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☆ Sensex may hit 80,000 if India included in global bond indexes -Morgan Stanley
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 28 (Reuters) - India's Sensex stock index may hit 80,000 by the end of next year if the country is included in global bond indexes and prices of commodities such as oil and fertilizers drop sharply, Morgan Stanley analysts said. The inclusion could result in nearly $20 billion of inflows over the subsequent 12 months, the brokerage said, while making a bull case for a 30% chance of the blue-chip index hitting the number. The Wall Street bank said in October that India is on the radar for an inclusion. Indian markets have defied weakness seen in Asian peers this year, with the Sensex (.BSESN) closing at a new peak of 62,504.8 earlier in the day. Reporting by Rama Venkat and Chris Thomas in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Fintechs are opening up access to alternative investments previously reserved for sophisticated investors, but some VCs question if that's a good thing
▼ + stars: | 2022-11-28 | by ( Asia Martin | ) www.businessinsider.com time to read: +8 min

But some don't think retail investors are ready for the level of risk in the asset class. Alternative investments, as the name suggests, is an asset outside of traditional investments like stocks, bonds, and cash. Investors choose from private-equity funds, venture capital, hedge funds, real estate, and art, among other areas. Such returns have attracted state pension funds, university endowments, and, most recently, individual investors from the ultra-high-net-worth to the Joe Schmoes. Companies like iCapital, Allocate, RealBlocks and CAIS (pronounced case) launched to help wealth-management firms usher their clients into sought-after private market funds.

☆ J.P.Morgan sees global bond yields dipping in 2023
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

Nov 25 (Reuters) - Global bond yields will likely fall slightly in 2023 as the balance between demand and supply will improve by $1 trillion, strategists at J.P. Morgan said in a note. There will be a $700 billion contraction in global bond demand next year compared to 2022, while bond supply will likely drop by $1.6 trillion, J.P. Morgan strategists, led by Nikolaos Panigirtzoglou, estimated in the note issued on Thursday. "Based on the historical relationship between annual changes in excess supply and the Global Aggregate bond index yield, a $1 trillion improvement in the demand/supply balance would imply downward pressure on Global Aggregate yields of around 40 basis points," the Wall Street bank said. J.P. Morgan said that while major central banks trimming their balance sheets in 2022 was the single largest contributor to deterioration in bond demand, sell-offs by commercial banks and retail investors were also much higher than estimates. This year was one of the worst for bonds in history.

WILMINGTON, Del, Nov 23 (Reuters) - Adult sexual abuse victims in New York will get an opportunity to sue over decades-old allegations beginning Thursday when a law revives a range of cases including ones against hospitals, Wall Street banks and former U.S. President Donald Trump. New York's Adult Survivors Act creates a one-year period when victims can file lawsuits that otherwise would have been barred because the case was too old. It was modeled on the state's Child Victims Act that revived old claims over child sex abuse and led to thousands of lawsuits against schools, churches and youth organizations. The number of adult cases is likely to be lower than cases involving children, said Jeff Herman, an attorney who represents victims of sexual abuse. One challenge for adult abuse cases is determining consent, said Herman.

☆ How top banks like Morgan Stanley and JPMorgan train young advisors to work with ultra-rich clients
▼ + stars: | 2022-11-23 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

Private banks cater to the wealthiest clientele, who typically have at least $10 million in assets. Wall Street banks put analysts through their paces before letting them work with the most coveted clients. David Frame, CEO of the private bank, is doubling down on a recruiting push. JPMorgan aims to hire as many as 1,500 new private bank advisors over the next five years, which would double its current headcount. The course culminates with three case studies that involve portfolio strategy and estate planning, as well as a written and oral exam.

HONG KONG, Nov 22 (Reuters) - Credit Suisse (CSGN.S) has laid off about one-third of its China-based investment banking team and nearly half of its research department, sources with knowledge of the matter told Reuters, as part of a global restructuring and as its China business slows. Credit Suisse declined to make specific comments on the layoffs in China when contacted by Reuters. Two sources said that more than 20 China-based investment bankers have been notified about the job cuts at Credit Suisse Securities (China), the bank's 51%-owned joint venture. Credit Suisse's China annual report shows it had 68 people in its investment banking department at the end of last year. At Credit Suisse's China venture, about 10 research staff have been let go, the sources said.

