Walmart (WMT.US): The comparable sales of Walmart U.S. are expected to benefit from GLP-1 drugs by approximately 50 basis points in fiscal year 2027, while the impact for fiscal years 2025 and 2026 will be about 100 basis points.

Deutsche Bank points out that as central banks in the US, Europe, and Japan are tightening policy simultaneously, the market may still be underpricing the eventual terminal rates. With oil prices remaining high, inflation may spill over into core inflation and wages. Moreover, financial conditions have not tightened in tandem, which could weaken the effect of rate hikes. Citing the experience of 2022, Deutsche Bank notes that the market then expected a total of around 200 basis points of Fed rate hikes in the first year, but the final figure exceeded 400 basis points, illustrating that the market often underestimates the terminal rate.