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Itaú Unibanco Holding S.A. offers a variety of financial services, including current accounts, loans, and investment banking. Recently, UBS Asset Management acquired a $1.22 million stake in the bank, while analysts have mixed ratings, with a "Moderate Buy" consensus and a price target of $7.50. The company announced a dividend of $0.0031, payable on January 9, 2024, with an ex-dividend date of December 2, 2023.
The EuroStoxx 50 is expected to end 2024 with modest gains, reflecting a year of stagnation influenced by weak Chinese demand impacting luxury goods, rising risk premiums on French bonds, and concerns over US-Europe trade tensions. A technical analysis suggests a potential bullish breakout in early 2025, contingent on improved global economic conditions. However, a downturn remains possible if the economic outlook worsens.
IG
Asian stocks are showing mixed results as investors await the Federal Reserve's final rate decision of the year. In related news, Japanese automakers Nissan and Honda have confirmed ongoing discussions aimed at closer collaboration.
World stocks showed mixed performance ahead of the Federal Reserve's rate decision, with European markets opening higher. Nissan shares surged 23.7% amid collaboration talks with Honda, while Japan's Nikkei 225 fell 0.7% following export data. The S&P 500 is poised for a strong year, up nearly 27%, as the Fed is expected to announce a third rate cut amid persistent inflation concerns.
UBS's CEO, Sergio Ermotti, emphasizes the bank's commitment to growth in the Middle East, driven by strong economic fundamentals rather than optimistic projections. Following its merger with Credit Suisse, UBS aims to double its growth trajectory in the region, capitalizing on the influx of wealthy individuals and ongoing economic diversification efforts in Gulf countries. The bank is focused on optimizing its operations and expanding its wealth management services, particularly in Saudi Arabia and the UAE, while integrating Credit Suisse's client base.
UBS aims to double its growth in the Middle East, focusing on economic fundamentals rather than optimistic scenarios, according to CEO Sergio Ermotti. The bank is integrating its operations post-Credit Suisse merger and anticipates significant growth driven by wealth creation and an influx of affluent individuals to the region. With a strong presence in Dubai and Abu Dhabi, UBS is poised to leverage opportunities in the evolving financial landscape of the Gulf.
EUR/JPY and USD/JPY continue to rise, with EUR/JPY reaching ¥162.47 and targeting resistance at ¥163.60-¥163.89. Meanwhile, AUD/USD is trading near a 13-month low at $0.6337, with minor resistance at $0.6435. Upcoming Fed and BoJ rate meetings may influence these trends.
IG
E.ON SE is a major global player in electricity and gas production and distribution, with electricity sales accounting for 61.7% of its revenue, followed by gas distribution at 25.6% and other activities at 12.7%. Geographically, the company generates 40% of its sales in Germany, 35.4% in the United Kingdom, and the remainder across Sweden (2.3%), the Netherlands (1.5%), Europe (20.7%), and other regions (0.1%).
Gold prices have surged 29% this year, with analysts predicting continued gains through 2025 as central banks increase their gold purchases, driven by diversification and geopolitical uncertainties. The IMF reports a revised expectation of 982 metric tons in gold acquisitions for 2023, with projections of at least 900 metric tons in 2025. Lower interest rates and a weakening US dollar are expected to further enhance gold's appeal, with prices potentially reaching $2,900 per ounce by the end of next year.
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