Learning TakeawaysFOREIGN PRESS USAOctober 28, 2024Data, S&P Global

Learning to Understand Data: Insights from S&P Global

Learning TakeawaysFOREIGN PRESS USAOctober 28, 2024Data, S&P Global

On Wednesday, October 9, the Association of Foreign Correspondents in the United States (AFPC-USA) hosted an educational program to enhance foreign journalists’ understanding of data, with key insights from two experts from the financial intelligence and analytics firm S&P Global. They learned how data is used for reporting, how S&P Capital IQ Pro users are leveraging the robust data in their work, and how you can tap into S&P Global’s insights on economic, country risk and supply chain intelligence.

The speakers were Jenny Paurys, a senior vice president at S&P Global Market Intelligence, where she serves as Head of the Global Intelligence & Analytics business and leads Supply Chain strategy for the Market Intelligence division; and Warren Breakstone, who leads the Capital IQ Solutions business for S&P Global Market Intelligence.

Paurys has driven client value at S&P Global for two decades through a wide range of analytic and leadership roles in the United States and United Kingdom. She has built and run products and teams across all regions of the world, specializing in solutions that integrate proprietary data, event analysis, and qualitative insights to provide customers a holistic understanding of the markets in which they operate. Breakstone oversees the Capital IQ platforms, S&P Global Marketplace, and associated analytical, data visualization, and content solutions. He is a member of the division's operating committee and previously led the Data Management Solutions business of Market Intelligence with responsibility for the division’s data feed, cloud, and other strategic distribution channels.

This educational program was moderated by Oheneba Ama Nti Osei, multimedia journalist, editor, and content strategist who is a Knight Bagehot Fellow and an alumna of the Columbia University Graduate School of Journalism. AFPC-USA is solely responsible for the content of this interview. Below, readers will find a summary of some of the most important takeaways from the presentation.

BREAKSTONE’S PRESENTATION ON CAPITAL IQ PRO

Breakstone delivered a presentation on S&P Capital IQ Pro, emphasizing its relevance and accessibility for journalists. He began by informing the audience that access information would be provided for journalists after the session.. After confirming that his screen was visible, he outlined how clients utilize the platform in their daily work, noting that it serves 350,000 users across various sectors, including the institutional buy side, sell side, large banks, and corporate entities.
Breakstone described a typical use case for a research analyst on the buy side, highlighting the platform's dashboard, which allows users to monitor market activity throughout the day. Analysts can track stock movements, news updates, and set alerts for significant market changes. He specifically mentioned following companies, such as Pepsi, and explained the process of checking earnings releases against expectations and consensus. Breakstone showcased how users could access earnings call transcripts to analyze sentiment and transparency, using AI tools to summarize calls and provide context for the data.
He then shifted focus to the economic and demographic data available on the platform, using France as an example. He illustrated how users can assess the health and vibrancy of various companies by accessing both historical and forecast data over a span of 50 years, underscoring the importance of providing context beyond individual companies.
He said: “The ability to render this data quickly and comprehensively is very, very important. We provide context for the individual companies and company data that we're able to offer. Some of that's at the industry level, sector level, country level, understanding the risk, understanding the news, the research associated with it. It's all a big part of our overall proposition.”
Breakstone also introduced a new feature, the Labs environment, which encourages client feedback on emerging capabilities before their official release. He explained a tool for transcript trending topics, which analyzes mentions of specific terms in earnings call transcripts for S&P 500 companies. He demonstrated the ability to track terms like “Trump,” “Harris,” and “Biden” over the past two years, revealing trends in corporate discussions. He also explored the decline in mentions of ESG, while terms like “climate” and “AI” continued to gain traction.
Finally, Breakstone touched on the real-time availability of transcripts during earnings calls, which can be consumed in bulk for further analysis. He emphasized the platform's versatility in supporting diverse client needs, fostering a deeper understanding of market dynamics and corporate strategies through comprehensive data and insights. He mentioned that “we have clients now that are consuming the transcripts in bulk and they're running it through their own models to look for their own particular insights.”