☆ Wall Street salaries revealed: How much Evercore, Centerview, Moelis, and other boutique banks pay from analyst to VP
▼ + stars: | 2022-11-22 | by ( Emmalyse Brownstein | Rachel Durose | ) www.businessinsider.com time to read: +9 min

Pay soared everywhere, but particularly at boutique firms, which tend to pay more than big banks. Some of the biggest beneficiaries of that trend were those at "boutique" firms — smaller banks lesser known to industry outsiders — like Moelis, Lazard, and Evercore. It has more than 3,000 employees according to LinkedIn and more than 200 open positions. Rothschild & Co.Based in Paris, but with offices in several US cities, Rothschild has 3,600 employees, according to their website. 2 in number of completed transactions for the first half of 2022, according to their August press release.

☆ Goldman Sachs says the 'bear market is not over' for global stocks and predicts the bottom
▼ + stars: | 2022-11-21 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Goldman Sachs says the current rally in global stocks is temporary, forecasting a market bottom in 2023. By December 2023, Goldman Sachs expects the S & P 500 to rise to 4,000 points — that's just 0.9% higher than Friday's close. Goldman's prediction is similar to Morgan Stanley's call on the S & P 500. Its Chief U.S. Equity Strategist Mike Wilson expects the S & P 500 to rise to 3,900 by the end of next year. Goldman said it was more concerned over the potential "damage" from the speed of interest rate hikes this year — from 0.25% to 3.75%-4% — than the actual rate.

☆ Factbox: Corporate America cuts thousands of jobs as recession looms
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +5 min

Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October, the highest since February 2021, according to a report. However, Bloomberg on Sunday reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return. Coinbase Global (COIN.O):The cryptocurrency exchange said it planned to cut over 60 jobs, in its recruiting and institutional onboarding teams. read moreThe move marks a second round of jobs cuts at the company this year, and comes at a time when cryptocurrencies have been roiled by extreme volatility as investors dump risky assets. Walt Disney Co (DIS.N):The media giant is planning to freeze hiring and cut some jobs, according to a company memo seen by Reuters.

☆ Buffett may have invested in TSMC too early, analyst says, predicting the best time to buy
▼ + stars: | 2022-11-15 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Legendary investor Warren Buffett may have overpaid for his latest investment in chipmaker Taiwan Semiconductor , according to one equity analyst. Buffett's Berkshire Hathaway bought more than 60 million shares of TSMC worth $4.1 billion (1.2% of TSM) in the third quarter, according to a quarterly regulatory filing . New York-listed shares in the chip stock rose 5.8% in after-hours trading to $77.08. Blank said Buffett, 92, was not as interested in buying the bottom as other investors, given Berkshire Hathaway's long-term investment horizon. The median price target of 30 analysts covering TSMC indicates a 29.8% potential upside from its share price prior to Buffett's investment, according to FactSet.

☆ Wall Street banks turn upbeat on emerging market debt
▼ + stars: | 2022-11-14 | by ( Karin Strohecker | ) www.reuters.com time to read: +3 min

JPMorgan raised its outlook for emerging market hard-currency debt on Monday to "marketweight" from "underweight", saying the latest U.S. inflation data cemented a shift to the next phase in the cycle. In its 2023 outlook Morgan Stanley predicted emerging market hard-currency bonds could return more than 14% next year. Core CPI seems to be finally in," Citi Research's head of emerging market strategy Dirk Willer said in the bank's weekly strategy note. However, it might not be quite time for investors to dive into emerging market sovereign credit. JPMorgan's emerging market strategist Jonny Goulden said Federal Reserve hiking cycles were usually followed by a "wait" period before the onset of a U.S. recession, or possibly even an emerging markets financial crisis.

[1/2] Ex-Goldman Sachs banker Roger Ng exits the Brooklyn Federal Courthouse (EDNY) after being found guilty for his part helping embezzle from Malaysia's 1MDB sovereign wealth fund, in Brooklyn, New York, U.S., April 8, 2022. REUTERS/Brendan McDermid/File PhotoNEW YORK, Nov 11 (Reuters) - Roger Ng, the former Goldman Sachs (GS.N) banker convicted for helping loot Malaysia's 1MDB sovereign wealth fund, on Friday sued the government's star witness Tim Leissner for more than $130 million, alleging fraud. A federal jury in Brooklyn convicted Ng in April of conspiring to violate an anti-bribery law and commit money laundering. Jho Low, a Malaysian financier and suspected mastermind of the looting, was also indicted in Brooklyn and remains at large. Reporting by Jonathan Stempel in New York; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Chile central bank likely to start easing cycle in April - JPMorgan
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Nov 10 (Reuters) - The Chilean central bank will likely begin its easing cycle in April as inflation begins to slow, JPMorgan said in a research note. "Yet, we attach more probability to the easing cycle starting in (the second quarter)," the note said. "For the easing cycle to start in January, we would need either a more disinflationary core inflation path, and/or a more abrupt deceleration in global and domestic economic activity than what we currently forecast in our central scenario." "The nominal policy rate is thus expected at 9.5%, 8.50% and 7% by June, September and December 2023, respectively." Chile is expected to keep its benchmark interest rate at 11.25% in its December meeting according to a central bank poll of analysts.

