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☆ For Goldman Sachs, No Bad News Is Good News After a Brutal Stretch
▼ + stars: | 2023-10-17 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

The bank’s third-quarter profit fell about a third from a year earlier, to $2.1 billion, though that drop was expected. Trading revenue stayed steady, an encouraging sign given the slowdown in such activities across Wall Street in face of a potential recession. “We’re confident that the work we’re doing now provides us a much stronger platform for 2024,” the bank’s chief executive, David M. Solomon, said in a statement. It has been a year to forget for Goldman and Mr. Solomon. Mr. Solomon has contended with what amounts to a staff revolt, by the buttoned-up standards of a Wall Street bank, as scores of prominent partners have departed and others have complained about his unyielding management style.

Persons: Goldman Sachs, David M, Solomon, Goldman, Lloyd C, Mr Organizations: Wall, Mr

☆ Industrial metals to remain vulnerable to more softness near-term, says Goldman
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 16 (Reuters) - Goldman Sachs on Monday said it expects industrial metals markets to remain vulnerable to incremental softness in the near term due to deteriorating demand and the impact from higher interest rates. "Building and construction activity remains the weakest segment, but there were downdrafts now noted in volume appetite from most other sectors, with the exception of aerospace," analysts at Goldman Sachs said. The copper market could face near-term pressure from the likelihood that Chinese imports of the metal could be restrained, the bank said. Three-month nickel on the London Metal Exchange was trading around $18,710 per metric ton by 1425 GMT on Monday.

Persons: Goldman Sachs, Andrew Kelly, downdrafts, Goldman, Brijesh Patel, Tina Parate, Sharon Singleton Organizations: New York Stock Exchange, REUTERS, Goldman, London Metal Exchange, Thomson Locations: New York City , New York, U.S, China, Bengaluru

☆ It is 'nearly unavoidable' that AI will cause a financial crash within a decade, SEC head says
▼ + stars: | 2023-10-16 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Gary Gensler told the Financial Times that the next financial crash could be sparked by AI. The SEC chair called for regulation to address how AI models are being used by banks on Wall Street. AdvertisementAdvertisementThe chair of the SEC has warned that AI could trigger a financial crisis, as Wall Street rushes to adopt the new technology. "And this is about a horizontal [matter whereby] many institutions might be relying on the same underlying base model or underlying data aggregator." Rival JPMorgan, meanwhile, has reportedly filed a patent for an AI model known as 'IndexGPT' that would help traders choose securities to invest in.

Persons: Gary Gensler, Morgan Stanley, —, we've, Gensler, Goldman Sachs Organizations: Financial Times, SEC, Banking, Service, Wall, JPMorgan, Deutsche Bank, Bank of America Locations: Wall

☆ Goldman Sachs says this global tech stock will soar as 'gaming-as-a-service' takes off
▼ + stars: | 2023-10-16 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Investors seeking exposure to Japan's growing gaming industry should look at technology and entertainment behemoth Sony , according to Goldman Sachs. Goldman expects shares of Sony Group Corporation to rise by 25% to 16,000 yen ($107) over the next 12 months. In addition, Goldman Sachs said there was significant growth potential for Crunchyroll, Sony's anime streaming service based in California, which it acquired in 2017. "Our team estimates that overseas markets will account for 80% of Japanese anime sales by 2036," the bank's report said. As earnings contributions from Crunchyroll and GaaS titles become more apparent starting in fiscal year 2025, Goldman Sachs sees an increase in consensus earnings estimates and valuation multiples.

Persons: Goldman Sachs, FactSet Organizations: Sony, Bungie, Goldman, Sony Group Corporation, New York Stock Exchange, SONY, Microsoft, Activision Blizzard Locations: Tokyo, California

☆ CNBC Daily Open: Big banks’ big profits aren’t likely to last
▼ + stars: | 2023-10-16 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Separately, Mārtiņš Kazāks, one of the European Central Bank's more hawkish members, told CNBC he was "quite happy" with current rate levels. The bank's third-quarter earnings rocketed 60% and revenue rose 6.5% from a year earlier, boosting its shares by 3.07%. Wall Street banks like Goldman Sachs and Bank of America report earnings Tuesday, followed by regional banks — and Morgan Stanley — on Wednesday.

