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train/image_2.png
[ { "from": "human", "value": "<image>\nIn which quarter of 2020 did the global PMX auto sales y-y growth experience the highest drop?\nA: 1Q20\nB: 2Q20\nC: 3Q20\nD: 4Q20" }, { "from": "gpt", "value": "A" } ]
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Fig. 4: Comparison of major automotive markets' year-over-year growth with Global PMX auto sales y-y
Fig. 4: Quarterly sales y-y growth comparison; Source: Company data, Nomura estimates; *including US, Europe, and China passenger vehicle markets’ shipments
FinMME
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train/image_8.png
[ { "from": "human", "value": "<image>\nWhat does the shaded area in the chart represent?\nA: The tax rates in select economies\nB: The range of U.S. tax rates over the years\nC: The difference in tax rates between the U.S. and the global average\nD: The fluctuation in global tax rates" }, { "from": "...
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Combined corporate tax rate from 1985 to 2025 (United States vs Select Economies)
The chart below at right shows the average combined federal and sub-national corporate tax rate for the US and a selection of developed economies.; The reduction in 2017 brought the statutory rate more in line with the US’s peers.; Biden has proposed lifting the federal corporate tax rate to 28% (from the current 21%).
FinMME
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train/image_11.png
[ { "from": "human", "value": "<image>\nWhich state has the highest tax rate for base sales tax?\nA: Louisiana\nB: California\nC: Tennessee\nD: Oregon" }, { "from": "gpt", "value": "A" } ]
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Sales Tax Rates by US State including Base and Maximum Local Rates
In the US, sales taxes vary by state, ranging between zero and 9.6% as summarised below.
FinMME
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train/image_12.png
[ { "from": "human", "value": "<image>\nWhich quarter shows the highest y-y growth?\nA: 1Q FY23\nB: 2Q FY24\nC: 3Q FY23\nD: 4Q FY23" }, { "from": "gpt", "value": "A" } ]
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Revenue and Y-Y Growth Trends
Revenue was up 23.1% y-y; Source: Company data, Nomura research
FinMME
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train/image_19.png
[ { "from": "human", "value": "<image>\nWhich companies would likely benefit the most from reducing CO2 emissions?\nA: VW\nB: Ford\nC: Kia\nD: Stellantis" }, { "from": "gpt", "value": "A" } ]
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Hypothetical EU CO2 Fines in 2023 (EURm)
Who stands where? And what fines could they pay (without action)?; EXANE EXPLAINS: European CO2 Regulation
FinMME
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train/image_32.png
[ { "from": "human", "value": "<image>\nWhich months had A&P cost percentages lower than 11%?\nA: Mar-23\nB: Dec-21\nC: Dec-22\nD: Sep-22" }, { "from": "gpt", "value": "A" } ]
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Fig. 8: A&P cost (as % of revenue)
Fig. 8: A&P as % of sales
FinMME
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train/image_47.png
[ { "from": "human", "value": "<image>\nWhat is the highest closing price for Malaysia Airports observed in the chart?\nA: 7.80 MYR\nB: 7.50 MYR\nC: 8.00 MYR\nD: 7.00 MYR" }, { "from": "gpt", "value": "A" } ]
47
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Malaysia Airports (MAHB MK) Stock Performance Over Three Years
Rating and target price chart (three year history); Closing price for Malaysia Airports on the chart dates;
FinMME
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train/image_58.png
[ { "from": "human", "value": "<image>\nWhat is the percentage change in accompanied truck volume for Q1 2020 compared to 2017-2018?\nA: -13%\nB: -31%\nC: -23%\nD: -30%" }, { "from": "gpt", "value": "A" } ]
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Accompanied Truck volume change vs. 2017-2018 average (%) between the UK and Continental Europe
If we focus on the part of the unitised market that is accompanied (i.e. towed by a truck as opposed to transported by unaccompanied ferry or Lo-Lo container), the decline versus the 2017-2018 average level has been much greater than that of the unitised market overall, as shown below.; Versus the 2017-2018 average, th...
FinMME
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train/image_66.png
[ { "from": "human", "value": "<image>\nIn which quarter did the LBJ revenue growth first exceed 0% after the baseline year 2019?\nA: Q1 2020\nB: Q2 2020\nC: Q3 2020\nD: Q4 2020" }, { "from": "gpt", "value": "A" } ]
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Change in NTE/NTE 35W segments 3A/3B and LBJ inflation-adjusted revenue vs. 2019 baseline, Q1 2020 to Q4 2023
If we limit our attention to Ferrovial's managed lanes around Dallas Fort Worth, the picture changes little, with a major revenue gap having opened up between the LBJ and the NTE/NTE 35W; As of Q4, we estimate the LBJ's real revenue growth versus 2019 was just +4.6%, compared with +59.1% for the NTE/NTE 35W on a like-f...
FinMME
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train/image_83.png
[ { "from": "human", "value": "<image>\nWhich of the following statements are correct about the target price?\nA: It fluctuates less compared to the closing price.\nB: It is more volatile in the beginning.\nC: It stabilizes after 12:21.\nD: It continuously increases without drops." }, { "from": "gpt",...
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Historical and Target Prices of Banco BPM (as of 22/02/2024)
Banco BPM Historical closing price & target price (as of 22/02/2024); Closing prices and target prices have been adjusted to take into account stock split or corporate actions where applicable; Note: Closing price is based on market close price on last business close date.
FinMME
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train/image_87.png
[ { "from": "human", "value": "<image>\nWhich year had the smallest value for the Singapore Expansion project?\nA: 2023\nB: 2024\nC: 2025\nD: 2026" }, { "from": "gpt", "value": "A" } ]
87
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The renewable products inflection is finally here – new start-ups in 2023 will add over 2.2MTPA
We expect renewable products capacity to exceed Neste’s 2026 6.8MTPA target through continued de-bottlenecking; Whilst Neste’s Singapore refinery has had issues on start-up we expect 75% of capacity will be online by the end of the year and full capacity reached in 2024; The Californian Martinez refinery’s conversion i...
FinMME
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train/image_115.png
[ { "from": "human", "value": "<image>\nWhich factors contributed to the increase in male users according to the chart?\nA: Steady increases in net additions\nB: Higher penetration rates\nC: Male users' appeal to Pop Mart's offerings\nD: Economic factors" }, { "from": "gpt", "value": "A" } ]
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Fig. 13: Pop Mart's male users, 2017-22 (mn)
Male registered members increased from 0.1mn in 2017 to 0.1/0.4/1.7/4.5/7.3 mn in 2018-22 and 9.1mn as of 1H23; Male target audience penetration for Pop Mart remains notably lower compared to females, as the company's offerings appeal less to male audiences; Penetration in male target audience is notably lower
FinMME
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train/image_116.png
[ { "from": "human", "value": "<image>\nWhich of the following regions have an electricity consumption of less than 10 TWh in 2026?\nA: Denmark\nB: Ireland\nC: European Union\nD: United States" }, { "from": "gpt", "value": "A" } ]
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Estimated data centre electricity consumption and its share in total electricity demand in selected regions in 2022 and 2026
Figure 2: Estimated data centre electricity consumption and its share in total electricity demand in selected regions in 2022 and 2026; Source: IEA report – Electricity 2024 Analysis and forecast to 2026
FinMME
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train/image_117.png
