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Boeing's recent capital raise exceeding $20 billion has resulted in significant earnings for four major banks, with each expected to receive up to $75 million as lead joint bookrunners. This lucrative deal comes as equity market issuance slows ahead of the US election, with these banks collectively earning nearly 80% of the total fees from the approximately 20 banks involved.
UBS has launched its first Ethereum-based money market fund, uMINT, marking a significant step into tokenized financial products. The $5.7 trillion asset manager aims to meet the rising demand for tokenized assets, leveraging its global capabilities and collaborating with regulators. This initiative follows UBS's previous ventures into tokenization, including digital structured notes and a cross-border repo transaction on a public blockchain.
UBS has raised its target price for Amazon from $223 to $230, maintaining a "Buy" rating, citing strong profitability and a positive outlook for the fourth quarter. Other analysts have also increased their targets, with Jefferies at $235 and Goldman Sachs at $240, following Amazon's impressive Q3 earnings. The company anticipates robust profits and sales during the holiday shopping season.
The Bank of Japan is expected to raise interest rates in December or January, maintaining a focus on normalizing monetary policy despite recent political challenges. Governor Kazuo Ueda indicated that easing risks in the U.S. economy could create favorable conditions for a hike, while the yen's fluctuations and domestic fiscal developments will heavily influence timing. Analysts predict that the upcoming supplementary budget, aimed at economic aid, will be crucial in determining the BOJ's next steps.
Goldman Sachs economists suggest that increased U.S. tariffs on Chinese goods could hinder growth in China but also prompt a necessary shift towards consumer spending. To counteract the impact of higher tariffs, Beijing may enhance fiscal support to stimulate domestic demand, building on existing government stimulus measures.
October's jobs report is anticipated to reveal the slowest hiring pace in nearly four years, with economists predicting a payroll increase of just 100,000, impacted by Hurricanes Helene and Milton and a Boeing strike. Despite this, the unemployment rate is expected to remain steady at 4.1%, and average hourly earnings are projected to rise by 0.3% for the month. The labor market continues to grow, albeit at a slower rate, with job creation concentrated in government, health care, and leisure sectors.
UK businesses are reeling from Finance Minister Rachel Reeves' tax-raising budget, which includes a significant increase in National Insurance contributions, expected to raise £25 billion annually. Analysts warn this could hinder hiring and inflate costs, impacting wages and employment. While small businesses may receive some relief, the overall burden is seen as detrimental to growth, with the Bank of England potentially slowing rate cuts in response to rising inflation forecasts.
Deutsche Bank Research has rated UBS as a 'Hold' with a target price of 26 francs, citing diminishing surprise from the integration of Credit Suisse ahead of upcoming quarterly results. In contrast, Goldman Sachs has raised its target for UBS to 38.70 francs, maintaining a 'Buy' rating, reflecting improved asset management expectations. Despite a recent upward trend, UBS shares have underperformed compared to the financial sector average, with an annual return of 17.59 percent.
Goldman Sachs has raised its price target for UBS shares from CHF 38.70 to CHF 42.90, maintaining a "Buy" rating due to strong net profit and core business earnings. Despite a 1.1% decline in trading to CHF 26.88, the stock has potential for a 59.60% increase based on the new target. UBS is set to release its Q4 2024 results on February 4, 2025.
UBS Group AG operates through four main businesses: wealth management (54.3% of revenues), investment banking (24.9%), retail and corporate banking (12.3%), and asset management (8.5%). By the end of 2022, it will manage CHF 525.1 billion in deposits and CHF 387.2 billion in loans, with operating income distributed across regions: Switzerland (22.3%), Europe-Middle East-Africa (20.2%), Americas (39.9%), Asia-Pacific (16.2%), and others (1.4%).
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