☆ Think the dollar is about to peak? Wall Street pros explain how to trade it
▼ + stars: | 2022-11-10 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Analysts expect the dollar to decline against 18 out of 38 currencies in the fourth quarter of this year, according to FactSet data. UBS UBS considers selling the dollar against G-10 currencies being a "top investment idea for 2023." According to the investment bank, years of negative interest rates have led to a sizeable un-hedged buildup of dollars worldwide. BCA Research Analysts at BCA Research say from a technical standpoint, the dollar is due for a reversal. Goldman Sachs The Wall Street bank remains bullish on the dollar over the next three months and sees certain G-10 currencies only recovering beyond the six-month horizon.

☆ Goldman Sachs just dropped the names of its biggest partner class since David Solomon took over as CEO. See the full list here.
▼ + stars: | 2022-11-09 | by ( Emmalyse Brownstein | Dakin Campbell | Alex Morrell | ) www.businessinsider.com time to read: +4 min

David Solomon had been shrinking the size of Goldman's partner ranks to make it more exclusive. On Wednesday, the firm named 80 new partners, its largest class since Solomon became CEO in 2018. Goldman Sachs promoted 80 people to partner status on Wednesday, marking the largest class since David Solomon took over as CEO in 2018. Goldman's partner class has been steadily shrinking since David Solomon took over as CEO in 2018. Last year, Goldman gave its roughly 400 partners special one-time payments that added millions of dollars to their already generous year-end bonuses.

☆ Meet 5 of Goldman Sachs' newest partners, including a top fintech dealmaker and a structured trader from Honduras whose 3 brothers also work on Wall Street
▼ + stars: | 2022-11-09 | by ( Dakin Campbell | Alex Morrell | Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

It also includes a star fintech banker and leading voice on the Black experience on Wall Street. Here are 5 top names who will help shape the Wall Street of tomorrow. In the 12 years that he's been at Goldman, Watkins has helped Goldman advise on some of the technology industry's biggest transactions. He has also been a leading voice in discussing the Black experience on Wall Street. After graduating in 2010, he went to work for the Global Electronic Trading Co., known on Wall Street as GETCO.

☆ Elizabeth Warren blasts the 'egregious and embarrassing ethics breaches' among top Fed officials who she says have engaged in 'improper' stock trading for over a year
▼ + stars: | 2022-11-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Sen. Elizabeth Warren slammed "improper stock trading" among Fed officials. On Monday, Massachusetts Sen. Elizabeth Warren sent a letter to Federal Reserve Chair Jerome Powell regarding what she called "egregious and embarrassing ethics breaches by top officials at the Federal Reserve System," referring to reports of "improper" stock trading by officials behind closed doors. The scandals predate the October findings — in September 2021, for example, Dallas Fed President Robert Kaplan was found to have made multiple stock trades in 2020, along with Boston Fed President Eric Rosengren. He declined to comment on any pending investigations of Fed officials. Along with looking into potential ethics breaches within the Fed, Warren and other Democratic lawmakers have also raised concerns with the tactics the Fed is using to fight inflation.

☆ Factbox: Corporate America leans on job cuts as recession fears mount
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +4 min

Nov 7 (Reuters) - Corporate America is cutting thousands of jobs to rein in costs amid tightening monetary policy and growing fears of a recession. Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October, the highest since February 2021, a report said. Microsoft:Microsoft Corp (MSFT.O) laid off under 1,000 employees across several divisions this week, Axios reported, citing a source. However, Bloomberg on Sunday reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return. Chime:Online banking firm Chime has laid off 12% of its employees, or about 160 jobs, a spokesperson said.

☆ Morgan Stanley says this Tesla-supplying global battery material stock could soar by 81%
▼ + stars: | 2022-11-07 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Morgan Stanley expects shares in Asian battery component maker L & F Co to rally by 81% by the end of next year. Morgan Stanley maintained its price target and rating on the stock despite the delays to the U.S. joint venture. L & F, which also supplies battery materials to SK Innovation, LG, and Samsung , said it intends to resubmit its application to the South Korean government in the fourth quarter. Equity analysts at Jefferies have a buy rating and 370,000-won price target on the stock, implying a 67% upside. "L & F team has not seen any order slowing from key end customer (TSLA) and expects a continued sequential increase in the next two quarters," Kown said in a note to clients on Oct. 16.

