{
  "report_rows": [
    {
      "kpi": "Diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$14.70 vs. cons $14.15",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Equities revenue",
      "prediction": "BEAT",
      "answer": "pred ~$5.05B vs. cons $4.90B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Investment-banking fees",
      "prediction": "BEAT",
      "answer": "pred ~$2.84B vs. cons $2.75B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Investment-banking backlog index",
      "prediction": "BETTER",
      "answer": "guide ~103 vs. cons 100 (2H26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Efficiency ratio",
      "prediction": "BETTER",
      "answer": "guide ~60.0% vs. cons 60.5% (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Effective tax rate",
      "prediction": "UNCHANGED",
      "answer": "guide ~20.0% vs. cons 20.0% (FY26)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Long-term fee-based net inflow rate",
      "prediction": "UNCHANGED",
      "answer": "guide ~5.0% vs. cons 5.0% (FY26)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.1,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.3,
  "day5_path": "FADE",
  "day5_rationale": "The predicted EPS beat is ~3.9% versus consensus, but an unchanged ~20% tax-rate outlook and limited out-period operating-target changes imply only ~1% upward FY26\u2013FY27 estimate revisions; the initial relief rally should therefore partially fade.",
  "day5_confidence": "MEDIUM"
}