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☆ JPMorgan adding India local govt bonds to index to trigger higher inflows
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +3 min

India's local bonds will be included in the Government Bond Index-Emerging Markets (GBI-EM) index and the index suite, benchmarked by about $236 billion in global funds according to JPMorgan. JPMorgan said 23 Indian Government Bonds (IGBs) with a combined notional value of $330 billion are eligible. "India's weight is expected to reach the maximum weight threshold of 10% in the GBI-EM Global Diversified (.JPMGBIEMGD), and approximately 8.7% in the GBI-EM Global index," said JPMorgan. Foreign investor buying in Indian bonds has remained tepid with net purchases of $3.4 billion so far in 2023. The Indian rupee rose 0.3% in offshore trade before local markets opened while traders expected local bond yields to fall sharply.

Persons: Thomas White, ”, Sanjeev Sanyal, Aftab Ahmed, Rodrigo Campos, Sarita Singh, Chris Reese, David Gregorio, Christian Organizations: REUTERS, JPMorgan, Government Bond, Global, Council, Securities, DBS, Thomson Locations: India, Egypt, New Delhi, New York

☆ BofA Securities' Savita Subramanian explains why she's raising her year-end S&P 500 target to 4,600
▼ + stars: | 2023-09-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA Securities' Savita Subramanian explains why she's raising her year-end S&P 500 target to 4,600Savita Subramanian, BofA Securities head of U.S. equity and quantitative strategy, joins 'Squawk Box' to discuss the latest market trends, why she raised her year-end S&P 500 target to 4,600 from 4,300, rest of the year outlook, and more.

Persons: Subramanian Organizations: BofA Securities

☆ Supply considerations are fueling the energy market rally, says BofA Securities' Francisco Blanch
▼ + stars: | 2023-09-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSupply considerations are fueling the energy market rally, says BofA Securities' Francisco BlanchFrancisco Blanch, global head of commodity & derivatives strategy at BofA Securities, joins 'The Exchange' to discuss supply levels fueling the price runup in oil markets, consistent growth in oil inventories, and China's service industry rebound creating a need for oil.

Persons: Francisco Blanch Francisco Blanch Organizations: BofA Securities

☆ GE to sell stake in aircraft leasing provider AerCap
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Aly Song Acquire Licensing RightsSept 11 (Reuters) - AerCap Holdings NV (AER.N) said on Monday a unit of General Electric Co (GE.N) will sell 32.4 million shares in the aircraft leasing giant through an underwritten public offering. The transaction will be worth $2 billion based on AerCap's closing price, according to LSEG data, and follows a sale by GE of 18 million shares in March. GE said in March 2021 it will "over time" sell its stake - 33.6% as per latest LSEG data - after AerCap bought the conglomerate's aircraft leasing unit in a $30 billion deal. AerCap also agreed on Monday to repurchase 12.2 million shares, worth $750 million. GE Capital US Holdings Inc expects to grant the underwriters a 30-day option to purchase up to 4.9 million additional ordinary shares.

Persons: Aly, AerCap, Goldman Sachs, Morgan, Kannaki, Sriraj Organizations: Electric, GE, Artificial Intelligence, REUTERS, AerCap Holdings, General Electric Co, GE Capital US Holdings Inc, Citigroup, Barclays, BofA Securities, Thomson Locations: Shanghai, China, Dublin, Bengaluru

☆ GE to sell $2.44 bln stake in aircraft leasing provider AerCap
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

AerCap said GE Capital U.S. Holdings will sell about 40.7 million shares of the company at $59 per share. The offering was upsized from the previously announced 32.4 million shares. The transaction follows a sale of 18 million shares by GE in March. In March 2021, GE said it would "over time" sell its stake - 33.6% as per latest LSEG data - after AerCap bought the conglomerate's aircraft leasing unit in a $30 billion deal. AerCap also agreed on Monday to repurchase about 15.3 million shares, worth about $878 million, at $57.53 per share.

