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Balyasny Asset Management is working to build the AI equivalent of a senior analyst by combining multiple different AI tools, the hedge fund's head of applied AI told Business Insider. Balyasny is working to plug BAM ChatGPT, as it's called, into every internal and third-party dataset at Balyasny. "We're pretty laser-focused right now to move from junior analysts to senior analysts," Flanagan said of the agents' abilities. AdvertisementCharlie Flanagan, head of applied AI, Balyasny Asset Management Balyasny Asset ManagementHedge funds are keen to capitalize on the AI wave sweeping up Wall Street. AdvertisementLooking ahead, Flanagan is encouraging analyst and PM teams to build their own "agents" using AI building blocks created by the Applied AI team.
Persons: we're, Charlie Flanagan, Flanagan, Slack, aren't, Goldman Sachs Organizations: Service, Balyasny, Management, Business, Microsoft, Software, Man, Sigma, Wall, Citadel, BAM, intel Locations: Bridgewater
Global economy to slow down but likely avoid recession in 2024
  + stars: | 2023-11-16 | by ( ) www.reuters.com   time to read: +1 min
Dollar, Euro and Pound banknotes are seen in this picture illustration taken April 28, 2017. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 16 (Reuters) - Some of the major banks in the world expect global economic growth to slow further in 2024, squeezed by elevated interest rates, higher energy prices and a slowdown in the world's two largest economies. The global economy is forecast to grow 2.9% this year, a Reuters poll showed, with next year's growth seen slowing to 2.6%. Most economists expect the global economy to avoid a recession, but have flagged possibilities of "mild recessions" in Europe and the UK. China's growth is seen weakening, exacerbated by companies seeking alternative cost-efficient production destinations.
Persons: Dado Ruvic, Saumyadeb Chakrabarty, Anil D'Silva Organizations: REUTERS, Federal, Broker Research, Thomson Locations: Europe, United States, Bengaluru
A man walks past a street at Beijing's Central Business District (CBD) during morning rush hour, in Beijing, China April 18, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsOct 18 (Reuters) - Five big brokerages, including J.P.Morgan, raised their 2023 growth forecasts for China, after the country's economy grew at a faster-than-expected pace in the third quarter from a year earlier. Goldman Sachs, however, cut its view to bring it more in line with the target set by its peers. All six brokerages listed below have pegged their estimates above Beijing's 5% growth target for the year. Following are the forecasts from global brokerages:Compiled by the Broker Research team in Bengaluru; Edited by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.
Persons: Tingshu Wang, Goldman Sachs, Shounak Dasgupta Organizations: Beijing's Central Business, REUTERS, Broker Research, Thomson Locations: Beijing, China, Bengaluru
A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File Photo Acquire Licensing RightsAug 17 (Reuters) - Four major brokerages cut China's economic growth forecast for the year as worries about contagion from debt repayment troubles at its top private property developer Country Garden (2007.HK) deepened. China's economic growth outlook has soured further with retail sales, industrial output and investment growing at a slower-than-expected pace. Weak consumer demand has tipped the world's second largest economy into deflation amid rising pressure on Beijing to deliver more stimulus to support the economy. Following are forecasts from some global banks:Compiled by the Broker Research team in BengaluruOur Standards: The Thomson Reuters Trust Principles.
Persons: Morgan Stanley, Lucas Jackson Organizations: New York U.S, REUTERS, HK, Broker Research, Thomson Locations: New York, Beijing, Bengaluru
July 12 (Reuters) - Several major global banks raised their terminal rate forecasts for the Bank of England's (BoE) key interest rate after the central bank surprised with a larger-than-expected 50 basis points (bps) hike to 5% in the June meeting. Deutsche Bank on Tuesday raised its forecast for the August meeting to a 50 bps hike amid wage pressure concerns but removed its forecast for a rate increase in November. It had earlier forecast a 25 bps raise each in August, September and November meetings. Following are forecasts from some global banks:Compiled by Broker Research team in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
Persons: BoE, Rashmi Organizations: Bank of England's, Deutsche Bank, Research, Thomson Locations: Bengaluru
The five-year old "unbundling" rule is part of an EU securities law known as MiFID II that Britain kept after Brexit. A report headed by Hogan Lovells lawyer Rachel Kent recommends giving the "optionality" to rebundle, given it is allowed on Wall Street, and the EU is also reviewing the rule. The report recommends creating a new research platform to promote, source and distribute research on smaller companies looking to list. "The recommendations in Rachel Kent’s Independent Research Report will be accepted by the Government... It also sets the path for potentially removing the unbundling rules," the finance ministry said in a statement.
Persons: Hogan Lovells, Rachel Kent, Kent, Rachel, Huw Jones, Sharon Singleton Organizations: Union, Britain, Government, Financial, Authority, FCA, Thomson Locations: Britain, London, EU
June 12 (Reuters) - Most big Wall Street banks expect the Federal Reserve to keep interest rates unchanged on Wednesday, while sticking to its hawkish tone due to a strong job market and elevated inflation. Several economists say that it is a toss-up between a skip and a hike in the June meeting. Most banks expect the central bank to prepare markets for a hike in July. Money markets are currently pricing in a more than 70% chance of a pause this month, with rate cut expectations pushed out to next year. Following are forecasts from some big U.S. banks and their global counterparts:(This story has been corrected to change the dateline to June 12)Compiled by Broker Research team in BengaluruOur Standards: The Thomson Reuters Trust Principles.
Organizations: Federal Reserve, Research, Thomson Locations: Bengaluru
April 13 (Reuters) - Most major U.S. banks expect the Federal Reserve to raise interest rates by another 25 basis points next month, following evidence of sticky inflation and a strong labor market. Money markets are currently pricing in a roughly 65% chance of a 25bps hike from the Fed in May. Such a hike will bring the Fed Funds rate increase for this cycle to 5%, taking the rate to the 5% to 5.25% range. Traders expect a pause thereafter and see rate cuts beginning in the second half of the year. Following are forecasts from some big U.S. banks and their global counterparts:Compiled by Broker Research team in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Feb 28 (Reuters) - As the U.S. economy holds up better than expected in the face of aggressive interest rate hikes, markets have started pricing in a higher peak rate as the Federal Reserve battles sticky inflation in a tight labor market. Recent U.S. data, including an uptick in personal consumption expenditure - the Fed's preferred gauge of inflation, has prompted some major investment banks and brokerages to factor in the possibility of a 50-basis-point rate hike in March versus 25 bps earlier. Money market traders still see an about 80% chance of the Fed delivering a smaller 25-basis-point rate hike in March. Banks have flagged the possibility of the Fed's peak rate rising as high as 6%, above the 5.4% by September this year that markets are currently pricing in. Following are expectations from some major investment banks and brokerages:Compiled by the Broker Research team in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.
Canaccord's management seeks to acquire firm in C$1.13 bln deal
  + stars: | 2023-01-09 | by ( ) www.reuters.com   time to read: +2 min
The offer price of C$11.25 per share marks a 31% premium to the Canaccord stock's last close. In prior talks with the management group, the committee had said it would not support an offer of C$11.25 per share, based on preliminary analysis. After discussion with company Chief Executive Officer Daniel Daviau, the shareholder said it would support a go-private deal. Funds affiliated with investment firm HPS Investment Partners have agreed to partially fund the deal through a C$825 million debt, Canaccord said. Canaccord offers wealth management, investment banking and broker research services.
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