[ { "from": "human", "value": "<image>\nWhat is the highest value of the Axis WAM in the given chart?\nA: 45 days\nB: 40 days\nC: 35 days\nD: 50 days" }, { "from": "gpt", "value": "A" } ]
117
single_choice
Crane MMF Average Weighted Average Maturity (WAM)
Crane's average MMF WAM has jumped 23 days to 38 days since January 2023.
FinMME
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124
train/image_124.png
[ { "from": "human", "value": "<image>\nWhat was the closing price of ICBC (1398 HK) on 23-Feb-2024?\nA: HKD 4.14\nB: HKD 3.75\nC: HKD 4.50\nD: HKD 3.95" }, { "from": "gpt", "value": "A" } ]
124
single_choice
ICBC stock performance and target price changes over three years
Rating and target price chart (three year history); As of 23-Feb-2024, ICBC (1398 HK) Closing Price was HKD 4.14; Historical closing prices and target price changes are plotted over the three year period.
FinMME
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142
train/image_142.png
[ { "from": "human", "value": "<image>\nWhich line represents Korea's MLCC shipments?\nA: Black line\nB: Grey line\nC: Red line\nD: Blue line" }, { "from": "gpt", "value": "A" } ]
142
single_choice
MLCC shipments - Korea, Japan, SEMCO
Fig. 7: MLCC shipments - Korea, SEMCO, Japan; Source: KITA, Nomura research; Nomura | SEMCO
FinMME
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train/image_155.png
[ { "from": "human", "value": "<image>\nIdentify the quarters during which the ASP growth showed a decrease in trend.\nA: 2QFY23 to 3QFY23\nB: 3QFY23 to 4QFY23\nC: 4QFY23 to 1QFY24\nD: 1QFY24 to 3QFY24" }, { "from": "gpt", "value": "A" } ]
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Tata Motors (CV) ASP Growth Over Time
Fig. 51: Tata Motors has seen moderation in ASP growth in its CV business
FinMME
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train/image_161.png
[ { "from": "human", "value": "<image>\nWhich month shows the highest peak in the price chart?\nA: January 2024\nB: February 2024\nC: October 2023\nD: March 2023" }, { "from": "gpt", "value": "A" } ]
161
single_choice
Relative Performance of VIPS versus NASDAQ Composite from March 2023 to February 2024
Relative performance chart; Source: LSEG, Nomura
FinMME
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train/image_162.png
[ { "from": "human", "value": "<image>\nWhich years show a steady increase in both union membership and the top 10% income share?\nA: 1920-1940\nB: 1980-2000\nC: 1940-1960\nD: 2000-2020" }, { "from": "gpt", "value": "A" } ]
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Share of US income going to the top 10% of households vs. share of labour market with union membership, 1920 to 2022
The opposite is true for the income share of the Top 10% of US households, which exhibited a strong negative relationship with trade union membership throughout the entirety of the past century.; Figure 18: Share of US income going to the top 10% of households vs. share of labour market with union membership, 1920 to 2...
FinMME
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train/image_174.png
[ { "from": "human", "value": "<image>\nWhat was the retail loan growth rate in December 2023?\nA: 18%\nB: 19%\nC: 20%\nD: 21%" }, { "from": "gpt", "value": "A" } ]
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Comparison of Retail and Agri loans growth, Source: RBI, Nomura research
Fig. 8: Retail credit growth was stable at 18% y-y, while agri loans growth increased to 20% y-y (vs 19% y-y in Dec-23)
FinMME
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train/image_175.png
[ { "from": "human", "value": "<image>\nWhat is the closing price of Shree Cement around the date 2023/01/01?\nA: 25,000 INR\nB: 26,500 INR\nC: 28,000 INR\nD: 30,000 INR" }, { "from": "gpt", "value": "A" } ]
175
single_choice
Shree Cement stock performance chart with closing, target price, and recommendation changes
Shree Cement (SRCM IN) INR 26,650 (19-Jan-2024) Buy (Sector rating: N/A); Rating and target price chart (three year history); For explanation of ratings refer to the stock rating keys located after chart(s)
FinMME
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train/image_186.png
[ { "from": "human", "value": "<image>\nWhich of the following will be key for the development of rail infrastructure by 2030?\nA: Investment of $715 billion\nB: Expansion of the metro rail network\nC: Manufacturing of 400 Vande Bharat trains\nD: Growth of road infrastructure" }, { "from": "gpt", ...
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Fig. 7: Railways & Metro: ABB’s offerings include Traction converters & motors, HVAC drives, LV components, DC circuit breaker, UPS, Digital Power Train
Fig. 7: Railways & Metro: ABB’s offerings include Traction converters & motors, HVAC drives, LV components, DC circuit breaker, UPS, Digital Power Train; Expected investment in Rail infrastructure of $715 bn by 2030; Metro rail network to witness 2.7x growth in next 5 years
FinMME
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train/image_191.png
[ { "from": "human", "value": "<image>\nIn Q1FY23, what was the collection efficiency for Assam?\nA: 78%\nB: 88%\nC: 90%\nD: 97%" }, { "from": "gpt", "value": "A" } ]
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Collection efficiency (excluding NPLs in the denominator) has been stable at 99% q-q.
Fig. 13: Collection efficiency (excl. NPLs in denominator) has been stable at 99% q-q; Source: Company data, Nomura research
FinMME
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train/image_196.png
[ { "from": "human", "value": "<image>\nIn which year did the current account balance as a percentage of GDP reach its peak?\nA: 2007\nB: 2008\nC: 2010\nD: 2020" }, { "from": "gpt", "value": "A" } ]
196
single_choice
China Current Account Balance as a Percentage of GDP (Rolling 12 Months), 2000 to 2023
China’s current account surplus has contracted significantly relative to its GDP; Since the 2008-2009 financial crisis, China’s current account surplus has moderated; A current account balance has multiple components.
FinMME
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199
train/image_199.png
[ { "from": "human", "value": "<image>\nWhich providers have both high download speed and upload speed?\nA: Telenor (Sweden)\nB: Telia (Sweden)\nC: 3 (Sweden)\nD: DNA (Finland)" }, { "from": "gpt", "value": "A" } ]
199
single_choice
Figure 82: 5G Performance and Availability Among Nordic Top Providers
Other network tests also suggest that Telenor’s 5G performance is very strong; GSMA/Ookla speed test from mid-2022; Nordic download speeds and 5G availability
FinMME
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train/image_202.png
[ { "from": "human", "value": "<image>\nWhich of the following are likely results from the removal of MFN status for China?\nA: Exports to the US would decline\nB: China's market share would increase\nC: Tariffs would spike on Chinese products\nD: US imports from China would increase" }, { "from": "gp...
202
single_choice
China's Market Share of US Imports vs. US Tariff Impact (2017-2021)
From 2017, each 1pp rise in US import tariffs reduced China's market share of US imports by 0.15pp in the first year and 0.6pp in the longer run; Considering both direct and indirect impacts of tariffs, we estimate a 1pp rise in tariff cut China’s market share of US imports by 0.3pp in 2017-19 and 0.6pp in 2017-2023; O...
FinMME
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train/image_207.png
[ { "from": "human", "value": "<image>\nWhich regions had a reduction in consensus adjusted profit estimates between -0.5% and -1.0%?\nA: Taiwan\nB: Indonesia\nC: Malaysia\nD: Thailand" }, { "from": "gpt", "value": "A" } ]
207
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Fig. 2: Consensus earnings revisions during the recent reporting season (since the end of Dec-23)
Fig. 2: Consensus earnings revisions during the recent reporting season (since the end of Dec-23); Source: MSCI, FactSet, Nomura research Note: Bottom-up estimates for MSCI companies using free float-adjusted earnings and constant currency conversions.
FinMME
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train/image_208.png