REMARKS FROM PAURYS

With over 15 years in journalism, Paurys recalled the challenges of manually sifting through transcripts for information, contrasting that with the current capabilities demonstrated by Breakstone. She highlighted how such tools can significantly streamline the process of gathering information, enabling journalists to ask more informed questions.
Transitioning to her current role, Paurys introduced the concept of global intelligence and analytics, describing it as an exciting aspect of their business. She explained that the organization compiles a vast array of economic, country risk, maritime trade, and supply chain data, emphasizing the need for diverse macro-level inputs in addressing client inquiries. Paurys pointed out that the ongoing conflict in Ukraine had intensified the demand for integrated data across these various domains, highlighting the interconnectedness of economics, trade, and risk assessments.
Paurys went on to detail the organization’s robust data infrastructure, which provides economic forecasts, risk intelligence, and maritime insights for every country globally. She said this expert-driven content is important in the realm of generative AI, stressing that “quality outputs rely on strong, knowledgeable sources.” Paurys illustrated the organization’s capabilities in providing timely and relevant information about macroeconomic conditions and trade analytics, which are crucial for journalists covering specific sectors and industries.
She also spoke about the Journal of Commerce, a nearly 200-year-old publication, which offers expert commentary on logistics and trade flows. She mentioned how the journal's journalists provide valuable insights during significant events, such as strikes affecting the supply chain, insights that provide journalists a greater understanding of broader economic implications.
Paurys also stressed the importance of grounding reporting in objective data rather than relying solely on subjective perspectives. She articulated a vision of journalism that provides audiences with a comprehensive understanding of complex issues by integrating various viewpoints with empirical data.
She said: “We’ve really got to underpin objective data as much as possible so that we're not asking our audiences to choose between two or three viewpoints. We're giving them a much more robust and textured understanding of a topic and issue, whatever beat that we're covering.”
Paurys also shared insights into the organization’s forward-looking analysis for 2024, highlighting key themes such as economic fault lines, geopolitical shifts, supply chain resilience, and strategic competition.

ON HOW CORRESPONDENTS CAN INTEGRATE THIS DATA INTO THEIR DAY-TO-DAY REPORTING

Paurys talked about the importance of a broad approach to journalism, particularly when integrating data into reporting. She encourages journalists to ask expansive questions about their topics, stressing that understanding both the big picture and the finer details is crucial for effectively contextualizing stories for readers, which allows journalists to engage their audience meaningfully.
She said that journalism should not only focus on the immediate story but also consider related layers that enhance the narrative. She underscores the value of having access to reliable data and data sources, which empower journalists to learn and report more effectively. While expert opinions and sources are essential for bringing stories to life, being well-informed and prepared with relevant data before engaging with these sources is equally important.
By utilizing tools like Capital IQ Pro, journalists can monitor larger trends in real-time, which allows them to frame their questions more thoughtfully and provide a more objective foundation for their reporting. Ultimately, Paurys believes that this approach enables journalists to deliver richer, more nuanced stories that resonate with their audience.

ON THE USER EXPERIENCE OVERALL

Recent updates are transforming the user experience by enhancing the speed and quality of data presentation, Breakstone said. He notes that clients are increasingly seeking to tell comprehensive stories quickly, which has led to significant investments in both data and innovative visualization technologies. Breakstone said that effective decision-making relies on the convergence of multiple data sets rather than isolated data points. This holistic approach allows clients to employ various tools, along with their own expertise, to make informed decisions regarding capital allocation, investments, and market strategies.
Additionally, he says that different client segments—such as the buy side, sell side, corporates, academics, and insurance firms—have unique needs, prompting the team to explore diverse data combinations and analytics tailored to each segment. He also vouches for the importance of transparency and trust in the data provided. He explains the pioneering "click through to source" feature, which allows users to delve deeper into financial data and its methodologies, ensuring they understand the context and reliability of the information.
He said: “The ability to go from a large language model, to ask the question, get the answer, and then drill down to see where that answer comes from, what the underlying data is, is a core critical principle to how we're building our solutions for the next stage in this Gen AI journey.”

ON THE FEDERAL RESERVE’S RECENT RATE CUTS

Paurys said the Federal Reserve's recent decision to cut interest rates had been anticipated, especially in light of the inflationary pressures that emerged after the pandemic, according to S&P Global Market Intelligence’s economics research group. As the U.S. typically leads in monetary policy changes, Paurys expects to see similar easing of policies in other regions as confidence in currency stability grows. S&P Global Market Intelligence forecasts a series of rate cuts that may bring U.S. policy rates back to a neutral level by mid-2026, but she does not anticipate a return to the pre-pandemic interest rate environment. This shift is attributed to ongoing geopolitical risks, significant economic changes—such as labor availability and costs—and trends like supply reshoring, where companies relocate operations closer to their home base to reduce dependencies on complex global supply chains.
Additionally, Paurys points out that tariffs will continue to influence the economic cycle. Overall, she views the Fed's decision as a positive signal. Rather than reverting to past conditions, she says we must adapt to this new reality.
She said: “We have to understand that the world's economy fundamentally changed in the last several years and in a way that was just very visible to all of us. The economy’s always changing, but it’s very visible and that's how we should start to think about the track we're on now, which is not a loopback, but a different path forward.”

ON ASCERTAINING THE RIGHT DATA SETS ARE BEING USED FOR THIS PRODUCT

Breakstone suggests that clients should start using Gen AI to become comfortable with it, noting that while it doesn’t replace existing processes, it can create efficiencies and help uncover insights more quickly amidst the vast amount of data available. The company, he says, has made significant investments in data visualization, which helps clients identify trends and anomalies easily. By making the platform smarter, S&P Global improves search capabilities, allowing clients to find relevant information more efficiently. He points out that Gen AI can summarize lengthy documents, enabling clients to assess sentiment and relevance without having to read everything in detail.
He also illustrated the practical applications of these advancements, showcasing tools like visual representations of economic indicators and activism campaigns that allow for deeper insights. This emphasis on quick access to information and the ability to drill down into details is “essential as clients navigate overwhelming data.”

