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Wall Street banks are poised for their worst trading year since the pandemic, with projected revenues from foreign-exchange and rates trading falling significantly. Over 250 firms, including major players like Goldman Sachs and JPMorgan, are expected to generate $32 billion from Group-of-10 rates and $16.7 billion from currencies, marking declines of 17% and 9% respectively.
Bitcoin approached the $100,000 mark this week, trading around $95,600 after a brief dip to $90,702.27, as investors took profits amid concerns that the psychological barrier may hinder further gains. Analysts suggest that the recent surge could mislead investors, with some viewing it as a return play rather than a reflection of intrinsic value. Meanwhile, the U.S. is considering looser chip export restrictions, and China is tightening tungsten exports, impacting global markets.
China's yuan is projected to weaken to record lows as U.S. tariff threats escalate, with major investment banks forecasting an average of 7.51 per dollar by the end of 2025. The yuan's depreciation poses challenges for Chinese authorities, who aim to stabilize the currency while reviving the economy. The People's Bank of China is expected to implement measures to prevent excessive declines, balancing currency control with economic growth.
JPMorgan has downgraded its recommendation on Brazilian stocks from overweight to neutral, citing increasing fiscal risks, including a growing budget deficit and potential higher interest rates. This follows a similar downgrade by Morgan Stanley, which moved to underweight on November 18 for the same reasons.
Logistics startup Shadowfax has appointed JM Financial, Morgan Stanley, and ICICI Securities as lead bankers for its anticipated IPO, set for the second half of 2025. The offering is expected to raise around Rs 2,500 crore (approximately $295 million), with a potential range of Rs 2,000 crore to Rs 3,000 crore depending on market response. Following a recent Rs 400 crore funding round, Shadowfax is valued at Rs 6,000 crore ($705 million) and aims for a premium valuation at its public debut.
Morgan Stanley projects India's GDP growth to improve to 6.7% in the December 2024 quarter, despite a current slowdown. While concerns arise over potential U.S. tariffs under President-elect Trump, the brokerage notes that India and Japan are less vulnerable to these risks due to structural advantages and effective policy measures. A 10% tariff increase could reduce India's growth by approximately 30 basis points.
LTIMindtree's shares rose to Rs 6,262 after announcing a revenue target of $10 billion by FY31-32, though brokerages expressed caution due to challenges in discretionary spending. Nomura maintained a "reduce" rating with a target of Rs 5,140, while Morgan Stanley issued an "overweight" rating with a target of Rs 7,050, highlighting positive sales momentum.
UBS Group AG is re-entering Australia's wealth management sector, focusing on high net worth women and family offices, following its acquisition of Credit Suisse. With over US$30 billion in managed assets, UBS aims to capitalize on the growing wealth market, particularly as female millionaires increase at nearly double the rate of men. The firm is enhancing its client services by integrating investment banking opportunities and fostering a diverse advisory team to meet the evolving demands of wealthy clients.
Capitolis has secured new strategic investments totaling $20 million from Citi, Morgan Stanley, State Street, and UBS, aimed at enhancing its Capital Marketplace and Portfolio Optimization businesses. The company, recognized for its innovative solutions in capital markets, continues to experience significant growth and momentum, bolstered by partnerships with leading financial institutions. CEO Gil Mandelzis emphasized the importance of collaboration with banks to strengthen financial markets within a regulated framework.
Stocks are nearing all-time highs, with the S&P 500 rising for the seventh consecutive day, driven by optimism despite geopolitical risks and tariff announcements from President-elect Trump. The index is on track for its 52nd record this year, with analysts predicting continued gains into 2025. Meanwhile, corporate performances varied, with notable declines for Amgen and Kohl's, while Eli Lilly benefited from potential government support for weight-loss drugs.
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03:00 29.11.2024
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