Persons: Mārtiņš Kazāks, Jamie Dimon, we're, Wells, Wells Fargo, Goldman Sachs, Morgan Stanley — Organizations: CNBC, Dow Jones, European, JPMorgan JPMorgan Chase's, Citigroup, Wells Fargo, Wall, U.S . West Texas Intermediate, Brent, International Energy Agency, Bank of America Locations: Israel, —

☆ These companies reporting in the week ahead have a history of beating estimates and rising
▼ + stars: | 2023-10-15 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Elsewhere, UnitedHealth Group , a heavyweight in the Dow Jones Industrial Average, gained 2.6% after beating analysts' estimates for earnings and revenue. A number of stocks reporting in the week ahead have a great track record of topping earnings estimates and rallying, according to Bespoke Investment Group data. Citizens stock has slipped more than 34% in 2023. Western Alliance stock, meanwhile, has slipped more than 25% in 2023. WAL YTD mountain Western Alliance stock.

Persons: Goldman Sachs, Needham, Charles Shi, Michael Bloom Organizations: JPMorgan, Wells, UnitedHealth, Dow Jones, Investment, Financial, Citizens, Western Alliance, Lam Research Locations: Wells Fargo

Private credit players like HPS Investment Partners and Blue Owl Capital (OWL.N) have a workaround, but it could prompt a painful hangover. Cashed-up private credit funds offered sums previously unseen outside of traditional bank financing on riskier deals. Private credit assets swelled 460% to over $1.4 trillion between 2010 and the end of 2022, Preqin says. Reuters GraphicsThe attraction of “mezz” and similar exotic lending isn’t just that it helps private credit source new deals. In 2021, that dynamic meant private loans briefly became cheaper than liquid, tradable loans – flying in the face of financial orthodoxy.

Persons: –, Zendesk, Preqin, LSEG, HPS, Goldman, Blackstone, Angelo Gordon, dealmaking, George Hay, Oliver Taslic Organizations: Reuters, HPS Investment Partners, Owl, Blackstone, Apollo, Treasury, Private, Management, Partners, Reuters Graphics Reuters, Sabre, Companies, Wolf, ADC Therapeutics, Equity, Thomson Locations: EBITDA

☆ Office vacancies have soared to a 20-year high, showing just how tough it is to get workers to return
▼ + stars: | 2023-10-10 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Office vacancies in London and the US have hit a 20-year high, data shows. Many want workers in the office more regularly after the disruption caused by the pandemic. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Data shows that office vacancies soared to a 20-year high in the US and London in the third quarter of the year. It suggests a clear drop in interest in office space at a tricky time for the commercial property sector.

Persons: —, Goldman Sachs, David Solomon Organizations: Service, Financial Times, Meta Locations: London, New York, San Francisco

☆ What are global firms with presence in Israel doing after Hamas attack
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +4 min

Following are the steps taken by the companies ranging from airlines to banks:TRAVELSeveral Asian, European and U.S. airlines have suspended direct flights to Tel Aviv. Delta Air Lines (DAL.N):The airline said it continues to monitor events in the region and has made the decision to cancel Delta-operated Tel Aviv flights through Oct. 31. Goldman Sachs (GS.N):The bank's employees at its office in Tel Aviv have been asked to work from home, a spokesperson said. TECHNvidia (NVDA.O):The world's largest maker of chips used for artificial intelligence and computer graphics said it had canceled an AI summit scheduled for Tel Aviv next week. CONSUMER AND RETAILH&M (HMb.ST):The clothing company said its local franchise partner has temporarily closed all stores in Israel.

Persons: Amir Cohen, El, Goldman Sachs, Morgan Stanley, Gautam Adani's, Jensen Huang, PHARMA Eli Lilly, Lilly, Priyamvada C, Mehr Bedi, Ananya Mariam Rajesh, Khushi, Jaiveer Singh, Samrhitha, Helen Reid, Sriraj Kalluvila, Shounak Dasgupta, Shinjini Organizations: Gaza, REUTERS, Palestinian, Hamas, Tel Aviv . Delta Air Lines, Royal, Chevron, JPMorgan Chase, Reuters, Bank of America, Bloomberg News, FedEx, TECH Nvidia, Tel, Inditex SA, PHARMA, Thomson Locations: Sderot, Israel, U.S, Tel Aviv, Royal Caribbean, Haifa Port, Zara, Bengaluru, London

☆ What are global firms with presence in Israel doing after Hamas attacks
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

A rocket launched from the Gaza Strip strikes an area near Sderot, southern Israel October 9, 2023. REUTERS/Amir Cohen Acquire Licensing RightsOct 9 (Reuters) - Global companies with a presence in Israel have temporarily shut some operations and asked employees to work from home following attacks by the Palestinian Islamist group Hamas over the weekend. BANKSJPMorgan Chase (JPM.N):The Wall Street bank has asked more than 200 employees in Israel to work from home, a source familiar with the matter told Reuters. Goldman Sachs (GS.N):The bank's employees at its office in Tel Aviv have been asked to work from home, a spokesperson said. CONSUMER AND RETAILH&M:The clothing company said its local franchise partner has temporarily closed all stores in Israel.