ON HOW THE WAY JOURNALISTS USE DATA WILL CHANGE OVER THE NEXT FEW YEARS

“With the caveat that I am very much a business journalist at heart,” Paurys said, data is “one of the most valuable tools available to reporters.” She encourages journalists to incorporate numbers into their headlines and leads, as the human brain is naturally drawn to data.
She also acknowledges the challenge of navigating vast amounts of data to determine what is accurate and trustworthy, highlighting her pride in working at S&P Global, which is committed to accuracy. Paurys believes that data not only enhances qualitative reporting but also serves as a reliable foundation for various types of journalism.
Furthermore, she points out the significance of having trustworthy data sources that journalists can verify and interrogate. She recalls the impact of a recent rollout that allows users to trace data back to its source, enhancing the credibility of the information presented. Paurys asserts that this ability to access objective input will become increasingly crucial in journalism, as audiences will demand more than just opinions; they will seek the tools to form their own conclusions based on solid evidence.
She said: “That is going to be increasingly demanded of journalism: ‘Help me understand so I can draw my own conclusions here.’ Give me the tools to do it.’ Journalists are helping with that process.”

IN RESPONSE TO A QUESTION ABOUT THE “INNOVATIVE DATA SOURCES” THAT WILL HAVE THE LARGEST IMPACT ON THIS PLATFORM

Breakstone says that while new data sets will always emerge, the key to impactful decision-making lies in integrating various discrete data sources. He mentions the importance of combining supply chain data with ESG (Environmental, Social, and Governance) scores to assess physical risks associated with suppliers, particularly in light of climate scenarios like Hurricane Milton, which recently made landfall in Florida.
Using Pepsi as an example, he says it is important to understand the company's distribution networks in relation to environmental threats. Breakstone emphasizes that the real innovation comes from logically combining existing data sets, enhancing them with tools and visualizations, and utilizing generative AI to create compelling narratives. Ultimately, he stresses that the integration of these data sources into clients' workflows is what will enable them to make informed decisions.
In response to a question from an attendee about the role of client feedback, he explains that the example he provided, which involved searching through S&P 500 transcripts, originated from client input. The team prototyped the feature, gathered feedback from clients on potential tweaks, and iteratively improved the tool based on their suggestions. After refining the feature, it was placed in the CIQ Pro lab section for clients to explore further. Once it was deemed effective, it was integrated into the core platform.
He said: “We want to make sure that those investments are likely to succeed. And the more we're able to do this with and develop for our users, I think that sets you up for a better likelihood of success.”

IN RESPONSE TO A QUESTION ABOUT HOW NEWS ORGANIZATIONS CAN “EQUIP JOURNALISTS WITH THE TOOLS AND TRAINING TO EFFECTIVELY LEVERAGE DATA AND THEIR STORYTELLING”

Paurys says AI tools can enhance journalistic workflows, such as sentiment analysis and efficient transcription. Paurys encourages journalists to advocate for the adoption of AI technologies that can streamline time-consuming tasks and improve understanding of their reporting.
She also points out the value of finding trusted data partners, suggesting that this is crucial for enhancing journalistic work. By establishing reliable data sources, journalists can improve their internal processes, gain confidence in asking more challenging questions, and ultimately produce more informed stories.

RESOURCES

To learn more about S&P Global’s expertise and analysis for different market sectors: Latest S&P Global Podcasts | S&P Global (spglobal.com)
To see press releases that highlights key research reports and analyses: News Release Archive - Press Releases (spglobal.com)

ABOUT S&P GLOBAL MARKET INTELLIGENCE’S PRESS PASS PROGRAM

Journalists can turn data into actionable intelligence with powerful analytics, dashboards, and timely research for their reporting through access to S&P Global Market Intelligence’s Press Pass Program. With more than 1,500 media users in the program, S&P Global Market Intelligence provides complimentary access to selected journalists to our data platforms including S&P Capital IQ and Visible Alpha. In exchange, we ask that you properly attribute all data and content pulled from the platforms back to “S&P Global Market Intelligence.”

Access to S&P Capital IQ, Capital IQ Pro and Visible Alpha can provide the following data and insights:

Quarterly consensus estimates
Extensive set of prebuilt model templates such as company tearsheets and financial data
Market data with deep sector analysis and content covering banking, insurance, metals and mining, TMT, energy, real estate, etc.
Review underlying source documents and calculations with our click-through functionality, saving you time
View multiples, valuations, and pricing for M&A transactions—and much more.

If you’re interested in requesting access to these platforms, please reach out to press.mi@spglobal.com with the following details: