MICROSOFT 3Q AZURE & OTHER CLOUD REV EX-FX +39%, EST. +38.2%

China's exports growth is likely to remain solid, according to BofA Securities economists in a research note. Heightened Middle East tensions and elevated energy prices have fueled concerns over a global trade slowdown, they note. Steady Chinese yuan appreciation is also viewed by some clients as a potential drag on competitiveness, the economists say. However, ongoing AI-related capital expenditure, rising global demand for renewable energy equipment and electric vehicles, should continue to provide cyclical support to China's exports, they add. BofA maintains China's export growth forecast at 4.8% for 2026.

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