Persons: Aly, AerCap, Goldman Sachs, Morgan, Kannaki Deka, Sriraj Kalluvila Organizations: Electric, GE, Artificial Intelligence, REUTERS, AerCap Holdings, General Electric Co, GE Capital U.S . Holdings, GE Capital, underwriters, Citigroup, Barclays, BofA Securities, Thomson Locations: Shanghai, China, Dublin, Bengaluru

Are higher rates going to lead to some slow down in conjunction with the dwindling of excess consumer savings," said Lefkowitz, who also cited concerns about high valuations in equities. The Dow Jones Industrial Average (.DJI) rose 75.86 points, or 0.22%, to 34,576.59, the S&P 500 (.SPX) gained 6.35 points, or 0.14%, to 4,457.49 and the Nasdaq Composite (.IXIC) added 12.69 points, or 0.09%, to 13,761.53. For the week, which was shortened by Monday's Labor Day holiday, the S&P 500 fell 1.3%, while the Nasdaq lost 1.9% with both snapping two weeks of gains. After losing 2.9% in two sessions, the S&P 500 technology sector (.SPLRCT) closed higher. The S&P 500 posted 13 new 52-week highs and 17 new lows; the Nasdaq Composite recorded 36 new highs and 229 new lows.

Persons: David Lefkowitz, Lefkowitz, Brendan McDermid, Phil Blancato, Ladenburg, John Williams, Lorie Logan, Ryan Cohen, Sinéad Carew, Chuck Mikolajczak, Gertrude Chavez, Dreyfuss, Shristi, Arun Koyyur, Vinay Dwivedi, David Gregorio Our Organizations: Gilead Sciences, Kroger, Dow, Nasdaq, Index, UBS Global Wealth Management, Dow Jones, Monday's Labor, Apple, New York Stock Exchange, REUTERS, Asset Management, York Fed, Dallas, BofA Securities, GameStop, U.S . Securities, Exchange Commission, NYSE, Thomson Locations: Beijing, New York City, U.S, New York, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. U.S. Treasury yields edged lower on Friday, helping boost major growth stocks, with Microsoft (MSFT.O) leading gains, up 1.9%, and Meta Platforms (META.O) advancing nearly 1%. The S&P 500 information technology (.SPLRCT) sector rose 0.6% while energy stocks (.SPNY) rose 1.3% to their highest level in over seven months, tracking an uptick in crude prices. Advancing issues outnumbered decliners by a 1.64-to-1 ratio on the NYSE and by a 1.01-to-1 ratio on the Nasdaq. The S&P 500 recorded 13 new 52-week highs and 14 new lows, while the Nasdaq posted 31 new highs and 160 new lows.

Persons: Brendan McDermid, Morgan Stanley, Phil Blancato, Ladenburg, John Williams, Lorie Logan, Ryan Cohen, Shristi Achar, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Gilead Sciences, Kroger, Dow, Nasdaq, Apple, Microsoft, Treasury, Wall, Federal Reserve, Index, Federal, Asset Management, FedWatch, New York Fed, Dallas, Dow Jones, BofA Securities, GameStop, U.S . Securities, Exchange Commission, NYSE, Thomson Locations: New York City, U.S, Beijing, Bengaluru

☆ Summit Materials to buy Cementos Argos' US unit in $3.2 bln deal
▼ + stars: | 2023-09-07 | by ( Ananta Agarwal | ) www.reuters.com time to read: +1 min

Cement silos of Colombian cement maker Argos are pictured at a plant in Bogota, Colombia May 14, 2019. REUTERS/Luisa Gonzalez Acquire Licensing RightsSept 7 (Reuters) - Summit Materials (SUM.N) said on Thursday it would buy the U.S. operations of Columbia's Cementos Argos (CCB.CN) for about $3.2 billion in cash and stock, in a deal that would make the combined entity the largest U.S.-based cement producer. Cementos Argos, the core unit of industrial conglomerate Grupo Argos (ARG.CN), will own a 31% stake in Summit and receive $1.2 billion in cash payments, subject to certain conditions. The deal, which is expected to close in the first half of 2024, could lead to annual cost savings of more than $100 million, Summit said. Shares of Summit Materials fell 7.92% in mid-day trading.

Persons: Luisa Gonzalez, Columbia's Cementos, Argos, Summit, Anne Noonan, Morgan Stanley, Ananta Agarwal, Savio D'Souza, Maju Samuel, Shweta Agarwal Organizations: REUTERS, Grupo Argos, Summit, BofA Securities, Thomson Locations: Argos, Bogota, Colombia, U.S, Mid, Atlantic, Texas, Summit

☆ BofA’s Savita Subramanian says she believes the bond move is bullish
▼ + stars: | 2023-09-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA’s Savita Subramanian says she believes the bond move is bullishSavita Subramanian, BofA Securities head of U.S. equity & quantitative strategy, joins 'Fast Money' to talk recent moves in the bond market.

