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Goldman Sachs is planning to spin out its digital-assets platform into a new company aimed at enabling large financial firms to create, trade, and settle financial instruments using blockchain technology. Discussions with potential partners are underway, with the goal of executing the spin-out within the next 12 to 18 months, pending regulatory approvals, according to Mathew McDermott, the bank"s global head of Digital Assets.
China is poised to allow a gradual weakening of the yuan in response to potential tariffs under a Trump administration, moving away from its long-standing commitment to currency stability. The yuan has already declined about 3% this quarter, with economists anticipating further depreciation as part of a broader strategy that may include interest rate cuts and increased budget deficits. While a drop beyond 8 per dollar is deemed unlikely, the People's Bank of China is expected to navigate these challenges carefully.
Goldman Sachs analysts, including Daan Struyven, project gold prices could reach $3,000 an ounce by December 2025, driven by increased central bank demand and anticipated Federal Reserve rate cuts. The recent rally in gold has been supported by official-sector buying and concerns over U.S. fiscal sustainability, with a potential boost from escalating trade tensions.
Goldman Sachs predicts a significant rally in gold prices, forecasting they could reach $3,000 an ounce by December 2025. This surge is driven by increased central bank demand and anticipated U.S. interest rate cuts, with additional support from flows into exchange-traded funds. Analysts suggest that these trends could extend gains during Donald Trump's presidency.
Wall Street brokerages are becoming more cautious on Chinese stocks due to ongoing deflationary pressures and geopolitical tensions affecting earnings prospects. Morgan Stanley has slightly underweighted Chinese equities, while Goldman Sachs has lowered its MSCI China Index target to align with the less favorable macroeconomic environment.
Goldman Sachs has revised its 2025 economic growth forecast for Australia down to 1.8%, from 2%, due to anticipated negative effects from the Trump administration's proposed tariffs on China. The firm highlights the potential impact on exports from Australia's largest trading partner as a key factor in this adjustment.
Goldman Sachs predicts that the yuan will continue to decline as President-elect Donald Trump prepares to impose tariffs on Chinese exports, potentially igniting a trade war. Strategists estimate that tariffs on these exports could increase by an effective rate of 20 percentage points early in his administration.
Goldman Sachs has disclosed $718 million in Bitcoin ETF holdings, marking a significant shift from its previous skepticism towards digital assets. The largest investment is in BlackRock’s iShares Bitcoin Trust ETF, totaling approximately $461 million, with a 71% increase in holdings since last quarter. This change reflects a reevaluation of the bank's strategy amid growing institutional interest in Bitcoin.
Nokia has outsourced its U.S. defined benefit pension management to Mercer Investments, shedding its in-house team amid rising costs and low profitability in corporate pensions. This move aligns with a broader trend of companies offloading pension responsibilities to external firms, allowing them to focus on core operations while OCIOs like Mercer benefit from increased assets under management.
Goldman Sachs has initiated a buy rating on a stock that gained popularity during the pandemic, projecting an upside of over 50%. This move highlights renewed confidence in the stock's potential for significant growth.
The Goldman Sachs Group, Inc.
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