[ { "from": "human", "value": "<image>\nWhich of the following statements are true regarding the impact of credit rating changes?\nA: Declining credit ratings may reduce the attractiveness of vendor payment programs\nB: Improved credit ratings lead to higher interest rates\nC: Declining ratings increase acces...
208
single_choice
Incremental disclosure on supplier finance and its impact on liquidity
Lower participation in our supplier payment programs would shorten our payable terms, resulting in an increase in our working capital requirements, and may have a material negative impact on our liquidity or capital resources.; We think this is a risk worth monitoring as lower participation could further hinder AAP’s l...
FinMME
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212
train/image_212.png
[ { "from": "human", "value": "<image>\nWhich countries in the EM Asia region have inflation forecasts above 5% for 2024?\nA: India\nB: Thailand\nC: Indonesia\nD: Malaysia" }, { "from": "gpt", "value": "A" } ]
212
single_choice
BNP Paribas GDP and Inflation Growth Forecasts for Emerging Markets (2023-2025)
Forecasts 2023–24: GDP and inflation
FinMME
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228
train/image_228.png
[ { "from": "human", "value": "<image>\nWhich of the following events would be logical conclusions based on the market trend observed in this chart?\nA: The price will likely continue to decline in the coming months.\nB: A price recovery is expected based on the target price changes.\nC: The recommendation tr...
228
single_choice
JD Logistics Closing Price, Target Price Change, and Recommendation Changes as of 25-Jan-2024 (HKD)
JD Logistics (2618 HK) HKD 7.76 (25-Jan-2024) Buy (Sector rating: N/A); Rating and target price chart (three year history); We set our TP at HKD10.4 based on DCF, assuming a WACC of 12.4% and a terminal growth rate of 2%.
FinMME
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train/image_229.png
[ { "from": "human", "value": "<image>\nWhat is the value of the closing price for Mindray on 2021/07/01?\nA: Around 500 CNY\nB: Around 400 CNY\nC: Around 350 CNY\nD: Around 300 CNY" }, { "from": "gpt", "value": "A" } ]
229
single_choice
Mindray: Stock closing price, target price changes, and recommendation changes as of March 11, 2024
Rating and target price chart (three year history); For explanation of ratings refer to the stock rating keys located after chart(s); For explanation of ratings refer to the stock rating keys located after chart(s)
FinMME
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232
train/image_232.png
[ { "from": "human", "value": "<image>\nWhat is the range of CNG volumes observed in the chart?\nA: 1.0 to 3.0 mmscm\nB: 0.5 to 2.5 mmscm\nC: 0.8 to 2.2 mmscm\nD: 1.5 to 3.5 mmscm" }, { "from": "gpt", "value": "A" } ]
232
single_choice
Fig. 3: MGL – CNG Volumes and Yearly Growth Trend
CNG volumes of 2.7mmscmd increased 2% q-q and 6% y-y; Source: Company data, Nomura research
FinMME
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233
train/image_233.png
[ { "from": "human", "value": "<image>\nIdentify the fiscal years where the EBIT margin increased compared to the prior year within the provided data.\nA: FY20\nB: FY22F\nC: FY23\nD: FY26F" }, { "from": "gpt", "value": "A" } ]
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Source: Company data, Nomura estimates
Fig. 2: ... with EBIT margins of 18.5-18.9% over FY24-26F
FinMME
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249
train/image_249.png
[ { "from": "human", "value": "<image>\nWhat is the approximate closing price of MI Technovation on 2022/07/01?\nA: Around MYR 1.5\nB: Around MYR 2.5\nC: Around MYR 3.5\nD: Around MYR 4.5" }, { "from": "gpt", "value": "A" } ]
249
single_choice
Historical stock price, target price changes, and recommendation changes for MI Technovation.
Rating and target price chart (three year history); Our TP of MYR2.14 is derived using the target 2024F P/E of 25x.; For explanation of ratings refer to the stock rating keys located after chart(s).
FinMME
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250
train/image_250.png
[ { "from": "human", "value": "<image>\nWhich years show the largest share of gasoline ICE in the EU passenger car stock?\nA: 2015\nB: 2030\nC: 2040\nD: 2050" }, { "from": "gpt", "value": "A" } ]
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Distribution of the EU passenger car stock per type of drivetrain
Within this broader proposal is a plan to cut transport emissions by c.85% by 2040 versus today’s levels (see below); Given BEVs are today only c.3.5% of the EU parc, and that the average car stays in the parc for c.25 years, reaching a 60% parc mix is clearly a stretch without some form of radical change to the curren...
FinMME
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train/image_266.png
[ { "from": "human", "value": "<image>\nWhich of the following is represented in the chart as a line?\nA: USD HY yield\nB: Total Return\nC: Deviation markers for +/- 5%\nD: Deviation markers for +/- 10%" }, { "from": "gpt", "value": "A" } ]
266
single_choice
USD High Yield Bonds: Yield and Total Return Analysis
Total returns in fixed income measure price appreciation and coupon accrual, and any FX translation effects; transaction costs are excluded; 3. Margin of safety: USD HY.
FinMME
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267
train/image_267.png
[ { "from": "human", "value": "<image>\nAt what time does the closing price show a significant upward movement?\nA: 03-21 08:21\nB: 03-22 03:22\nC: 03-23 12:23\nD: 03-22 12:22" }, { "from": "gpt", "value": "A" } ]
267
single_choice
Roche's Historical Closing and Target Prices Over Time
Roche Historical closing price & target price (as of 22/03/2024); Closing price is based on market close price on last business close date; Closing prices and target prices have been adjusted to take into account stock split or corporate actions where applicable.
FinMME
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268
train/image_268.png
[ { "from": "human", "value": "<image>\nWhat is the approximate closing price of the stock on 01/21?\nA: USD 150.00\nB: USD 200.00\nC: USD 250.00\nD: USD 300.00" }, { "from": "gpt", "value": "A" } ]
268
single_choice
Historical Closing Price & Target Price Chart for Lowe's Companies
Lowe's Companies: Historical closing price & target price (as of 24/01/2024); Historical rating & target price changes
FinMME
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275
train/image_275.png
[ { "from": "human", "value": "<image>\nWhich sub-sectors remain stable or show a slight increase in emissions through 2050E?\nA: Aviation\nB: Inland navigation\nC: Vans\nD: Other road transport" }, { "from": "gpt", "value": "A" } ]
275
single_choice
EU Transport sector gross carbon emissions (million tonnes), 1990 to 2050 with projections
As the below chart shows, this would mark a major transformation versus the trajectory of rising emissions over the past decade, even within the 2030 timeframe; The sub-sector which has seen emissions rise most in recent decades is Aviation, with even EU targets projecting this upward trend will continue to 2030; Break...
FinMME
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276
train/image_276.png
[ { "from": "human", "value": "<image>\nWhich fiscal year had the highest gross margin percentage in the chart?\nA: FY94\nB: FY97\nC: FY10\nD: FY14" }, { "from": "gpt", "value": "A" } ]
276
single_choice
Figure 30: Gross Margin (%) of Siemens from FY94 to FY23
FY23 gross margin has been 90bp lower than decade average…;
FinMME
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283
train/image_283.png
[ { "from": "human", "value": "<image>\nWhich events are indicated on the chart between July 2022 and July 2023?\nA: Target Price Changes\nB: Recommendation Changes\nC: Closing Price Peaks\nD: Sector Rating Changes" }, { "from": "gpt", "value": "A" } ]
283
single_choice
ASMedia Technology Inc. stock performance and target price changes over time
ASMedia Technology Inc. (5269 TT) TWD 2,355.00 (29-Feb-2024) Buy (Sector rating: N/A); Rating and target price chart (three year history); For explanation of ratings refer to the stock rating keys located after chart(s)
FinMME
