 18–20January InsuranceCIOConference PalmB