Russia is advocating for a unified depository and clearance system among BRICS nations to enhance financial cooperation independent of Western influence. The proposal, presented at the summit in Kazan, aims to create a BRICS Clear framework to facilitate seamless cross-border securities transactions, serving as an alternative to existing systems like Euroclear and Clearstream.
UBS has raised its price target for Pentair (PNR) to $115 from $100, maintaining a Buy rating. The firm expresses increased confidence in Pentair's ability to achieve margin expansion beyond the 2026 target of 24%, driven by ongoing transformation efforts and the early stages of the 80/20 implementation, with positive impacts expected in 2025 and 2026 due to declining interest rates.
Eni SpA is set to invest approximately €2 billion ($2.2 billion) over the next five years to revitalize its chemicals division in Italy. This initiative aims to significantly decrease the reliance of its unit, Versalis, on the basic chemicals sector, which is experiencing a structural and irreversible decline in Europe.
The 2024 Art Basel and UBS Survey reveals that high-net-worth collectors continue to invest in art despite economic challenges, with global imports of art and antiques rising 6% to $33 billion. Spending patterns show a decline in average expenditure, particularly among millennials, while interest in new and emerging artists is growing, with 52% of HNWIs' spending directed towards them. The share of works by female artists in collections has reached a seven-year high at 44%, reflecting a significant shift in collector preferences.
Angola's government is in discussions with the International Monetary Fund regarding a potential new lending program tailored to the country's needs. Finance Minister Vera Daves de Sousa indicated that options are being evaluated, with technical assessments to precede political discussions, although differences on capital expenditures remain.
On Thursday, October 24, 2024, major analyst calls were made regarding several prominent companies, including Tesla, Apple, Meta, IBM, and Microsoft. These evaluations are expected to influence market perceptions and investor decisions in the tech sector.
Embassy Office Parks REIT has raised its leasing guidance following one of its most successful quarters to date. This positive performance reflects the company's strong position in the market and its commitment to enhancing shareholder value.
UBS has maintained a "Neutral" rating for Kering, setting a target price of 227 euros following the release of third-quarter sales figures. Analyst Zuzanna Pusz noted that the revenue results indicate the luxury goods group is facing significant challenges.
UBS has maintained a 'Neutral' rating for Kering, setting a target price of 227 euros following disappointing third-quarter sales figures. Analyst Zuzanna Pusz noted that the luxury goods group is facing significant challenges. As of October 24, Kering's stock was trading at approximately 235.25 euros, reflecting a 3.23% increase.
Climeworks has signed a significant contract with Morgan Stanley to remove 40,000 tonnes of CO2 from the atmosphere, marking the second largest deal in its history. This partnership, which extends until 2037, supports Morgan Stanley's goal of achieving net-zero financed emissions by 2050 and mobilizing USD 1 trillion in sustainable finance by 2030. The collaboration will enhance Climeworks' operations in the US, backed by the US Department of Energy.