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train/image_287.png
[ { "from": "human", "value": "<image>\nWhat is the value of the percentage at the peak of the first rise in the chart (1Q20)?\nA: 90%\nB: 100%\nC: 75%\nD: 95%" }, { "from": "gpt", "value": "A" } ]
287
single_choice
Fig. 8: Murata and SEMCO revenue year-over-year growth
Fig. 8: Murata and SEMCO revenue y-y growth
FinMME
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288
train/image_288.png
[ { "from": "human", "value": "<image>\nWhich category shows the highest value in 2024?\nA: GDPε’žι•Ώ\nB: ε€±δΈšηŽ‡\nC: PCEι€šθƒ€\nD: εΌ ζŸεŸΊι‡‘εΉ΄" }, { "from": "gpt", "value": "A" } ]
288
single_choice
This to some extent supports Powell's attitude of a necessary rate cut this year. Thirdly, the dot plot shows the expectation of three rate cuts within the year
Thirdly, the dot plot shows the expectation of three rate cuts within the year; Additionally, Powell also pointed out that the Federal Reserve currently does not support extending the balance sheet reduction plan and tends to see the possibility of slowing down the pace of balance sheet reduction in the future; We expe...
FinMME
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train/image_320.png
[ { "from": "human", "value": "<image>\nWhich of the following segments has an increasing share over the years?\nA: Software\nB: Service\nC: Hardware\nD: None of the above" }, { "from": "gpt", "value": "A" } ]
320
single_choice
China AI market spending
AI opportunities in the rest of the world; AI/machine learning venture capital funding by region; AI spending TAM could be USD26bn in 2026
FinMME
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322
train/image_322.png
[ { "from": "human", "value": "<image>\nWhich country has the highest projected rate at the end of 2024?\nA: Brazil\nB: Hungary\nC: South Africa\nD: Poland" }, { "from": "gpt", "value": "A" } ]
322
single_choice
BNP Paribas projection of terminal policy rate cycle peak and cutting cycle trajectory
BNP Paribas projection of cycle peak (i.e. terminal) policy rate; Projected pace per quarter during the expected cutting cycle; From cycle peak (i.e. terminal) policy rate to end-2025 BNPP forecast (end-2024 in the case of Brazil)
FinMME
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333
train/image_333.png
[ { "from": "human", "value": "<image>\nWhich data point represents LPO in the chart?\nA: The blue dots at 800G, 1600G, and 3200G\nB: The green dots at 800G, 1600G, and 3200G\nC: The red dots at 800G, 1600G, and 3200G\nD: The yellow dots at 800G, 1600G, and 3200G" }, { "from": "gpt", "value": "A" ...
333
single_choice
LPO and LRO provide the lowest power solutions for 3200G Optics Modules
LPO and LRO could potentially save 60% and 40% power consumption at 3.2T, respectively; The primary beneficiary of LRO is Credo Technology, with MACOM being the primary beneficiary of LPO, in our view; Broadcom, Arista and Nvidia are all proponents of LDD/LPO.
FinMME
null
null
337
train/image_337.png
[ { "from": "human", "value": "<image>\nWhat is the projected GDP growth for the Eurozone in 2024 (annual average)?\nA: 0.7%\nB: 0.5%\nC: 0.4%\nD: 1.0%" }, { "from": "gpt", "value": "A" } ]
337
single_choice
BNP Paribas GDP and CPI Inflation Forecasts
GDP and inflation forecasts; BNP Paribas GDP growth forecasts; BNP Paribas CPI inflation forecasts
FinMME
null
null
345
train/image_345.png
[ { "from": "human", "value": "<image>\nWhich transport mode had the lowest carbon emissions in 1990?\nA: Rail\nB: Inland navigation\nC: Heavy vehicles\nD: Cars" }, { "from": "gpt", "value": "A" } ]
345
single_choice
EU Transport sector gross carbon emissions by mode (million tonnes), 1990-2019 actual and 2030E projections
For 2050, Fit-for-55 requires the Transport sector to reduce its gross emissions by 90% versus the 1990 level (-16% is targeted by 2030), which equates to a reduction of -92% versus the pre-Covid level in 2019; Breaking down Transport by mode shows that, although Road Transport will still contribute the majority share ...
FinMME
null
null
353
train/image_353.png
[ { "from": "human", "value": "<image>\nWhich of the following statements are true about the US share after the formation of the WTO in 1995?\nA: The US share fluctuated but remained between 39% and 60%.\nB: The US share was constantly above 60%.\nC: The US share showed a downward trend in the first decade po...
353
single_choice
US share of every country with a trade deficit in goods (%), 1980 to 2023
…with the US accounting for 47% of total deficits over the past three decades; During 2023, the US accounted for 42% of the total trade deficit of all countries with a deficit; Since the formation of the WTO in January-1995, the United States’ share of the aggregate global trade deficit has ranged between 39% and 60%, ...
FinMME
null
null
357
train/image_357.png
[ { "from": "human", "value": "<image>\nWhat could be the potential reason for Mexico's continued import growth despite the tariffs?\nA: Mexico's trade agreements with the US\nB: Mexico's lower import taxes compared to China\nC: Diversification of US supply chains\nD: Mexico's increase in export production" ...
357
single_choice
US imports from China have declined since Trump's tariffs were implemented
US imports from China have declined since Trump's tariffs were implemented.; Existing laws grant the president relatively expansive powers to impose tariffs without congressional approval.
FinMME
null
null
358
train/image_358.png
[ { "from": "human", "value": "<image>\nWhat is the scheduled time for the Gross Fixed Investment report from Mexico on April 3, 2024?\nA: 06:00 Local Time\nB: 13:00 GMT\nC: 08:00 Local Time\nD: 09:00 GMT" }, { "from": "gpt", "value": "A" } ]
358
single_choice
Economic Calendar for Emerging Markets (25 March – 5 April 2024)
EM calendar 25 March – 5 April;
FinMME
null
null
364
train/image_364.png
[ { "from": "human", "value": "<image>\nWhat time does the economic data for France, Consumer spending (Dec y/y), get released?\nA: 06:30 GMT\nB: 07:30 GMT\nC: 08:00 GMT\nD: 09:00 GMT" }, { "from": "gpt", "value": "A" } ]
364
single_choice
Upcoming Economic Data Releases from BNP Paribas Exane
Local time is the time when the event takes place in the relevant country; Unless specified, all consensus estimates are from Bloomberg; When UK data is released at 00.00, we specify local time only.
FinMME
null
null
367
train/image_367.png
[ { "from": "human", "value": "<image>\nWhich of the following lines demonstrate the highest degree of market uncertainty?\nA: The thick red line\nB: The thick black line\nC: The dotted black line\nD: The light gray line" }, { "from": "gpt", "value": "A" } ]
367
single_choice
China Tower - 12-month forward P/E band
Fig. 4: China Tower - 12-month forward P/E band; Source: Company data, Nomura estimates
FinMME
null
null
373
train/image_373.png
[ { "from": "human", "value": "<image>\nWhich of the following factors could explain the major declines observed in 2021?\nA: Impact of COVID-19 and travel restrictions\nB: A major economic downturn\nC: Significant increase in travel demand\nD: None of the above" }, { "from": "gpt", "value": "A" ...
373
single_choice
Change in passengers traveling between UK and Continental Europe compared to 2017-2018 average; Q1 2021 to Q3 2023
Relative to the 2018-2019 average baseline, the number of passengers travelling between the UK and Continental Europe ex-France was down by just 2.9%, with airport passenger numbers suggesting the second half of the year saw further improvement; Figure 245: Change in passengers travelling between UK and Continental Eur...
FinMME
null
null
374
train/image_374.png
[ { "from": "human", "value": "<image>\nWhat is the normalized FCF value for FY21?\nA: 1.5 billion EUR\nB: 1.2 billion EUR\nC: Mid single-digit growth\nD: 2 billion EUR" }, { "from": "gpt", "value": "A" } ]
374
single_choice
NN FCF development forecasted to grow at a mid single-digit rate
The growth rate in FCF has been very strong at NN over recent years; Based on the new targets, the company is guiding to a 7% CAGR from 2021 – 2025; The company has guided for: 1) mid-single digit growth in FCF.
FinMME
null
null
377
train/image_377.png
