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Japan’s Nikkei average closed at a two-week low, dropping 680 points (1.8%) to 37,120.33, driven by concerns over U.S. tariffs on imported cars and parts. Automakers like Toyota and Honda saw significant declines, contributing to a market value loss of nearly $20 billion in three days. All 33 industry sub-indexes on the Tokyo Stock Exchange fell, with the brokerage sector experiencing the steepest drop at 4.52%.
UBS has initiated coverage on Procore Technologies with a Buy rating and a price target of $105, citing anticipated growth in construction volume as a key driver. The company reported a 19% revenue surge in Q3 2024, reaching $296 million, and is projected to achieve $1.275 billion in FY 2025 revenue. Despite strong fundamentals, potential growth challenges include increased competition and the effectiveness of cross-selling strategies.
Mizuho Financial Group Inc. is exploring a new initiative in India aimed at private equity and venture capital firms, seeking to engage with leading dealmakers in the region. Internal discussions are underway to identify potential leaders for this effort, which could launch as early as next year.
Rakuten Group Inc. is selling approximately 15% of its credit card division to Mizuho Financial Group Inc. for ¥165 billion ($1.1 billion). This move aims to bolster capital amid challenges stemming from its unprofitable mobile business.
Currency traders are increasingly bearish on the euro following Donald Trump's presidential victory, which has heightened expectations for aggressive interest-rate cuts in Europe. ABN Amro and ING predict the euro could reach parity with the dollar, while Mizuho and Deutsche Bank have adjusted their forecasts to 1.03 and 1.05, respectively, by year-end.
FineToday Holdings Co., a Japanese personal-care business, has reportedly chosen banks for a potential initial public offering, which could occur before the year's end. The lead underwriters include Daiwa Securities Group Inc., Mizuho Financial Group Inc., SMBC Nikko Securities Inc., and UBS Group AG.
Canadian Imperial Bank of Commerce has appointed Rob Cicchetti, a veteran from Mizuho Securities, as managing director and head of US asset-backed securities origination. Based in New York, Cicchetti brings 25 years of experience to the role as the bank seeks to expand its US capital markets presence.
Mizuho Financial Group Inc. has partnered with Saudi Arabia's Public Investment Fund to launch an exchange-traded fund focused on the nation's stocks. Targeting institutional investors, the index-linked ETF aims for establishment within the current fiscal year ending March 2025, with potential plans for a future listing on the Tokyo Stock Exchange.
UBS has initiated coverage of Civitas Resources (NYSE:CIVI) with a Neutral rating and a price target of $60, highlighting its strong fiscal year 2025 free cash flow yield of approximately 24%. Despite positive financial strategies, UBS cautions about the challenges Civitas may face in reducing debt and expanding its inventory amid a lower WTI price environment. Other analysts have set higher price targets, reflecting confidence in Civitas' operational performance and strategic initiatives, including a significant share repurchase plan and plans to lower well costs.
Mizuho Financial Group, Inc.
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Nikkei falls to two-week low as automakers decline on tariff fears
Japanese Yen
Toyota Motor Corp
Mizuho Financial Group, Inc.
Mitsubishi UFJ Financial Group, Inc.
Sumitomo Mitsui Financial Group, Inc.
Honda Motor Co., Ltd.
Nissan Motor Co., Ltd.
USA
JPN
Naoki Fujiwara
Donald Trump
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09:10 28.03.2025
ubs bullish on procore technologies citing construction growth and spending inflection
United States Dollar
Mizuho Financial Group, Inc.
Procore Technologies, Inc.
Jefferies Financial Group Inc.
Piper Sandler Companies
USA
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10:06 02.12.2024
mizuho plans entry into private equity market in india
04:20 28.11.2024
rakuten sells 15 percent of credit card unit to mizuho for 1 billion
06:50 13.11.2024
euro approaches parity with dollar after trump victory impacts rates
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11:53 06.11.2024
fine today holdings selects banks for potential tokyo ipo by year end
Japanese Yen
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Daiwa Securities Group Inc.
Mizuho Financial Group, Inc.
UBS Group AG
JPN
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08:04 05.11.2024
CIBC recruits Rob Cicchetti to lead US asset-backed securities division
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Mizuho Financial Group, Inc.
CAN
Rob Cicchetti
13:00 01.11.2024
mizuho partners with saudi fund to launch middle east focused etf
12:36 31.10.2024
ubs initiates coverage of civitas resources with neutral rating and price target
16:15 16.10.2024
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