Persons: Amir Cohen, El, Goldman Sachs, Morgan Stanley, Gautam Adani's, Jensen Huang, Priyamvada C, Mehr Bedi, Ananya Mariam Rajesh, Helen Reid, Sriraj Kalluvila, Shounak Organizations: Gaza, REUTERS, Hamas, Royal, Chevron, JPMorgan Chase, Reuters, Bloomberg News, TECH Nvidia, Tel, Thomson Locations: Sderot, Israel, Palestinian, Tel Aviv, Royal Caribbean, U.S, Haifa Port, Bengaluru, London

☆ Gas prices could fall to $3.25 by Halloween as oil plunges
▼ + stars: | 2023-10-05 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —After spiking to alarming levels just last week, oil prices are suddenly in free-fall mode. US oil prices plunged by 5.6% to $84.22 a barrel on Wednesday, marking the biggest one-day decline in a year. Now, gas prices are already starting to retreat and experts predict sharper drops to come. That’s 11 cents below the 2023 peak set last month when gas prices experienced an unusual post-Labor Day jump. Boom to bustSo why did oil prices go from spiking to plunging?

Persons: Andy Lipow, Tom Kloza, Kloza, ” Kloza, “, Joe Brusuelas, ”, Matt Smith, ” Smith, There’s Organizations: New, New York CNN, AAA, Labor, Lipow Oil Associates, CNN, Oil Price Information Service, “, Federal Reserve, RSM, Fed, Saudi, Americas Locations: New York, Saudi Arabia, Kpler, Ukraine

☆ How to cash in on India: Citi says this sector is a better bet than tech — and names its top stock picks
▼ + stars: | 2023-10-04 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

IT Services" on Sept. 28, Citi analysts said banks are poised to outperform the information technology services sector over the next 12 months. "We thus believe Indian banks will not be directly impacted by an uncertain global growth or global higher-for-longer policy rate cycles." The bank's analysts expect private sector banks to continue gaining market share from public sector banks. However, Citi noted increasing competitive pressures from smaller firms vying for deals in the IT services sector. The Citi analysts also said that banks are trading close to historical averages on a price-to-book basis.

Persons: Surendra Goyal, —, Joanna Tan Organizations: Citi, ICICI Bank, IndusInd Bank, IT, New York Stock Exchange, IT Services Locations: India

☆ Goldman Sachs exec Chris Kojima to leave
▼ + stars: | 2023-10-03 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Oct 3 (Reuters) - Chris Kojima, a Goldman Sachs (GS.N) executive in the asset and wealth management unit, will leave the investment bank at year-end after almost 28 years, an internal memo seen by Reuters on Tuesday showed. Kojima is among the latest high-profile executives to leave Goldman's asset and wealth management division, which manages $2.7 trillion in assets. "Chris founded and led businesses that are incredibly important to Goldman Sachs, and our business today is stronger because of his leadership," Nachmann said in a statement. He first joined Goldman Sachs as an investment banking associate in 1995, and was named managing director in 2002 and a partner in 2008.

Persons: Goldman Sachs, Andrew Kelly, Chris Kojima, Kojima, Julian Salisbury, Mike Koester, Jo Natauri, Matt Gibson, Marc Nachmann, Chris, Nachmann, Kojima's, Saeed Azhar, Louise Heavens, Lananh Nguyen, Paul Simao, Richard Chang Organizations: REUTERS, Reuters, Atlantic, Sixth, Thomson Locations: Manhattan , New York, U.S

☆ Stocks making the biggest moves midday: Sphere Entertainment, Riot, Instacart, Insulet and more
▼ + stars: | 2023-10-02 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading. Sphere Entertainment — Shares of the media and entertainment company climbed 11.1% in midday trading after a U2 show debuted its Las Vegas Sphere venue Friday night. Bitcoin stocks — Stocks tied to digital currency trading advanced in lockstep with a rally in crypto prices. Instacart — Maplebear, the food delivery company doing business as Instacart, fell 9.2% in midday trading. The Wall Street bank said investors should buy the dip after the stock's underperformance in the first half of 2023.