[ { "from": "human", "value": "<image>\nWhich of the following accurately describe the target price changes visible on the chart?\nA: Some prices go above 300,000 KRW\nB: No two consecutive price increases\nC: Frequent target price decreases\nD: All target price changes result in closing price following them"...
377
single_choice
Shinsegae stock price and target price changes over time, as of 14-Feb-2024
Shinsegae (004170 KS) KRW 184,600 (14-Feb-2024) Neutral (Sector rating: N/A); Rating and target price chart (three year history); For explanation of ratings refer to the stock rating keys located after chart(s)
FinMME
null
null
384
train/image_384.png
[ { "from": "human", "value": "<image>\nHow did the stock price behave from 2021 to 2023?\nA: Steady decline\nB: Fluctuating with no clear trend\nC: Gradual increase\nD: Sudden drop and recovery" }, { "from": "gpt", "value": "A" } ]
384
single_choice
Hiwin Technologies Corp stock performance and recommendation changes as of 27-Feb-2024
Rating and target price chart (three year history);For explanation of ratings refer to the stock rating keys located after chart(s);Valuation Methodology Our target price of TWD342 is based on 27x FY25F EPS of TWD12.66, which is at the low end of the 15-56x range since 2014.
FinMME
null
null
385
train/image_385.png
[ { "from": "human", "value": "<image>\nIn which year was the highest net flow observed according to the chart?\nA: 2007\nB: 2011\nC: 2019\nD: 2020" }, { "from": "gpt", "value": "A" } ]
385
single_choice
Partners Group Global Value Fund – Quarterly subscriptions and redemptions since inception
Partners Group's long-standing 'Global Value Fund' has avoided breaching the 5% quarterly redemption limits over its 15-year history;
FinMME
null
null
388
train/image_388.png
[ { "from": "human", "value": "<image>\nWhich company has consistently had a higher P/TBV ratio throughout the chart period?\nA: Micron\nB: SK Hynix\nC: Both Micron and SK Hynix\nD: Neither Micron nor SK Hynix" }, { "from": "gpt", "value": "A" } ]
388
single_choice
After multiple expansion, estimate revisions are ahead. Micron remains below the historical 30% premium vs Hynix on P/TBV
Micron has historically traded at a premium to Hynix on a P/TBV basis, and today’s valuation remains in line with historical averages.; With Micron’s stock price advance on Thursday, it is worth revisiting the tenets of memory investing.; Memory IC companies have seen multiples expand ahead of an expected β€œrecord” reve...
FinMME
null
null
396
train/image_396.png
[ { "from": "human", "value": "<image>\nWhat are possible causes for the consistent growth of the MarFAβ„’ Macro index from December 2023 to March 2024?\nA: Technological innovation\nB: Government fiscal policy\nC: Global economic growth\nD: Market recovery from a downturn" }, { "from": "gpt", "valu...
396
single_choice
Fig. 2: MarFAβ„’ Macro – US Expanded Tech-Software vs S&P500
Fig. 1: MarFAβ„’ Macro – US Exp. Tech-Software vs S&P500; Sources: Bloomberg, Macrobond, BNP Paribas
FinMME
null
null
399
train/image_399.png
[ { "from": "human", "value": "<image>\nWhich segment has the largest revenue share according to the chart?\nA: Separation\nB: Feed & Biofuel\nC: Pumps\nD: Clean Air Technologies" }, { "from": "gpt", "value": "A" } ]
399
single_choice
Figure 7: Environmental & Energy – revenue split by segment and region
Figure 7: Environmental & Energy – revenue split by region and competitive landscape;E&E - revenue split by segment and region;We understand that Andritz remains bullish on green hydrogen projects with an anticipated mid-term market growth of 25-30%, a key growth engine for the company.
FinMME
null
null
405
train/image_405.png
[ { "from": "human", "value": "<image>\nWhich regions show a notable increase in BEV model count between Q1 2023 and Q2 2023?\nA: Europe\nB: USA\nC: China\nD: None of the above" }, { "from": "gpt", "value": "A" } ]
405
single_choice
Figure 28: Global BEV Model Count by Region for Western OEMs (Mass)
EGLA poised to benefit from BEV surge in Europe; Expected BEV penetration by region; Increasing number of models by region.
FinMME
null
null
408
train/image_408.png
[ { "from": "human", "value": "<image>\nWhich of these countries showed an overall increasing trend throughout the period?\nA: US\nB: Russia/USSR\nC: Japan\nD: Italy" }, { "from": "gpt", "value": "A" } ]
408
single_choice
Relative share of world wealth (%) by country, 1830-1940
The UK’s problem was that it accounted for less than 10% of global GDP in the aftermath of World War 1.; Figure 41: Relative share of world wealth (%), 1830-1940.
FinMME
null
null
415
train/image_415.png
[ { "from": "human", "value": "<image>\nWhich companies have a relative exposure greater than 1%?\nA: Repsol\nB: OMV\nC: Total\nD: Shell" }, { "from": "gpt", "value": "A" } ]
415
single_choice
Figure 3: Relative exposure to refining cash flow from operations for major oil companies
Figure 3: Repsol and Galp have the greatest relative CFFO exposure to refining, putting them at risk; But with markets short middle distillates, refiners like TTE and Repsol have a relative advantage with higher middle distillate yields
FinMME
null
null
420
train/image_420.png
[ { "from": "human", "value": "<image>\nWhich year shows the highest spike in credit demand from firms for the next quarter?\nA: 2008\nB: 2011\nC: 2019\nD: 2021" }, { "from": "gpt", "value": "A" } ]
420
single_choice
Despite higher rates, credit standards and demand show fluctuations
With spreads near historic lows, credit markets remain relatively relaxed for now; Meanwhile credit demand is recovering; If anything, the nascent downtick in rates has led to rising corporate loan demand getting less worse
FinMME
null
null
421
train/image_421.png
[ { "from": "human", "value": "<image>\nWhich months show the highest values for both the price and the Jakarta Stock Exchange Composite Index?\nA: June 2023\nB: October 2023\nC: December 2023\nD: February 2024" }, { "from": "gpt", "value": "A" } ]
421
single_choice
Price vs. Jakarta Stock Exchange Composite Index (IDR)
Relative performance chart; Source: LSEG, Nomura
FinMME
null
null
449
train/image_449.png
[ { "from": "human", "value": "<image>\nWhat was the approximate closing price of IHH Healthcare on 2022/01/01?\nA: MYR 6.50\nB: MYR 7.00\nC: MYR 5.50\nD: MYR 6.00" }, { "from": "gpt", "value": "A" } ]
449
single_choice
Closing price, target price change, and recommendation changes of IHH Healthcare over three years (MYR)
Rating and target price chart (three year history); We derive our target price of MYR7.20 based on a sum-of-the-parts valuation; The benchmark index for this stock is the FTSE Bursa Malaysia KLCI Index
FinMME
null
null
455
train/image_455.png
[ { "from": "human", "value": "<image>\nWhich assertion holds based on observing the target price changes?\nA: Target price changes precede market trend reversals\nB: Target price increases lead to stock devaluation\nC: Target price reductions coincide with stock recovery\nD: Consistent with later positive tr...
455
single_choice
Stock performance and target price changes for China Pacific as of 10-Mar-2024
Rating and target price chart (three year history); For explanation of ratings refer to the stock rating keys located after chart(s); Date Rating Target price Closing price
FinMME
null
null
464
train/image_464.png
[ { "from": "human", "value": "<image>\nWhich indicator has the largest positive change in the US section?\nA: PPI Final Demand Less Food & Energy\nB: PPI Final Demand\nC: Markit Manufacturing PMI\nD: Existing Home Sales" }, { "from": "gpt", "value": "A" } ]
464
single_choice
Comparison of US and Eurozone changes in economic indicators measured by z-scores from the previous week showing changes in DSI and ESI.
The DSI monitors how data evolve relative to Bloomberg consensus; the ESI compares the latest economic releases to a seven-year weighted average.
FinMME
null
null
470
train/image_470.png
[ { "from": "human", "value": "<image>\nWhich of the following years saw Union Density decline significantly?\nA: 1975\nB: 1985\nC: 1995\nD: 2005" }, { "from": "gpt", "value": "A" } ]
470
single_choice
Figure 12: Decline in US Private Sector Union Density (%) from 1960 to 2023
