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UBS has downgraded Mercedes-Benz to a 'Neutral' rating, reducing the target price to 55 euros. Investors are cautioned about the significant risks associated with trading financial instruments and cryptocurrencies, which can lead to substantial losses. It is advised to seek independent financial guidance before engaging in such trading activities.
UBS has initiated coverage on the real estate sector, recommending 'Buy' for DLF and Prestige Estates, citing the lowest inventory overhang in 15 years and strong affordability. The firm forecasts a 26% annual topline growth from FY24-29, driven by favorable market conditions and reduced leverage among top developers. While acknowledging potential near-term softness, UBS views any dips as buying opportunities, highlighting the sector's resilience and ongoing consolidation.
DBS Group Holdings has expanded its wealth management team to cater to affluent Russians, hiring private bankers amid a climate where many global banks are retreating due to sanction risks. The bank's stock has surged, reflecting its growth in managing Russian assets, which, while small, is increasing as competitors like UBS and HSBC limit their dealings with such clients. DBS maintains rigorous compliance measures to ensure clients are not subject to sanctions, with a minimum asset requirement of $20 million for Russian clients.
The ASX 200 reached a new milestone, surpassing 8500 points for the first time, driven by positive US economic data and dovish comments from Federal Reserve Chair Waller. Key sectors saw gains, with healthcare stocks like Ramsay Health Care rising 3.15% and technology stocks boosted by a record high in the Nasdaq 100. The market's upward momentum is supported by strong retail sales and improved manufacturing data from China.
The Dax opened at a new record high, gaining 0.3% to reach 19,994.50 points, nearing the significant 20,000-point mark. Optimism among investors is fueled by expectations of falling interest rates in the USA and eurozone, alongside a positive influence from record closings on Wall Street's S&P 500 and Nasdaq composite.
The German DAX 40 reached a record high, while the FTSE 100 climbed to a six-week peak, despite political turmoil in France and a decline in the Eurozone manufacturing PMI. Anticipation of a 25 basis point cut by the ECB on December 12 is expected to support European growth amid potential tariffs from the Trump administration. The DAX is projected to extend gains towards 20,500, while the FTSE needs to break resistance at 8400-8420 to confirm a resumed uptrend.
Despite a drop in bond yields, major Canadian banks, including CIBC, Royal Bank, and TD, have raised fixed mortgage rates by 15-35 basis points. Experts suggest this counterintuitive move reflects lenders' responses to previous yield increases and a shift in borrower preferences towards variable rates, potentially leading to future rate wars if bond yields stabilize. Seasonal trends also play a role, as banks typically increase rates in December after ending marketing campaigns.
UBS has initiated coverage of India's property market, projecting a robust growth trajectory driven by strong execution capabilities and healthy balance sheets of key players like DLF Ltd. and Prestige Estates Projects Ltd. The Indian residential market is expected to experience a 15% compound annual growth rate in pre-sales from fiscal years 2024 to 2029, supported by multiple favorable factors.
The US dollar is gaining momentum amid renewed tariff discussions, with non-farm payroll data in focus this week. Gold prices are under pressure from a stronger dollar, while the Hang Seng index faces downward resistance due to geopolitical uncertainties. Emerging market currencies are also affected by tariff threats, as the USD/SGD shows potential for further upside within a rising channel. The Singapore Blue Chip index has surged over 33% since August, with any dips potentially presenting buying opportunities.
France's government faces a budget crisis as Prime Minister Barnier struggles to pass a €60 billion austerity package amid fierce opposition from both the far-right and left-wing parties. Financial markets are reacting negatively, with French bond yields surpassing Greek levels and the CAC 40 index declining, while the DAX 40 rises. Increased volatility is expected, presenting trading opportunities in various asset classes as the political situation unfolds.
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