Persons: — Stocks, MicroStrategy, —, — Maplebear, Gordon Haskett, Insulet, Jefferies, Goldman Sachs, Goldman, Truist, Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox, Sarah Min, Scott Schnipper Organizations: Madison Square Garden, —, Riot, Marathon, Discover Financial, U.S . Securities, Exchange, Federal Deposit Insurance Corporation, Coeur Mining, Hecla Mining, Harmony, Mining, Gold Resource, Barclays, Norfolk Southern, Bank of America, Nvidia —, Nvidia, Apple, JPMorgan, UBS Locations: Las Vegas, lockstep, Coeur, Wall

☆ JPMorgan doubles down on startup banking by scooping up SVB veterans. Here's the bank's plan to take advantage of the venture capital slump.
▼ + stars: | 2023-09-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

The March implosion of Silicon Valley Bank created a banking vacuum in the startup world. In 2019, the group poached four executives from SVB to work with venture capital funds and their portfolio companies. But these plans were accelerated by the collapse as customers fled to JPMorgan from SVB as well as First Republic, which JPMorgan now owns. First Republic also served emerging venture capital firms, an untapped client segment for JPMorgan's commercial bank. In some aspects, the breakdown of SVB strengthened JPMorgan's appeal to tech upstarts that had previously eschewed too-big-to-fail banks, Smith said.

Persons: John China, Melissa Smith, Smith, playbook, Jamie Dimon, SVB, Darya, fintech Organizations: Valley Bank, JPMorgan, SVB, West Coast, Bay Area, Silicon Valley Bank, Capital, fintech Aumni, Capital Connect Locations: Beijing, Frankfurt, London, Stockholm, Sydney, Tel Aviv, Zurich, San Francisco, New York, Silicon Valley, West, SVB, Republic, Israel, fundraises

☆ Oil surges above $94 a barrel for the first time in a year as stockpiles shrink
▼ + stars: | 2023-09-27 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —US oil prices topped $94 a barrel on Wednesday for the first time in over a year, threatening to push up prices at the pump and inflation across the economy. “There’s not a lot of oil there and that’s causing some nervousness,” said Tom Kloza, global head of energy analysis at Oil Price Information Service. The surge in oil prices could threaten the ongoing drop in gas prices. Kloza expressed cautious optimism that gas prices are still going lower, as typically happens after the summer ends. “We are probably getting in front of our skis a little bit,” Kloza said of energy prices.

Persons: Cushing, There’s, ”, Tom Kloza, Brent, Goldman Sachs, gunning, Robert Yawger, Yawger, you’re, ” Yawger, Kloza, “, ” Kloza Organizations: New, New York CNN, Oil Price Information Service, AAA, Bank of America, Mizuho Securities, Energy, Administration Locations: New York, Cushing , Oklahoma, Saudi Arabia, Russia

☆ JPMorgan sees India in its top 3 fastest-growing Asia markets in 2024
▼ + stars: | 2023-09-26 | by ( Ira Dugal | ) www.reuters.com time to read: +3 min

MUMBAI, Sept 26 (Reuters) - India could be among the three fastest growing markets for JPMorgan in the Asia Pacific region next year, alongside Australia and Japan, said a top official at the Wall Street bank. Global corporations like Apple Inc have stepped up production out of India while others like Tesla are in discussions to begin manufacturing in the country. "But the level at which enquiry and activity is picking up in India in substantial," Gori said. JPMorgan has expanded its investment banking team in India, adding two senior managing directors in the last 12 months. "I think we need to distinguish between the headlines and the day to day business because China has actually been exceptionally resilient."

Persons: Filippo Gori, Tesla, Gori, Ira Dugal, Mark Potter Organizations: JPMorgan, Asia Pacific, Reuters, Apple Inc, Thomson Locations: MUMBAI, India, Asia, Australia, Japan, China, Mumbai, Gori

