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A potential increase in German fiscal spending could drive the 10-year bund yield to 4% by 2028, according to BNP Paribas. This spending, aimed at defense and infrastructure, may prompt the European Central Bank to raise interest rates in the latter half of next year, leading to higher bond yields and a stronger euro, projected to reach $1.20. However, the euro's ascent may face short-term volatility due to ongoing US tariff risks.
BNP Paribas Exane has upgraded BorgWarner to an "Outperform" rating from "Neutral," setting a price target of $36. BorgWarner specializes in automotive equipment, with net sales primarily from air management products (41.8%) and e-propulsion & drivetrain products (39.5%), among others. The company operates 84 production and assembly sites globally, with significant sales in China (20.3%) and the United States (15.9%).
LeoVest Partners has welcomed Martina Stumbauer as a senior relationship manager, focusing on clients from Switzerland and Central Europe. Stumbauer brings over three and a half years of experience from BNP Paribas Wealth Management, where she served as the global head for the Central Eastern Europe and CIS markets.
German 10-year borrowing costs could rise to 4%, the highest since 2008, as the country plans a significant increase in spending on defense and infrastructure. A proposed 500-billion-euro fund and changes to borrowing rules are expected to lead to nearly 150 billion euros in extra debt by 2028. Analysts predict yields will initially range from 2.5% to 3% before climbing, with Goldman Sachs forecasting a rise to 3.75%.
German 10-year borrowing costs could rise to 4%, the highest since 2008, as the country plans a significant increase in spending on defense and infrastructure. A proposed 500-billion-euro fund and changes to borrowing rules are set for a parliamentary vote, with yields expected to trade between 2.5% and 3% in the short term. Currently, yields stand at 2.85%, having increased nearly 50 basis points this month.
BNP Paribas forecasts that the German 10-year bond yield could increase to 4% over the next three years, driven by a spending boost. This would mark the highest yield since 2008, rising from the current rate of 2.85%.
UBS CEO Sergio Ermotti earned CHF 14.9 million in 2024, slightly more than the previous year, but significantly less than his American counterparts, who command salaries up to $39 million. While Ermotti's daily earnings surpass the Swiss median salary, European bank CEOs generally earn much less than their U.S. peers, highlighting a stark contrast in compensation within the banking sector.
Gold prices are experiencing upward revisions as retail investors increasingly invest in bullion-backed ETFs, with UBS forecasting a rise to $3,200 an ounce within a year. The precious metal has surged nearly 40% over the past year, driven by global trade tensions and central banks boosting their gold reserves. The SPDR Gold Trust (GLD) has gained 15% in the last 12 weeks, reflecting its status as a safe haven amid economic uncertainty.
BNP Paribas Exane has revised its price target for Arista Networks to $125 from $145 while maintaining an outperform rating. Arista Networks specializes in data-driven networking solutions for large data centers and campuses, offering products in Core, Cognitive Adjacencies, and Network Software and Services categories. Their advanced platforms enhance availability, agility, automation, analytics, and security across various networking environments.
UBS has raised its gold price target to $3,200 per ounce, citing a protracted global trade war and increasing safe-haven demand as key factors. The bank's analysts noted that the recent surge in gold prices, surpassing $3,000, is supported by strong ETF inflows and robust central bank purchases, which could reach around 1,000 metric tons annually. This shift in market dynamics reflects a growing reliance on gold as a store of value amid economic uncertainties.
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