Persons: Savita Subramanian Organizations: BofA Securities

☆ Treasury yield jump is not 'death to equities,' BofA's Savita Subramanian says
▼ + stars: | 2023-09-05 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

The latest jump in Treasury yields is not "death to equities," BofA Securities' Savita Subramanian told CNBC's "Fast Money" on Tuesday. In fact, Subramanian sees the bond move as a positive signal — rather than an ominous sign for the economy. In May, Subramanian hiked her S&P 500 year-end target by 7.5% to 4,300, with a range as high as 4,600. Even though she believes the corporate America has learned to do more with less, Subramanian suggests stocks won't go up in a straight line. But I do think we are at a point where we have some visibility with what the Fed is going to do," Subramanian said.

Persons: Savita Subramanian, CNBC's, Subramanian Organizations: Securities, Companies Locations: America

☆ Chinese EV maker Xpeng expects cost cuts, Volkswagen deal to narrow losses
▼ + stars: | 2023-08-21 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

In this article 9868-HK Follow your favorite stocks CREATE FREE ACCOUNTA XPeng Inc. G6 electric sport utility vehicle (SUV). Qilai Shen | Bloomberg | Getty ImagesXpeng expects cost cuts and its Volkswagen partnership to narrow the firm's losses, the Chinese EV maker told CNBC in an exclusive interview on Monday. watch nowXpeng is attempting to revive its business this year, after its share price sank by more than 80% in 2022. BofA upgraded Xpeng from "neutral" to "buy" at $22 per share, up from its previous price target of $16.30 per share. BofA Securities in a May report said it expects China to hold 40%-45% market share in 2025.

Persons: Qilai Shen, Xiaopeng, Brian Gu, Xpeng, CNBC's, Gu, that's Organizations: HK, Inc, Bloomberg, Getty, Volkswagen, CNBC, U.S, Tesla, BofA Securities, Germany's Volkswagen, Global Locations: Hong Kong, China, Xpeng

☆ Indonesia economy: We have concerns on the investment front, says BofA economist
▼ + stars: | 2023-08-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndonesia economy: We have concerns on the investment front, says BofA economistMohamed Faiz Nagutha of BofA Securities discusses the headwinds and tailwinds in Indonesia's economy and says "we think 5% growth this year should be OK; 5.3% might be a bit of a stretch."

Persons: Mohamed Faiz Nagutha Organizations: Indonesia, BofA Securities

☆ BofA Securities strategist discusses outlook for the China market
▼ + stars: | 2023-08-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina investors willing to trade the short term can use a 'buy on dip' strategy next 2-3 weeks: BofAWinnie Wu, a China equity strategist at BofA Securities, discusses short- to medium-term strategies that investors in China can use in light of the country's economic uncertainty.

Persons: Winnie Wu Organizations: China, BofA Securities Locations: China

☆ Automakers promote advanced tech to compete in China — the world's top EV market
▼ + stars: | 2023-08-04 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Global electric vehicle makers are tapping advanced technology to vie with each other and domestic brands in the intensively competitive Chinese market. China is the world's largest EV market with 5.9 million units sold in 2022, capturing 59% of EVs sold globally, according to Canalys. Counterpoint Research data showed that domestic brands command 81% of the EV market, with BYD, Wuling, Chery, Changan and GAC among the top players. BofA Securities in a May report said it expects China to still be the world's largest EV market in 2025, standing at 40%-45% market share. China EV products are much more competitive than before, and China will continue to see EV penetration expanding, in our view," said the BofA Securities analysts.

