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Goldman Sachs strategists, led by Andrea Ferrario, predict a low likelihood of a bear market in the US stock market over the next year, estimating only an 18% chance of a decline exceeding 20%. This outlook is supported by a resilient economy, despite potential risks from the upcoming presidential election.
Goldman Sachs Group Inc. is set to announce its largest partner class since David Solomon became CEO, surpassing the previous high of 80 promotions in 2022. This biennial event highlights the bank's tradition of elevating a select few to its elite ranks.
CoreWeave, a leading cloud-computing provider in the AI sector, has appointed Morgan Stanley, Goldman Sachs, and JPMorgan Chase to spearhead its initial public offering planned for 2025. The decision comes as the company prepares to enter the public market next year, according to sources familiar with the matter.
Asia-Pacific markets are mixed as investors await the Fed's decisions, while China's services sector shows robust growth with a PMI rise to 52.0 in October. South Korea's inflation eases to 1.3%, prompting a recent interest rate cut by the Bank of Korea. Meanwhile, crude oil prices increase over 2% as OPEC+ delays production hikes.
Nvidia is set to join the Dow Jones Industrial Average, marking a significant milestone for the chipmaker following its recent stock split. As the 21st most-expensive stock in the index, Nvidia is expected to have a notable influence, with an estimated daily movement of around $4.40, ranking it as the eighth-largest contributor based on share price and volatility. This addition underscores the evolving dynamics of price-weighted indexes in the context of modern trading practices.
UBS has launched its first tokenized money market fund, the uMINT, on the Ethereum blockchain, responding to rising investor demand for tokenized assets. This initiative aligns with UBS's broader strategy in digital asset management and reflects a growing trend among major banks like Goldman Sachs and Deutsche Bank to explore tokenization in finance. As tokenization gains traction, Ethereum solidifies its position as a leader in the real-world asset sector, with a current market value of $3 billion.
Jeff Stute, a seasoned investment banker with three decades of experience, is joining Citigroup as vice president of North American healthcare mergers, effective December. His recruitment aims to enhance Citi's healthcare M&A capabilities amid a competitive landscape, following recent promotions within the team. Stute previously held significant roles at Perella Weinberg Partners and JPMorgan Chase, advising on major pharmaceutical deals.
Citi has recruited Jeff Stute from Perella Weinberg Partners to enhance its healthcare M&A division, where he will serve as vice president starting in December. With over 30 years of experience, Stute aims to strengthen Citi's market position amid a competitive landscape, following recent promotions within the team. The healthcare M&A market has seen a 13% decline in deal volume this year, highlighting the challenges ahead.
Goldman Sachs is more optimistic about South Africa's fiscal outlook than Finance Minister Enoch Godongwana, who recently projected a larger revenue shortfall. Despite this, Goldman believes the country can stabilize its debt and reduce it below 70% of GDP by the decade's end.
Chinese lawmakers are set to approve a fiscal stimulus package worth trillions of yuan during their meeting from Nov. 4-8, aimed at bolstering growth post-pandemic. However, analysts from Goldman Sachs and HSBC suggest that this effort may not fully reassure the markets, as it focuses on alleviating pressure on local governments and recapitalizing major state lenders.
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