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EFG International has appointed Urs Buchmann as Vice Chairman of its Asia business and Ashish Gumashta to its advisory team, effective immediately. Buchmann, formerly with Credit Suisse, has extensive experience in the Asia-Pacific region, while Gumashta brings over 30 years of banking expertise, particularly in the Indian market.
EFG International has appointed Urs Buchmann as Vice Chairman of its Asia business and Ashish Gumashta to its advisory team, effective immediately. Buchmann, formerly with Credit Suisse, has extensive experience in the Asia-Pacific region, while Gumashta brings over 30 years of banking expertise, particularly in the Indian market.
The Dow Jones index has reached new record highs, defying typical October weaknesses seen in election years. Meanwhile, the Nikkei 225 has hit a three-month high, continuing its recovery from August's downturn, while the Hang Seng index faces declines due to disappointing stimulus expectations, with potential support levels at 20,370 and 19,789.
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UBS has lowered its target for L'Oréal to 415 euros, maintaining a 'Neutral' rating. As the world's leading cosmetics group, L'Oréal's sales are primarily driven by skin care (39.9%), make-up (19.7%), and hair care products (15.4%), with significant contributions from luxury and active cosmetics. Geographically, net sales are distributed across Europe (31.6%), North America (27%), and North Asia (25.9%), among others.
LVMH Moët Hennessy Louis Vuitton SE, a leader in luxury products, generates net sales primarily from fashion and leather goods (48.9%), followed by watches and jewelry (12.8%), perfumes and cosmetics (9.6%), and wines and spirits (7.7%). The company operates 6,097 stores globally, with significant sales in Asia (30.8%) and the United States (25.3%).
UBS has rated LVMH Moët Hennessy Louis Vuitton SE as 'Neutral' with a target price of 660 euros. The luxury giant's net sales are primarily driven by fashion and leather goods (48.9%), followed by watches and jewelry (12.8%), perfumes and cosmetics (9.6%), and wines and spirits (7.7%). Geographically, sales are concentrated in Asia (30.8%) and the United States (25.3%), with a global distribution network of 6,097 points of sale by the end of 2023.
Countries can halve premature death rates by 2050 by targeting 15 key health threats, primarily tobacco use, according to a Lancet Commission report. The report emphasizes the need for public financing of essential medicines and highlights the importance of high tobacco taxes as a critical policy tool. With a 23% chance of a pandemic similar to COVID-19 within the next decade, the urgency for improved health systems and preparedness is paramount.
Japan Bank for International Cooperation (JBIC) has signed a $150 million credit line agreement with Vietnam Prosperity Joint-Stock Commercial Bank (VPBank), with JBIC contributing $90 million. This funding will support renewable energy and electricity grid projects in Vietnam, aligning with the country's goal of achieving net zero emissions by 2050 and enhancing its power infrastructure. The loan is part of broader initiatives, including the Asia Zero Emissions Community and the Vietnam Climate Finance Framework.
Asian indices showed positive momentum, with the Nikkei rising 1.65% and the ASX up 0.88%, while the Hang Seng Index faces uncertainty due to unclear Chinese fiscal policies. The Straits Times Index remains resilient, supported by strong dividend yields and potential increases in quality listings, aiming for a retest of its September high.
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The US presidential election, geopolitical tensions, advancements in artificial intelligence, and the unwinding of Japanese carry trades are poised to significantly impact financial markets, underscoring the necessity for a diversified portfolio. As US growth moderates and European growth accelerates, the balance of economic risks is shifting, with core bonds expected to provide stability amid easing inflation. The broadening of US corporate earnings may lead to a regional rotation in equity markets, highlighting the importance of preparedness for ongoing volatility.

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