the inflation debate is unlikely to go away; a period of persistent inflation needs a persistent supply shock; Labour unionisation rates fell since then
FinMME
null
null
471
train/image_471.png
[ { "from": "human", "value": "<image>\nWhich paths reflect the impact of the proposed 78% reduction target by 2050?\nA: New path\nB: Old path\nC: Actual path\nD: None of the above" }, { "from": "gpt", "value": "A" } ]
471
single_choice
EU Transport sector GHG emissions (CO2e, million tonnes), 1990 to 2050, showing actual, new path, and old path projections
Figure 65: EU Transport sector GHG emissions (CO2e, million tonnes), 1990 to 2050, including EC’s target for 2030, 2040 and 2050; The new target for 2040 is a positive signal on the path to decarbonise the Transport sector.
FinMME
null
null
477
train/image_477.png
[ { "from": "human", "value": "<image>\nWhat were the general trends of OIL oil production from Apr-21 to Oct-21?\nA: Steady increase\nB: Fluctuating levels\nC: Sharp decrease\nD: Slight increase" }, { "from": "gpt", "value": "A" } ]
477
single_choice
Fig. 42: Oil India oil production trend
OIL’s oil production increased 5% m-m in Oct-23
FinMME
null
null
478
train/image_478.png
[ { "from": "human", "value": "<image>\nWhat is the historical low point of Macron's approval ratings?\nA: 21%\nB: 24%\nC: 28%\nD: 19%" }, { "from": "gpt", "value": "A" } ]
478
single_choice
Macron's approval ratings have fallen to historically low levels
President Macron's approval ratings are at historically low levels (24%), not far from the 21% recorded at the peak of the 'yellow vest' crisis in 2018.; Against this backdrop, painful reforms could be difficult to pass.; French voters appear dissatisfied with this situation, with falling trust in the parliament.
FinMME
null
null
483
train/image_483.png
[ { "from": "human", "value": "<image>\nHow many spines are shown in the Arista 7800 network scale-out diagram?\nA: 288\nB: 576\nC: 165k\nD: 800" }, { "from": "gpt", "value": "A" } ]
483
single_choice
Arista's 7800 and 7800 Series 800G Scale-out Network
At Arista’s Analyst Day last November, Arista announced its 7800 AI Spine Series with support from Jericho 3-AI can run a single-layer, non-blocking AI fabric for small GPU clusters that supports low latency, cost, and power requirements of AI clusters.; However, recall last November Arista showcased how its leaf switc...
FinMME
null
null
490
train/image_490.png
[ { "from": "human", "value": "<image>\nIn which month of 2023 did the housing sales in Mainland China peak according to the chart?\nA: July\nB: December\nC: March\nD: November" }, { "from": "gpt", "value": "A" } ]
490
single_choice
Trends in housing sales across 30 major cities in mainland China (7-day moving average)
Despite a number of government measures to stoke demand, housing sales have continued to weaken; In recent months, sales have been running only around 60% of their 2019 levels; Furthermore, a key side-effect of the depressed housing market is also the impact on local government finances.
FinMME
null
null
503
train/image_503.png
[ { "from": "human", "value": "<image>\nAccording to the chart, which company ranks highest in the WBA Seafood Stewardship Index?\nA: Thai Union Group\nB: Company X\nC: Company Y\nD: Company Z" }, { "from": "gpt", "value": "A" } ]
503
single_choice
Thai Union Group ranks highest in the WBA Seafood Stewardship Index
Figure 49: Thai Union Group tops the overall benchmark;The WBA Seafood Stewardship Index scores the 30 most influential seafood companies in the world on their contribution to the UN SDGs;Companies are scored out of 100 against four pillars – governance and strategy (10), ecosystems (35), traceability (15), and social ...
FinMME
null
null
512
train/image_512.png
[ { "from": "human", "value": "<image>\nWhat is the overall trend of the data points in this chart?\nA: A strong positive correlation between implied and realised skew\nB: A slight negative correlation between implied and realised skew\nC: A clear linear relationship with no correlation\nD: No apparent trend ...
512
single_choice
3m Implied vs Realised Skew for NZDUSD; Last Month
NZDUSD: CURRENCY PAIR ANALYSIS; 3m implied vs realised volatility; If the r/r is fair, realised skew = implied skew and data-points will track dashed grey line.
FinMME
null
null
524
train/image_524.png
[ { "from": "human", "value": "<image>\nWhat is the primary function of the object depicted in the image?\nA: To switch the vehicle's transmission gears\nB: To charge a smartphone wirelessly\nC: To control the vehicle's air conditioning\nD: To activate the vehicle's parking brake" }, { "from": "gpt", ...
524
single_choice
BH EVS - automotive wireless smartphone charger illustration
Fig. 10: BH EVS - automotive wireless smartphone charger
FinMME
null
null
535
train/image_535.png
[ { "from": "human", "value": "<image>\nWhich framework covers both upstream and downstream in its value chain coverage?\nA: CDP disclosure system\nB: Global Reporting Initiative (GRI) Standards\nC: Natural Capital Protocol\nD: Science Based Targets Network (SBTN) target setting guidance" }, { "from":...
535
single_choice
Figure 52: UNEP comparison of nature-related assessment and disclosure frameworks (1/2)
Figure 52: UNEP comparison of nature-related assessment and disclosure frameworks (1/2); Source: Accountability for Nature: Comparison of Nature-Related Assessment and Disclosure Frameworks and Standards
FinMME
null
null
537
train/image_537.png
[ { "from": "human", "value": "<image>\nWhat might be the primary purpose of the rectangular object located above the gear shift lever?\nA: To house the wireless charging pad\nB: To serve as a cover for the charging area\nC: To hold essential vehicle components\nD: To act as a decorative part" }, { "f...
537
single_choice
BH EVS - automotive wireless smartphone charger illustration
Fig. 10: BH EVS - automotive wireless smartphone charger
FinMME
null
null
545
train/image_545.png
[ { "from": "human", "value": "<image>\nWhat year did France's private debt-to-GDP ratio surpass 140%?\nA: 2023\nB: 2022\nC: 2021\nD: 2020" }, { "from": "gpt", "value": "A" } ]
545
single_choice
Private debt is relatively elevated in France
Private debt-to-GDP has increased by 53pp, reaching 142% in 2023 – the highest level among large eurozone economies (Figure 8).
FinMME
null
null
550
train/image_550.png
[ { "from": "human", "value": "<image>\nWhich regions are expected to experience growth compared to their 2017 peak?\nA: China\nB: Europe\nC: North America\nD: GLVP" }, { "from": "gpt", "value": "A" } ]
550
single_choice
LVF forecast 2024E: BNPP Exane vs. 2017 (Peak)
Figure 12: Our positive view on production is supported by recovery potential in Europe, which remains below historical levels, and more growth in China thanks to a further rise in export volumes; We see further room for recovery in the region driven mostly by a further normalization of mix and the need of legacy carma...
FinMME
null
null
552
train/image_552.png
[ { "from": "human", "value": "<image>\nWhat was the closing price of Alibaba Group Holding on 07-Feb-2024, according to the chart?\nA: 73.64 USD\nB: 100.20 USD\nC: 65.00 USD\nD: 80.50 USD" }, { "from": "gpt", "value": "A" } ]
552
single_choice
Historical chart showing closing prices, target price changes, and recommendation changes for Alibaba Group Holding as of 07-Feb-2024.
Rating and target price chart (three year history); Alibaba Group Holding (BABA US) USD 73.64 (07-Feb-2024) Buy (Sector rating: N/A); For explanation of ratings refer to the stock rating keys located after chart(s)
FinMME
null
null
553
train/image_553.png
[ { "from": "human", "value": "<image>\nWhich of the following quarters display the lowest and highest points for inventory?\nA: 1Q16 and 1Q20\nB: 1Q20 and 1Q22\nC: 1Q22 and 1Q24F\nD: 1Q24F and 1Q26F" }, { "from": "gpt", "value": "A" } ]
553
single_choice
Fig. 9: LGE - LCD and OLED inventory trend (2016=100)
Fig. 9: LGE - inventory trend; Source: Company data, Nomura estimates
FinMME
null
null
565
train/image_565.png
[ { "from": "human", "value": "<image>\nWhich of the following products are positioned on the high end of the bandwidth spectrum?\nA: Tomahawk\nB: Trident\nC: Jericho\nD: None of the above" }, { "from": "gpt", "value": "A" } ]
565
single_choice
