Volkswagen's third-quarter margin has shrunk to 3.6%, the lowest since the pandemic, prompting plans to close three factories and cut jobs. The company faces significant challenges, including declining sales and ongoing negotiations with unions amid a contracting economy.In contrast, Alphabet's cloud numbers show a nearly 6% gain, with executives ramping up investments in data centers and chips. Standard Chartered's CFO expressed confidence in growth, targeting over 8 million clients by 2026, driven by strong performance in Asia and Africa.
Reddit celebrated its IPO on the NYSE, marking a profitable third quarter with a net income of $29.9 million, a significant turnaround from a loss last year. Alphabet also exceeded expectations, driven by a 35% revenue increase in its cloud division. Meanwhile, European banks reported strong profits, and markets showed mixed results amid concerns over Chinese EV stocks following new EU tariffs.
Standard Chartered upgraded its 2024 income guidance after reporting a third-quarter pre-tax profit of $1.81 billion, surpassing expectations, driven by strong wealth management performance. The bank's net interest income rose to $2.6 billion, with a net interest margin increase to 1.95%. Operating expenses grew by 3% to $2.9 billion, but efficiency measures are in place to save approximately $1.5 billion over three years.
Standard Chartered Plc has increased its return plan to at least $8 billion for investors by 2026, following a strong third-quarter performance. The bank reported a 37% rise in adjusted pretax profit to $1.81 billion, surpassing analyst expectations of $1.48 billion. Previously, the bank had committed to returning at least $5 billion to shareholders by 2026.
Morgan Stanley CEO Ted Pick declared the era of zero interest rates and inflation over, emphasizing that higher rates and geopolitical challenges will persist. He noted the transition from easy monetary policy since 2022 has made it tougher for public companies, with Wall Street executives skeptical about further rate cuts this year.
At the Future Investment Initiative in Saudi Arabia, top finance executives from firms like Goldman Sachs, Morgan Stanley, and Apollo Global Management expressed skepticism about the likelihood of two Federal Reserve interest-rate cuts this year. None of the panelists indicated support for such market expectations, suggesting that bets on rate reductions may be excessive.
India's bond market faces its first monthly outflow since April, as foreign investors exit swap trades linked to the country's $1.3 trillion sovereign debt. This trend is influenced by rising US Treasury yields and the unwinding of total return swaps, which have gained popularity since India's inclusion in global bond indices. Rajeev De Mello from Gama Asset Management notes that this inclusion has strengthened the connection between global markets and India's financial landscape.
The dollar's rally in October is significantly influenced by betting markets that increasingly favor Donald Trump for the upcoming presidential election. Standard Chartered Plc estimates that 60% of the currency's gains this month are tied to these growing wagers on Trump's potential victory on November 5.
Standard Chartered is revamping its strategy in India to capture the growing wealth market, mirroring trends among global wealth managers. The number of individuals with over $30 million in investable assets is projected to rise by 50% from 2023 to 2028. The bank plans to focus resources on 10 key cities experiencing significant wealth growth.
Debt-for-nature swaps, initially structured by Credit Suisse, are gaining traction on Wall Street, with several banks, including JPMorgan and Goldman Sachs, entering the market. These instruments aim to refinance government debt while funding sustainable projects, attracting private investment and potentially creating a new asset class. As interest grows, at least $1.6 billion has been issued for such deals, signaling a shift towards monetizing biodiversity protection efforts.
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