Turkey still has $2.5 billion earmarked in its budget for issuance this year - but could possibly go further than that, JPMorgan's Weiler told Reuters. Markets are expecting Turkey to come to market within days, though some are pointing to a country ratings review by S&P Global Ratings scheduled for Friday. Domestic appliance maker Arcelik last week became the first Turkish corporate to launch an international bond since January 2022. September is generally a busy month for emerging market issuers, though adding to the momentum was increasing risk appetite from investors, he said. Reporting by Karin Strohecker and Jorgelina do Rosario in London; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Stefan Weiler, Tayyip Erdogan, JPMorgan's Weiler, Weiler, Erdogan, Mehmet Simsek, Hafize Gaye Erkan, Fitch, " Weiler, Karin Strohecker, Jacqueline Wong Organizations: JPMorgan, Reuters, Wall Street, Turkiye, . Treasury, Thomson Locations: Ankara, Turkey, Africa, Rosario, London

☆ Mum's the bad word: Most big Menendez donors won't say if they will keep backing New Jersey senator
▼ + stars: | 2023-09-26 | by ( Brian Schwartz | ) www.cnbc.com time to read: +5 min

Several top party donors have privately told Menendez's campaign that he should resign, according to a longtime past supporter who spoke with CNBC. The PAC so far has raised approximately $300,000 for Menendez's 2024 reelection campaign, according to its president, Dr. Ben Chouake. NorPAC has donated a combined $15,500 toward the Menendez campaign and separate leadership PAC since 2017, according to OpenSecrets data. Prudential Financial , the large insurer, has donated $35,000 through their PAC toward Menendez's political operation since 2017, according to OpenSecrets. A Prudential spokeswoman declined to comment when asked whether the company's PAC would continue to support Menendez following his indictment.

Persons: Robert Menendez, Nadine Menendez, Sen, Bob Menendez, Menendez, NorPAC, Jon Kaiden, Kaiden, Cory Booker of, Ben Chouake, Chouake, We've, Couake, Goldman Sachs, General Atomics, Greenberg Traurig Organizations: New, New Jersey Democrat, CNBC, Baleon Capital, Menendez, Fund, Senate Foreign Relations, Banking, Finance, Democratic, Senate, Menendez's, PAC, Pfizer, Prudential Financial, Prudential, company's PAC, FEC, Comcast, Merck, Holtec Locations: Jersey, Union City , New Jersey, U.S, New Jersey, Israel, Manhattan, Cory Booker of New Jersey, OpenSecrets, Jerusalem

☆ Goldman expects 'healthy' growth at these 3 Indian banking stocks – giving one nearly 50% upside
▼ + stars: | 2023-09-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Goldman Sachs forecasts "healthy" growth in new lending at three major Indian banks over the next six months, which it says could lead to a significant upside for these stocks. The Wall Street bank noted that Indian bank stocks have broadly outperformed the MSCI India index over the past year, but have underperformed over the last three to six months. Goldman Sachs said that valuation multiples for Indian banks have declined the most despite earnings per share (EPS) upgrades. HDB KOTAKBANK-IN,SBIN-IN YTD mountain However, Goldman Sachs expects operating profit to bottom out in the December quarter of 2023 as margins and growth rates stabilize. Goldman's view on the Indian banks Kotak Mahindra Bank Price target: 2,624 Indian rupees ($31.6).

Persons: Goldman Sachs, Rahul Jain, Hardik Shah, Goldman, ROA, ROE, CNBC's Naman Tandon Organizations: Mahindra Bank, State Bank of India, HDFC Bank, ICICI Bank, Mahindra Bank Price, SBI, HDFC Locations: India, United States

☆ A 31-year market vet shares 2 signals that show a recession is still on the way — and warns the S&P 500 still has 48% downside as valuations remain near the richest levels in history
▼ + stars: | 2023-09-23 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

One is that the Institute for Supply Management's Purchasing Managers' Index continues to show signs of slowing economic growth. "Real GDI has never fallen three quarters in a row without the economy being in a recession," Wolfenbarger said. This partially informs his call for the S&P 500 to fall to around 2,250, which would represent 48% downside from current levels. When it comes to Wolfenbarger's 48% sell-off call, it's well outside the mainstream of where strategists see stocks going. With valuations high, a meaningful recession could make that three times, as Wolfenbarger is warning.

Persons: Jon Wolfenbarger, Merrill Lynch, Wolfenbarger, Costa, Louis, Warren Buffett Organizations: JPMorgan, Bull, Institute for Supply Management's, Crescat, Federal Reserve Bank of St, downturns . Federal Reserve Bank of St Locations: downturns .