Broadcom's networking silicon bandwidths and features for datacom, telecom, and enterprise
Figure 17: Broadcom addresses bandwidths and features suitable for datacom, telecom and enterprise; Broadcom’s reach extends across all networks.
FinMME
null
null
574
train/image_574.png
[ { "from": "human", "value": "<image>\nWhich investor type has the largest allocation in the chart?\nA: BDC\nB: Non-traded REIT\nC: Tender Offer\nD: Interval Fund" }, { "from": "gpt", "value": "A" } ]
574
single_choice
Global wealth by investor type (2022) and current allocation to alternatives (%)
Allocations to alternatives from private wealth investors today predominantly come from the upper-high-net-worth/ultra-high-net-worth segments.; There is a much larger opportunity to address the HNW and mass affluent segments including individuals accessing through individual pension holdings.; Today, allocations from ...
FinMME
null
null
575
train/image_575.png
[ { "from": "human", "value": "<image>\nWhich drivetrain type shows the largest percentage increase from 2015 to 2030 in the EU passenger car stock?\nA: Electric\nB: Fuel cell\nC: Gasoline ICE\nD: Diesel ICE" }, { "from": "gpt", "value": "A" } ]
575
single_choice
Distribution of the EU passenger car stock per type of drivetrain
Within this broader proposal is a plan to cut transport emissions by c.85% by 2040 versus today’s levels (see below); Given BEVs are today only c.3.5% of the EU parc, and that the average car stays in the parc for c.25 years, reaching a 60% parc mix is clearly a stretch without some form of radical change to the curren...
FinMME
null
null
577
train/image_577.png
[ { "from": "human", "value": "<image>\nWhich company has the highest minimum estimated change in BEV volume from 2023 to 2025?\nA: Toyota et al\nB: Ford\nC: Volkswagen\nD: BMW" }, { "from": "gpt", "value": "A" } ]
577
single_choice
Minimum 2025 vs 2023 estimated change in EU (ex UK) BEV volume to meet 2025 CO2 targets (Based on BNPP-Exane PHEV mix assumptions)
EU BEV sales need to rise by c.40% in 2025; Sensitivity of 2025 CO2 compliance to BEV mix (%) and PHEV mix (%) - revised PHEV utility factor; % chg in 2025e vs 2023 BEV volume based on flat overall volumes.
FinMME
null
null
584
train/image_584.png
[ { "from": "human", "value": "<image>\nWhat is the P/E ratio value approximately in Feb 2024 on the chart?\nA: 32\nB: 34\nC: 36\nD: 38" }, { "from": "gpt", "value": "A" } ]
584
single_choice
P/E band chart. Source: Bloomberg Finance L.P., Nomura research
Fig. 12: P/E band chart; Note: Bloomberg consensus for Not rated (NR) stocks, Pricing as on 15 February 2024; Crompton relies heavily on outsourced manufacturing. Thus, any product failures, warranty recalls, and supply disruptions would affect its performance.
FinMME
null
null
591
train/image_591.png
[ { "from": "human", "value": "<image>\nWhat is the bid-to-cover ratio for August 2023?\nA: 2.85\nB: 2.90\nC: 3.10\nD: 3.20" }, { "from": "gpt", "value": "A" } ]
591
single_choice
Figure showing the 6-month T-bill bid-to-cover ratio from August 2023 to January 2024.
Following the T-bill issuance slowdown in Q2, long-end T-bill-OIS spreads should gradually widen (T-bills cheaper) versus 1m-2m bill spreads in H2 2024 as MMFs marginally shorten WAM into an uncertain cutting cycle.;The highest WAM had ever reached when looking at Crane data was close to 43 days in February 2021, after...
FinMME
null
null
597
train/image_597.png
[ { "from": "human", "value": "<image>\nWhich months showed the highest volatility in the dividend yield?\nA: January 2020 - June 2020\nB: July 2020 - January 2021\nC: March 2021 - October 2021\nD: October 2022 - January 2023" }, { "from": "gpt", "value": "A" } ]
597
single_choice
Figure 5: Blackstone Share Price and Dividend Yield Over Time
Valuation charts; Share price (LHS) vs. 12m fwd EPS (RHS); 12m fwd dividend yield (%)
FinMME
null
null
600
train/image_600.png
[ { "from": "human", "value": "<image>\nWhich years show a year-over-year growth rate of over 30%?\nA: FY07\nB: FY12\nC: FY23\nD: FY21" }, { "from": "gpt", "value": "A" } ]
600
single_choice
USD revenue and year-over-year growth percentages from FY06 to FY23, highlighting trends and fluctuations over time.
Fig. 100: USD revenue growth rates moderated during FY16-21 driven by issues in top accounts.
FinMME
null
null
605
train/image_605.png
[ { "from": "human", "value": "<image>\nWhich segment represents the largest share of the Indian electronics market?\nA: Cell Phones\nB: Industrial electronics\nC: Consumer electronics\nD: PCBA & Electronic components" }, { "from": "gpt", "value": "A" } ]
605
single_choice
Segmentation of Indian Electronics Market and Key Growth Drivers
FinMME
null
null
611
train/image_611.png
[ { "from": "human", "value": "<image>\nIn which year did the net profit per employee exceed 0.13 CNY million?\nA: 2019\nB: 2021\nC: 2022\nD: 2023F" }, { "from": "gpt", "value": "A" } ]
611
single_choice
Source: Company data, Nomura research
We think sales efficiencies will improve from 2023F, thanks to synergies with CMG, and we estimate revenue/earnings per employee will increase from CNY0.7mn to CNY0.96mn, and CNY0.11mn to CNY0.17mn, respectively.
FinMME
null
null
616
train/image_616.png
[ { "from": "human", "value": "<image>\nWhat is the highest closing price of MINISO Group observed in the chart?\nA: $33.50\nB: $32.50\nC: $30.00\nD: $35.00" }, { "from": "gpt", "value": "A" } ]
616
single_choice
Stock rating trends and price targets for MINISO Group over a three-year period
Rating and target price chart (three year history); Our target price of USD30.00 is based on 25.0x CY24E P/E, in-line with the average trading multiples for MINISO's diagnostics.; Key downside risks to our rating and target price for MINISO
FinMME
null
null
617
train/image_617.png
[ { "from": "human", "value": "<image>\nWhat is the stock closing price of FinVolution Group around 2022/01/01?\nA: Around 4.5 USD\nB: Around 6.5 USD\nC: Around 9.5 USD\nD: Around 7.5 USD" }, { "from": "gpt", "value": "A" } ]
617
single_choice
FinVolution Group stock performance and target price changes over time
Rating and target price chart (three year history); Our TP of USD5.92 is based on a Gordon growth model, with 16.0% long-term ROE, 20% discount rate and 6% terminal growth rate, implying a 0.71x FY24F P/B; The benchmark index for the stock is NASDAQ index
FinMME
null
null
620
train/image_620.png
[ { "from": "human", "value": "<image>\nWhich regions show the most significant differences in solar land requirements?\nA: Japan and Africa\nB: Europe and India\nC: CIS and ASEAN\nD: Australia and South America" }, { "from": "gpt", "value": "A" } ]
620
single_choice
Percentage of total land needed for solar to produce region's energy demand
In the majority of the world, less than 1% of land would be needed to cover a region’s energy demand with solar PV alone; There are enough wind and solar resources to cover more than 100 times total electricity demand globally; We show below that 80-90% green power systems are feasible.
FinMME
null
null
625
train/image_625.png
[ { "from": "human", "value": "<image>\nWhich countries are forecasted to have GDP growth below 1% in 2024?\nA: Argentina\nB: Mexico\nC: Chile\nD: South Africa" }, { "from": "gpt", "value": "A" } ]
625
single_choice
BNP Paribas GDP growth and consumer price inflation forecasts for Emerging Markets (2023-2025)
Forecasts 2023–24: GDP and inflation
FinMME
null
null
628
train/image_628.png
[ { "from": "human", "value": "<image>\nDuring which months did the price show signs of stability before dropping?\nA: June 2023\nB: August 2023\nC: November 2023\nD: February 2024" }, { "from": "gpt", "value": "A" } ]
628
single_choice
Equity Performance: CATL vs CSI 300 (April 2023 - March 2024)
Closing price 15 March 2024 CNY 181.00; Relative performance chart; The stock currently trades at 17.2x FY24F P/E.
FinMME
null
null
632
train/image_632.png
[ { "from": "human", "value": "<image>\nWhich quarters showed a y-y growth above 80%?\nA: 1Q FY23\nB: 2Q FY23\nC: 3Q FY23\nD: 1Q FY24" }, { "from": "gpt", "value": "A" } ]
632
single_choice
Revenue and Y-Y Growth Trends
Revenue was up 23.1% y-y; Source: Company data, Nomura research
FinMME
null
null
End of preview. Expand in Data Studio

