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South Korean President Yoon Suk-yeol survived an impeachment motion after his ruling party boycotted the vote, which was triggered by his recent attempt to impose martial law. The opposition plans to revisit the measure, while Yoon has pledged not to attempt martial law again, apologizing for the incident. Amid political turmoil, South Korea's financial markets remain volatile, with warnings of potential impacts on the Korean won.
UBS has downgraded XPeng shares to Sell, citing potential risks not reflected in the stock's current price after a 50% rally. Despite raising 2025 volume projections by 19% to 300,000 units, UBS's price target of $8.80 remains over 30% below the current market price, reflecting concerns over weak profit margins and high volatility. Other analysts have mixed views, with Goldman Sachs downgrading to Neutral but raising the price target to $12.50, while CMB International upgraded to Buy, highlighting cost reductions and new models.
Occidental Petroleum shares have shown a mixed performance recently, with a price target cut by UBS from USD 59 to USD 58 while BMO Capital raised its target from USD 60 to USD 65. The stock rose by 1.68% to EUR 48.19 on November 18, reflecting growing investor confidence following strong Q3 results. Despite a 16.62% annual decline, the share price remains 6.50% above its 52-week low.
UBS Group AG's stock has reached a 52-week high of $32.88, reflecting a 38.63% increase over the past year, driven by strong financial health and strategic initiatives. The bank reported a net profit of $2.9 billion for H1 2024, with a return on CET1 capital of 9.2%, while navigating regulatory uncertainties that may impact future stock performance.
UBS Group AG's stock has reached a 52-week high of $32.88, reflecting a 38.63% increase over the past year, driven by strong financial health and strategic initiatives. The bank reported a net profit of $2.9 billion for the first half of 2024 and is on track with its capital return plans, despite potential regulatory risks. With a market capitalization of $105.19 billion, UBS continues to demonstrate robust performance in the financial sector, raising dividends for three consecutive years.
Lucid Motors raised approximately $1.75 billion through a public offering, a move CEO Peter Rawlinson described as strategic to secure capital for growth and avoid a "going concern" disclosure. Despite having over $5 billion in liquidity, analysts viewed the timing as premature, leading to an 18% drop in shares. Rawlinson emphasized the importance of this capital for ongoing investments, including expanding production and launching new models.
Biocon Biologics has successfully priced its debut USD 800 million senior secured notes due 2029 at a 6.67% coupon, marking a significant milestone as the first USD bond issuance by a biopharmaceutical company in the Asia Pacific. The transaction, which is expected to settle on October 9, 2024, aims to refinance existing long-term debt of USD 1.1 billion, enhancing the company's financial flexibility and supporting its growth in the biosimilars market. The bond issuance received robust interest, with an oversubscription of over 3x, reflecting strong investor confidence in Biocon Biologics' credit profile and growth potential.
FINRA has fined Merrill Lynch and BofA Securities a total of $2.3 million for reporting violations and delays in filing registration amendments for their representatives. Merrill Lynch faces a $2 million penalty for inaccurately reporting over two million retail customer transactions to TRACE, including $50,000 related to more than 65,000 municipal securities transactions that should not have been reported.

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