☆ Indian shares set for subdued open as Fed angst weighs
▼ + stars: | 2023-09-22 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, India, July 12, 2023. Already, foreign investors have been net sellers so far this month, offloading shares worth $996.2 million as of Sept. 20. Foreign institutional investors (FII) sold shares worth 31.11 billion rupees ($375.2 million), on a net basis, on Wednesday and 30.07 billion rupees worth on Thursday, according to stock exchange data. Domestic investors, meanwhile sold shares worth 5.73 billion rupees on Wednesday but bought shares worth 11.58 billion rupees on Thursday, the data showed. Meanwhile, Indian government bonds will be included in JPMorgan's widely tracked emerging market debt index from June 2024, the Wall Street bank said on Friday.

Persons: Francis Mascarenhas, Dalal, Aparna Iyer, Raja, Tesla, Archishma Iyer, Anisha Ajith, Savio D'Souza Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, Exchange, BSE, Federal Reserve, Wipro, LG Energy, Exide Industries, Power Systems, Glenmark Pharmaceuticals, Sciences, Glenmark Pharma, Teck Resources, Sethuraman NR, Thomson Locations: Mumbai, India, U.S, Asia, Pacific, Japan, Teck

Their work progressed, and an Apple investing feature was meant to roll out in 2022. Source: AppleThe Apple Card launched with much fanfare three years ago, but the business brought regulatory heat and racked up losses as its user base expanded. Earlier this year, Goldman rolled out a high-interest savings account for Apple Card users, offering a 4.15% annual percentage yield. Before Goldman's pivot away from retail banking, the company examined ways to expand its partnership with Apple, sources said. WATCH: Goldman's Apple Card faces mounting credit losses

Persons: Goldman Sachs, Goldman, Tim Cook, Loren Elliott, That's, David Solomon, Charles Schwab, Morgan Stanley's, It's, Robinhood, Elon Musk's Organizations: Apple, Goldman, Reuters Apple, GameStop, AMC, Apple Card, American Express, . Stock, eToro, PayPal Locations: Cupertino , California, U.S, Block's

☆ Morgan Stanley says higher oil prices could boost these 2 global real estate stocks
▼ + stars: | 2023-09-19 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

The recent increase in oil prices could provide a boost to London's prime office real estate market, according to Morgan Stanley. According to their analysis, higher oil prices tend to correlate with increased demand for top-tier commercial properties. When oil prices rise above this threshold, the excess profits are invested by its sovereign wealth fund, PIF, in assets around the world, including tech stocks. Morgan Stanley says that in the past, a similar rise in oil prices has preceded strong 12-month share price performance for London office REITs (real estate investment trusts). For Derwent London, Morgan Stanley forecasts the stock reaching £27.00 ($33.43), up 45% from current levels, within 12 months.

Persons: Morgan Stanley, Bart Gysens Organizations: Bank of London, Cooperation Council, Monetary Fund, GCC, Saudi, London, Derwent, Great Portland Estates, Derwent London, Great Locations: London, WTI, Great Portland

☆ Analysis-More SE Asia firms consider U.S. IPOs, filling void left by China peers
▼ + stars: | 2023-09-18 | by ( Yantoultra Ngui | Scott Murdoch | ) www.reuters.com time to read: +5 min

“These factors have enabled some of their ASEAN rivals to step out into the spotlight.”ASEAN, the 10-member Association of Southeast Asian Nations, includes Thailand, Singapore, Malaysia and Vietnam. For investors seeking emerging market exposure, Southeast Asia fits the bill, because of the region’s strong economic growth and increasing population, analysts say. Some Southeast Asia companies seeking listings in the U.S. look to raise between $300 million and $1 billion, with valuations ranging from $1.5 billion to $8 billion, bankers said, without naming any firms. “International investors are seeing the value of portfolio diversification that Southeast Asia provides,” Tay added. The expected pickup in Southeast Asian listings, however, could get derailed by share volatility and stringent investor scrutiny, analysts say.

Persons: ”, Leif Schneider, Sunil Khaitan, Kelvin Teo, Andrew Lim, Tay Hwee Ling, ” Tay, Anuruk Karoonyavanich Organizations: Nasdaq, REUTERS, Gushcloud International, Sunday, Reuters, VNG Corp, ASEAN, Association of Southeast Asian Nations, Carsome, Southeast, Bank, America’s, “, U.S ., ’, Companies, Deloitte, “ International, DBS Locations: SINGAPORE, SYDNEY, United States, New York City, U.S, Singapore, New York, Philippine, Washington, Beijing, Vietnam, Thailand, Malaysia, Asia, Indonesia, Southeast, Southeast Asia, China

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