Persons: EVs, Canalys Organizations: Inc, Shanghai Auto Show, Global, EV, Chery, Changan, GAC, BofA Securities, China EV Locations: Shanghai, China

☆ Hedge fund Oceanwood offers 4.4% stake in Spanish bank Unicaja
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

The logo of Unicaja bank is seen on the facade of a Unicaja bank branch in Ronda, Spain, October 26, 2022. REUTERS/Jon Nazca//File PhotoMADRID, Aug 1 (Reuters) - British hedge fund Oceanwood Capital Management is selling up to 117 million shares in Spanish bank Unicaja (UNI.MC) via accelerated bookbuilding, equal to a 4.4% stake or more than half of its total holding, bookrunner BOFA Securities said on Tuesday. At Tuesday's closing price the stake on offer was worth around 124 million euros ($136.04 million). Oceanwood holds a 7.4% stake in Unicaja. Unicaja, which is controlled by Unicaja Banking Foundation with a 30% stake, bought smaller lender Liberbank in 2020 to create Spain's fifth-largest bank with around 110 billion euros ($121 billion) in assets.

Persons: Jon Nazca, Oceanwood, bookbuilding, BOFA, David Vaamonde Juanatey, Andrei Khalip, Barbara Lewis Organizations: REUTERS, Capital Management, Securities, BOFA Securities, Citigroup Global Markets, Unicaja Banking, Thomson Locations: Ronda, Spain, Spanish, Unicaja

☆ BofA discusses the outlook for Japanese government bond yields
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA discusses the outlook for Japanese government bond yieldsClaudio Piron of BofA Securities says many long-term financial institutions, insurance companies and pension funds in Japan have a "strong appetite" for bonds.

Persons: BofA, Claudio Piron Organizations: BofA Securities Locations: Japan

☆ Where will the Japanese yen go? A bull and bear face off
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhere will the Japanese yen go? A bull and bear face offClaudio Piron of BofA Securities and Tan Teck Leng of UBS Global Wealth Management share their outlook for the Japanese yen.

Persons: Claudio Piron, Tan Teck Leng Organizations: BofA Securities, UBS Global Wealth Management

☆ All of Netflix's drivers of growth are super high margin, says BofA Securities’ Jessica Reif Ehrlich
▼ + stars: | 2023-07-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAll of Netflix's drivers of growth are super high margin, says BofA Securities’ Jessica Reif EhrlichJessica Reif Ehrlich, BofA Securities senior U.S. media and entertainment analyst, joins 'Squawk Box' to discuss Netflix quarterly earnings results, the effect of password crackdown, growth outlook, and more.

Persons: Jessica Reif Ehrlich Jessica Reif Ehrlich Organizations: BofA Securities, Netflix

☆ Why better-than-expected earnings this reporting season may have trouble boosting market further
▼ + stars: | 2023-07-13 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

They are very high, and that may prevent stock prices from moving forward even if earnings reports exceed estimates. The earnings "apocalypse" — the collapse in earnings that many feared would be coming along with a serious recession in 2023 — has not materialized. What this means is that the price of the S & P 500 has gone up to due multiple expansion, not because earnings estimates have been rising dramatically. Bottom line: The S & P 500 at 4,400 with forward earnings at $230 today (19.2 multiple) is not nearly as appealing as the S & P was in January, when it was at 3,800 with forward earnings at $220 (17.2 multiple). It's the easiest path to get the overall market higher.

Persons: Savita Subramanian, —, Chris Harvey, Wells, Nick Raich, Nicholas Colas, DataTrek Organizations: BofA Securities, Delta, Microsoft, Nvidia, P Technology, Big Tech Locations: Wells Fargo

☆ Auto industry braces for contentious contract talks as UAW formally kicks off bargaining
▼ + stars: | 2023-07-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

Rebecca Cook | ReutersDETROIT — United Auto Workers President Shawn Fain promised union members he'd do things differently during contract talks with the Detroit automakers this year. Playing hard ball"We're in the process of changing the culture of this union from a reactionary, defensive union, to an aggressive and offensive-minded union," Fain said last month during a Facebook livestream. The deals cover roughly 150,000 UAW members who work for the automakers. United Auto Workers members on strike picket outside General Motors' Detroit-Hamtramck Assembly plant in Detroit, Sept. 25, 2019. "The federal government is pouring billions into the electric vehicle transition, with no strings attached and no commitment to workers," Fain said earlier this year.