MRCL: Multimodal Reasoning Continual Learning

MRCL is a five-stage benchmark for studying catastrophic forgetting during continual post-training of vision-language models. It brings together recent, challenging, and reasoning-intensive multimodal datasets spanning medical understanding, navigation and planning, geometry, visual-spatial reasoning, and financial chart analysis.

The benchmark is introduced in RL Forgets! Towards Continual Policy Optimization.

Training and evaluation code is available in the CPO github repository.

image

Benchmark overview

MRCL is organized as a fixed continual-learning sequence:

  1. MedBookVQA
  2. Navigation
  3. We-Math2.0
  4. Puzzle
  5. FinMME

Each stage provides a training split for adaptation and a held-out test split for measuring both acquisition of the current task and retention of previously learned tasks.

Stage Task Capability Train Test Answer format
1 MedBookVQA Medical visual understanding ~1.4K ~0.6K Multiple choice
2 Navigation Visual navigation and planning ~1.5K ~0.5K Direction sequence
3 We-Math2.0 Multimodal mathematical reasoning ~5.7K ~3.7K Numerical and multiple choice
4 Puzzle Visual-spatial reasoning ~6.0K ~0.4K Multiple choice
5 FinMME Financial chart understanding ~8.0K ~1.0K Numerical and multiple-answer choice

The use of datasets released in 2025 or later reduces the risk that benchmark tasks were already present in the pretraining data of recent models.

Split construction
  • MedBookVQA: uses the Symptom Recognition and Surgery Operation subsets. Samples with parsing failures are removed, and the remaining data are randomly divided into training and test sets with a 7:3 ratio.
  • Navigation: is derived from ThinkMorph. Samples are manually filtered to retain problems with a unique shortest path. Problems requiring 2-10 steps are split 7:3; those requiring 11-15 steps are reserved for testing.
  • We-Math2.0: includes Plane Geometry, Analytic Geometry, and Solid Geometry from We-Math2.0-standard, together with difficulty-based splits from We-Math2.0-pro. Ground-truth mathematical expressions are normalized to standard LaTeX.
  • Puzzle: uses the Jigsaw Assembly subset of ThinkMorph for training and the VisPuzzle subset for testing.
  • FinMME: includes numerical questions and multiple-answer questions; numerical records provide a tolerance for chart-reading uncertainty.

Data format

The repository follows this layout:

MRCL/
β”œβ”€β”€ MedBookVQA/
β”œβ”€β”€ Navigation/
β”œβ”€β”€ We-Math2/
β”œβ”€β”€ Puzzle/
└── FinMME/

<TASK>/
β”œβ”€β”€ images/
└── jsons/
    β”œβ”€β”€ train/data.json
    └── test/data.json

Each split is a JSON array in the following format:

{
  "image": "example.png",
  "conversations": [
    {
      "from": "human",
      "value": "<image>\nQuestion text"
    },
    {
      "from": "gpt",
      "value": "Ground truth"
    }
  ]
}

Image files are resolved relative to the corresponding <TASK>/images/ directory. FinMME numerical samples additionally contain a tolerance field.

Evaluation

Use the task-specific scoring rules reported with MRCL:

  • MedBookVQA and Puzzle: exact-match accuracy.
  • Navigation: a prediction is correct only when the complete direction sequence matches the reference shortest path.
  • We-Math2.0: multi-blank answers receive partial credit; each correct blank contributes equally.
  • FinMME: an incomplete but otherwise correct subset receives 0.5 credit for multiple-answer questions; any incorrect selection receives 0. Numerical answers are accepted when they fall within the provided tolerance.

For continual evaluation, let the model train on the five configurations in the specified order and evaluate all tasks seen so far after each stage. The paper reports Mean Finetune Accuracy (MFT), Mean Final Accuracy (MFN), and Mean Task Accuracy (MTA).

Citation

@article{luo2026rl,
    title={RL Forgets! Towards Continual Policy Optimization},
    author={Luo, Mao-Lin and Wang, Zhe-Xu and Zhou, Zi-Hao and Ye, Bo and Zhao, Jian and Zhang, Min-Ling and Wei, Tong},
    journal={arXiv preprint arXiv:2607.04364},
    year={2026}
}
@inproceedings{
    gu2026thinkmorph,
    title={ThinkMorph: Emergent Properties in Multimodal Interleaved Chain-of-Thought Reasoning},
    author={Jiawei Gu and Yunzhuo Hao and Huichen Will Wang and Linjie Li and Michael Qizhe Shieh and Yejin Choi and Ranjay Krishna and Yu Cheng},
    booktitle={The Fourteenth International Conference on Learning Representations},
    year={2026}
}
@article{yip2025medbookvqa,
    title={MedBookVQA: A Systematic and Comprehensive Medical Benchmark Derived from Open-Access Book},
    author={Yip, Sau Lai and He, Sunan and Nie, Yuxiang and Chan, Shu Pui and Ye, Yilin and Lam, Sum Ying and Chen, Hao},
    journal={arXiv preprint arXiv:2506.00855},
    year={2025}
}
@inproceedings{
    qiao2026wemath,
    title={We-Math 2.0: A Versatile MathBook System for Incentivizing Visual Mathematical Reasoning},
    author={Runqi Qiao and Qiuna Tan and Peiqing Yang and Yanzi Wang and Xiaowan Wang and Enhui Wan and Guanting Dong and Shiqiang Lang and Sitong Zhou and Yida Xu and Yuchen Zeng and Jie Wang and Chong Sun and Chen Li and Honggang Zhang},
    booktitle={The Fourteenth International Conference on Learning Representations},
    year={2026}
}
@inproceedings{luo2025finmme,
    title={Finmme: Benchmark dataset for financial multi-modal reasoning evaluation},
    author={Luo, Junyu and Kou, Zhizhuo and Yang, Liming and Luo, Xiao and Huang, Jinsheng and Xiao, Zhiping and Peng, Jingshu and Liu, Chengzhong and Ji, Jiaming and Liu, Xuanzhe and others},
    booktitle={Proceedings of the 63rd Annual Meeting of the Association for Computational Linguistics (Volume 1: Long Papers)},
    pages={29465--29489},
    year={2025}
}
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