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 shares have turned negative following its quarterly results, with Citigroup expressing a cautious outlook. While acknowledging a strong third quarter, Citigroup noted a surprising drop in the core capital ratio (CET1) by 60 basis points to 14.3%. The bank maintains a "Neutral" rating and a price target of CHF 27.30.
Large U.S. banks, including JPMorgan and Bank of America, surpassed Q3 earnings expectations, driven by strong asset and wealth management performance amid rising stock and bond markets. However, most banks increased provisions for potential credit losses, signaling caution for the economy. While JPMorgan's net interest income rose, Wells Fargo experienced a decline, reflecting the challenges of retaining deposits. Investment banking revenues surged, with Citigroup and Goldman Sachs reporting significant gains.
The Swiss stock market is experiencing gains, buoyed by a stabilizing oil price and the upcoming reporting season. Reassurance comes from news that Israel will not target Iran's oil infrastructure, alleviating previous tensions. Meanwhile, major U.S. banks like Goldman Sachs, Citigroup, and Bank of America are set to report, while Germany's busy reporting season kicks off on Thursday with four blue-chip companies.
Active bond fund managers have outperformed their passive peers, with 67% of active bond funds beating their average passive category during the year leading up to June 2024. The intermediate core-bond category excelled, with 72% outperforming. Despite this success, the long-term track record for active funds remains mixed, with only 29% surviving and outperforming their indexed counterparts over the past decade.
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