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UBS Group's Relative Strength Rating has improved from 70 to 74, indicating a positive shift in its technical performance. The stock remains within a buy zone after surpassing a 32.13 buy point, despite reporting a significant -96% EPS growth in its latest quarterly results, while sales grew by 38%. The company ranks No. 8 in the Banks-Money Centers industry group, with its next earnings report expected around October 30.
European stock markets are poised for a lower open, concluding a negative week as earnings season unfolds. Mercedes reported a 64% drop in operating profit due to tough market conditions, while Remy Cointreau cut its sales outlook amid challenges in the U.S. and Asia-Pacific. In Asia, markets were mixed, with Japan's indexes declining ahead of an election and a key monetary policy meeting.
Morgan Stanley analysts have revised their price target for SK Hynix Inc. upward, acknowledging their previous assessment was incorrect in the short term, though they still believe the memory cycle peak remains intact. Despite this adjustment, they continue to hold an underweight rating on the stock following the company's record quarterly results.
India's index-eligible bonds are experiencing their first monthly outflow since April, as foreign investors exit swap trades linked to the country's $1.3 trillion sovereign debt market. This trend is influenced by global funds selling off emerging market debt amid rising US Treasury yields, with insights from Morgan Stanley and Gama Asset Management highlighting the connection to total return swap unwinding.
Asia-Pacific markets are poised for a lower open ahead of Japan's elections, while Tokyo sees a slowdown in inflation. Morgan Stanley highlights a transformation in the electricity sector, predicting significant benefits for power producers and utilities, with three stocks showing over 40% upside potential. Despite recent market volatility, UBS and Citi's wealth head express optimism for U.S. equities, anticipating a rally post-election as uncertainty diminishes. Meanwhile, initial unemployment claims fell to 227,000, although continuing claims rose to nearly 1.9 million, reflecting mixed impacts from recent hurricanes and strikes.
Morgan Stanley has appointed CEO Ted Pick as its next chair, succeeding James Gorman, who will lead the board at Walt Disney after stepping down at the end of the year. This move consolidates the roles of CEO and chair, a practice that has faced criticism for centralizing power, though supporters argue it enhances decision-making efficiency. Pick became CEO earlier this year after succeeding Gorman.
Morgan Stanley CEO Ted Pick will assume the role of chairman of the board in January, succeeding James Gorman, who announced his departure at the end of the year. In recognition of his service, Gorman will be honored with the title of “chair emeritus” after leaving the board.
Private credit is rapidly gaining traction, prompting over a dozen major banks to form partnerships with private credit firms despite being traditional competitors in lending. Huw van Steenis discusses the motivations behind these collaborations, the capital benefits, and the implications for financial stability and the banking system. The conversation also touches on the evolving landscape of asset-backed lending and the role of technology in banking operations.
Afcons Infrastructure, part of the Shapoorji Pallonji group, has raised Rs 1,621.5 crore from 80 institutional investors through its anchor book ahead of its IPO, set to launch on October 25. The Rs 5,430-crore share sale includes a fresh issuance of Rs 1,250 crore and an offer-for-sale of Rs 4,180 crore by promoter Goswami Infratech, with shares priced between Rs 440-463. Notable global investors such as Blackrock, Goldman Sachs, and the Monetary Authority of Singapore participated in the anchor investment.
Climeworks has signed a significant contract with Morgan Stanley to remove 40,000 tonnes of CO2 from the atmosphere, marking the second largest deal in its history. This partnership, which extends until 2037, supports Morgan Stanley's goal of achieving net-zero financed emissions by 2050 and mobilizing USD 1 trillion in sustainable finance by 2030. The collaboration will enhance Climeworks' operations in the US, backed by the US Department of Energy.
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