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U.S. markets showed mixed results, with the S&P 500 and Nasdaq reaching new highs, while the Dow dipped. Investor sentiment remains high, with over half expecting stock prices to rise, although analysts caution that optimism may be based on fragile foundations. Concerns about high valuations persist, yet some believe the bull market is fundamentally driven.
Swedish battery manufacturer Northvolt has filed for Chapter 11 bankruptcy in the USA, accumulating $5.8 billion in debt and only $30 million in cash. Investors, including Peter Spuhler's PCS Holding, face significant losses as the company struggles to meet production demands and has halted expansion plans.
Switzerland's inflation rate rose 0.7% year-on-year in November, slightly below expectations, with a 0.1% monthly drop in consumer prices. This cooling inflation may pressure the Swiss National Bank to cut interest rates further, as the country faces subdued inflation prospects.In France, Prime Minister Michel Barnier's minority government faces no-confidence motions amid political turmoil, potentially jeopardizing the country's financial stability and public deficit management. The CAC 40 index rose 0.8% despite the looming vote, reflecting market resilience amid uncertainty.
Asia-Pacific markets are trading higher following record highs on Wall Street, with the offshore yuan weakening past 7.3 against the dollar for the first time since July. South Korea's inflation rose to 1.5% in November, prompting an unexpected rate cut by the central bank. Meanwhile, Goldman Sachs updated its global stock picks, highlighting several stocks with over 40% upside potential.
Uncertainty looms for macro forecasters and investors as a new administration signals significant policy shifts in tariffs, immigration, and government scope. Key concerns include the labor market outlook, inflation, and the implications of high stock valuations and market concentration, alongside the unpredictable impact of AI. Jan Hatzius and David Kostin from Goldman Sachs share their insights on navigating these challenges in the coming year.
Northvolt, a leading Swedish battery manufacturer, has filed for Chapter 11 bankruptcy, burdened by over $5.8 billion in debt and significant production failures. Major creditors, including J. Safra Sarasin, Volkswagen, and Goldman Sachs, face substantial losses, with the latter expected to write down its nearly $900 million stake to zero. CEO Peter Carlsson has resigned to facilitate restructuring efforts amid the company's financial turmoil.
Goldman Sachs is implementing a trading strategy aimed at achieving significant gains before the year's end. The firm is focusing on capitalizing on key opportunities in the market to enhance its performance as the year concludes.
UBS has lowered its price target for Sunrun from $18 to $14, indicating a 21.21% upside potential at the current market price, while maintaining a neutral outlook due to concerns over growth. Other firms like Morgan Stanley and Wells Fargo have also cut their targets, but Goldman Sachs continues to endorse a “buy” recommendation at $20. Despite the challenges in the solar energy sector, some analysts remain optimistic about Sunrun's long-term prospects.
UBS has lowered its price target for Sunrun from $18 to $14, indicating a 21.21% upside potential at the current market price, while maintaining a neutral outlook due to concerns over growth. Other firms like Morgan Stanley and Wells Fargo have also cut their targets, but Goldman Sachs remains bullish with a $20 target. Sunrun's stock currently holds a "Hold" rating, with predictions ranging from $7.78 to $27, amidst a competitive solar energy sector.
Milwood Hobbs, Managing Director at Oaktree, discusses the complexities of sourcing credit deals, emphasizing the importance of finding sellers in a less liquid market compared to public equities. With a background in leveraged finance at Goldman Sachs, he shares insights on evaluating opportunities and the dynamics of deal origination.
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investors celebrate market highs amid mixed signals and cautious optimism
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Goldman Sachs aims for significant trading gains before year end
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sunrun faces mixed analyst outlook after price target cuts by major firms
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sunrun faces mixed analyst outlook after target price cuts by firms
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18:35 29.11.2024
sourcing the best credit deals insights from milwood hobbs at oaktree
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