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OPEC+ has postponed crude production hikes until April to better assess global demand and economic conditions, extending output cuts until the end of 2026. Saudi Energy Minister Abdulaziz bin Salman emphasized the need for a "reality check" amid fluctuating market sentiments and geopolitical uncertainties. Despite the cautious approach, oil prices have declined, reflecting concerns over sluggish demand, particularly from China.
HSBC is undergoing a restructuring under CEO Georges Elhedery, with Gabriel Castello, CEO of HSBC Switzerland, stepping in as interim CEO of Global Private Banking and Wealth. This change follows the departure of several senior executives, including the Global Head of Private Banking, as the bank implements a new organizational structure to enhance strategic priorities. Castello, who joined HSBC in 2022, brings extensive international experience and will continue to oversee HSBC Private Bank in Switzerland during this transition.
HSBC has initiated coverage on Swiggy with a 'Hold' rating, while Nuvama has given a 'Buy' recommendation for Zen Tech. Goldman Sachs is optimistic about Westlife, projecting a target of ₹1,045 per share, citing menu interventions and expected same-store sales growth recovery. Citi highlights potential catalysts in the oil and gas sector, including possible GST inclusion for gas and lower CNG excise, while Jefferies notes strong returns for Indian CRO/CDMO stocks, with upcoming legislative actions likely to impact volatility.
Jefferies has issued a bullish buy call on Global Health with a target price of ₹1,170 per share, citing steady operations and a planned capex of ₹2,800 crore for nearly 2,900 beds over the next five years. Morgan Stanley maintains an overweight rating on Gujarat Gas, targeting ₹614 per share, anticipating further CNG price hikes. Meanwhile, Citi recommends buying M&M with a target of ₹3,520 per share, noting positive farmer sentiments and healthy progress in Rabi crop sowing.
HSBC has appointed an interim chief for group risk and compliance, with Blackburn stepping into the role. He has been with the bank since 2016, previously serving as chief risk officer for various sectors. Wentzel, who joined in 2015, currently leads global banking in MENAT.
Crédit Agricole has been upgraded to category 2 on the Financial Stability Board's list of systemically important banks, requiring it to hold more capital to withstand financial shocks. The list, which includes 29 banks, saw Bank of America drop to category 2, while UBS was moved up to category 2 following its acquisition of Credit Suisse. The highest capital requirements are for JP Morgan Chase, classified in category 4.
Jefferies has issued a 'Buy' rating on Reliance Industries, setting a target price of ₹1,700 per share, anticipating improved Singapore Gross Refining Margins and strong growth in Jio's home broadband subscriptions. Meanwhile, HSBC warns that new limits on microfinance lending will likely slow AUM growth and increase credit costs, while credit card issuance has seen a significant decline as lenders adopt a more conservative approach.
HSBC analysts have downgraded Goldman Sachs and Morgan Stanley to "hold" from "outperform," citing an "unattractive risk reward profile" following a recent bank rally. They caution that while investment banking fees may rise, current market expectations are overly optimistic, leaving potential for disappointment.
Unicredit's takeover bid for Banco Bpm could elevate it to the position of the third-largest bank in Europe, surpassing Santander, with a market capitalization exceeding 10 billion euros. Currently, the largest banks by market value are HSBC, UBS, and Santander, with Unicredit ranked seventh. If successful, Unicredit would become the largest bank in the euro zone.
Europe's largest banks by market capitalization are led by HSBC, UBS, and Santander. If Unicredit successfully acquires Banco BPM, it will surpass Santander, becoming the third largest bank in Europe and the largest in the eurozone. The current rankings are: 1) HSBC - €157 billion 2) UBS - €105.7 billion 3) Santander - €68.2 billion 4) Intesa Sanpaolo - €64.1 billion 5) BNP Paribas - €64 billion 6) Unicredit - €60 billion 7) BBVA - €53 billion.
HSBC
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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