☆ Wall Street slashes price targets this earnings season. Here are 13 stocks that bucked the trend
▼ + stars: | 2022-11-03 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

As Wall Street banks cut share price targets across the board this earnings season, only a handful of companies have bucked the trend, an analysis by CNBC Pro reveals. About 20 stocks emerged with a meaningfully higher price target of 5% or more compared to a month ago. Of these, only 13 still offer a potential upside of at least 5% to their current share price . The median price target for SLB represents a 13.5% upside potential, according to FactSet data. Loews Corp was excluded from the analysis as price targets or estimates were unavailable during the analysis.

☆ U.S. SEC obtained $6.4 bln from enforcement in fiscal 2022 -chair
▼ + stars: | 2022-11-02 | by ( Chris Prentice | ) www.reuters.com time to read: +1 min

WASHINGTON, Nov 2 (Reuters) - The U.S. Securities and Exchange Commission (SEC) obtained $6.4 billion from enforcement actions, including $4 billion in penalties, in fiscal 2022, the agency's chair Gary Gensler said on Wednesday. The large number of levies - collected in fines, judgments and other fees from about 700 enforcement actions - would mark a record, underscoring the Wall Street regulator's more aggressive stance against corporate wrongdoing under Democratic leadership. The total levied is higher than the previous year's $3.9 billion the SEC obtained from 697 actions and than 2020's record of $4.7 billion across 715 cases, according to a review of SEC's previous enforcement results. Gensler highlighted the SEC's enforcement activity in the year ended September 30 in prepared remarks at a Practicing Law Institute event. The agency is expected to publish its full enforcement report sometime this month.

☆ Goldman Sachs lays out 3 reasons why the Fed won't pivot, but will keep hiking into 2023
▼ + stars: | 2022-11-01 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

The Federal Reserve will carry on hiking interest rates after its February meeting, Goldman Sachs said. It will keep raising rates because of sticky inflation and to prepare for a potential pivot, Goldman said. The Goldman Sachs team, led by chief economist Jan Hatzius, forecast the Fed will then transition to smaller rate hikes for three reasons. Last, bringing in smaller rate hikes until March will put the Fed in a better position for a future pivot. Read more: Morgan Stanley's Mike Wilson says the Fed will pivot from interest rate hikes 'sooner rather than later' to help stocks rally by his predicted 6%

☆ This Chinese electric carmaker's stock could rally by more than 260%, Citi says
▼ + stars: | 2022-11-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Citi says BYD is one of its "top" buy ideas among Chinese stocks and expects shares in the automaker to soar by more than 260% over the next 12 months. Jeff Chung, an equity analyst at Citi, reiterated his buy rating and price target on the stock after the company announced earnings on Oct. 28. Chung's price target for BYD is significantly higher than other analysts'. The median price target from six analysts covering the stock gives the stock a potential upside of 60.8%, according to FactSet data. Citi analysts recommended investors in China adopt a "barbell strategy" — a mix of conservative stocks to protect against downside risks and "high-conviction growth stocks" — in their base case scenario.

Goldman on Monday elevated Avinash Mehrotra and Brian Haufrect as the new co-heads of Americas M&A, according to an internal memo seen by Reuters. Both Mehrotra, who currently is the head of global activism and takeover defense, and Haufrect, who is global head of natural resources M&A, will continue to hold their existing roles on top of their new responsibilities. Russ Hutchinson will rejoin Goldman's investment banking unit as chief operating officer of its global M&A business, according to the memo sent to employees by Goldman's global co-heads of Global Banking & Markets, Dan Dees and Jim Esposito. Haufrect, who heads Goldman's natural resources deals franchise, was made partner at Goldman in 2016, according to his LinkedIn profile. Goldman's top six dealmakers - global co-heads of M&A, Stephan Feldgoise and Mark Sorrell, and M&A chairmen, Tim Ingrassia, Dusty Philip, Gilberto Pozzi and Gene Sykes - will continue running the franchise, according to the memo.

☆ Debt ceiling fights aren’t new. The next one could unleash ‘Armageddon’
▼ + stars: | 2022-10-29 | by ( Julia Horowitz | ) edition.cnn.com time to read: +6 min

Fears are brewing that a showdown between Republicans and President Joe Biden over the debt ceiling in 2023 could present a similar moment of reckoning. “The debt ceiling is probably the biggest institutional quirk in the US that carries with it some global risk and risk to the Treasury market,” Setser said. While brinkmanship over the debt limit has become commonplace, the stakes could be higher now that financial markets are on edge. “If the US does not raise its debt ceiling and defaults on its debt, that is an Armageddon moment,” Day said. Yellen told CNN that it’s “utterly essential” that the debt ceiling is raised when necessary.

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