Persons: Shawn Fain, Rebecca Cook, he'd, Fain, Gary Jones, Bill Ford, Ford Fain, —, Jim Farley, Chuck Browning, We've, … We're, Joe Biden, John Murphy, Stellantis, Reuters Stellantis, What's, Michael Wayland, BofA's Murphy, Steve Fecht Organizations: Reuters DETROIT — United Auto Workers, Detroit, UAW, Motors, Ford Motor, Ford, Headquarters, Facebook, " Bank of America Securities, General Motors, BofA Securities, GM, Fiat Chrysler, Fiat Chrysler Automobiles, FCA Sterling Heights Assembly, Reuters, United Auto, United Auto Workers, Hamtramck Assembly, CNBC, Center for Automotive Research, Deere, Co, Caterpillar, Ultium Cells, LG Energy, Tech Center Locations: Detroit, Illinois, Stellantis, Sterling Heights , Michigan, Hamtramck, Lordstown , Ohio, Warren , Michigan

☆ Find A.I. companies truly working in the space, not just mentioning it, says BofA's Woodard
▼ + stars: | 2023-07-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFind A.I. companies truly working in the space, not just mentioning it, says BofA's WoodardJared Woodard, BofA Securities, joins 'The Exchange' to talk A.I. ETFs and the pros and cons for investors looking to put their money in the space.

Persons: BofA's Woodard Jared Woodard Organizations: BofA Securities

☆ BofA's Andrew Obin upgrades 3M to neutral after legal settlement related to PFAS
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA's Andrew Obin upgrades 3M to neutral after legal settlement related to PFASAndrew Obin, BofA Securities, joins 'Power Lunch' to discuss his upgrade of 3M to neutral.

Persons: Andrew, Andrew Obin Organizations: BofA Securities Locations: BofA

☆ Preferred securities are yielding nearly 7%. After a turbulent first half, here's why it may be time to jump in
▼ + stars: | 2023-07-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

After a rocky first half of the year, it may be a good time to buy preferred securities. The ICE BofA Fixed Rate Preferred Securities index, which tracks the performance of fixed-rate preferred securities, has a yield-to-worst of 6.7%. While many preferreds have fixed rates, some have floating rates or fixed-to-floating rates that switch from fixed to floating after a certain period of time. In 2022, the ICE BofA Fixed Rate Preferred Securities index lost 19%. Its top-rated funds include Global X US Preferred ETF and iShares Preferred & Income Securities ETF.

Persons: Leslie Falconio, Michael Youngworth, Youngworth, Falconio, Bonds, JR Humphreys, Humphreys, Humphrey, America's Youngworth, CNBC's Michael Bloom Organizations: Treasury, Federal Reserve, UBS, BofA Securities, Securities, Brock Investment Advisors, ICE, JPMorgan, American Equity Investment, Western Alliance, Bank, America's, preferreds . Bank of America, Global, US, iShares, Income Securities Locations: preferreds, preferreds .

☆ Fed would accept a mild recession if it brings down inflation, BofA Securities says
▼ + stars: | 2023-06-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed would accept a mild recession if it brings down inflation, BofA Securities saysBank of America Securities' Aditya Bhave also discussed the tight labor market and its "chicken and egg" dynamic with the consumer.

Persons: Aditya Bhave Organizations: BofA Securities, Bank of America Securities

☆ Prologis to buy industrial properties from Blackstone for $3.1 billion
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

June 26 (Reuters) - Prologis Inc (PLD.N) said on Monday it has agreed to buy 14 million square feet of industrial properties from real estate funds affiliated with Blackstone (BX.N) for $3.1 billion in an all-cash deal. It currently owns 1.2 billion square feet of logistics real estate in 19 countries. With near record-low vacancy, logistics remains a high conviction theme for us," Nadeem Meghji, head of Blackstone Real Estate Americas, said. Prologis and Blackstone have completed more than a dozen transactions together in the past 11 years, according to the statement. Eastdil Secured, Barclays, BofA Securities, Citigroup Global Markets, Deutsche Bank Securities, Goldman Sachs, J.P.Morgan Securities, Morgan Stanley, PJT Partners and Wells Fargo acted as financial advisers to Blackstone.

Persons: Nadeem Meghji, Prologis, Blackstone, Eastdil, Goldman Sachs, Morgan Stanley, Wells Fargo, Kannaki, Shilpi Majumdar Organizations: Prologis, Blackstone, Estate, Duke Realty Corp, Barclays, BofA Securities, Citigroup Global Markets, Deutsche Bank Securities, J.P.Morgan Securities, PJT Partners, Thomson Locations: Atlanta , Washington DC , California, Dallas, Las Vegas , New York, Phoenix, South Florida, U.S, Bengaluru

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