Citigroup Options Trading: A Deep Dive Into Market Sentiment
Barclays: Large technology stocks are attractive due to the boost in earnings prospects.
Although investors worry about the continued decline of US technology giants, Barclays strategist says strong earnings prospects mean the sector remains attractive after a recent sell-off. The team led by Venu Krishna raised the year-end target for the S&P 500 index from 5,300 points to 5,600 points, citing positive profit expectations for large tech firms. This forecast implies a rise of about 0.6% above current levels, higher than the strategist's average expectation of 5,431. "Recent declines appear to have been contained," Krishna wrote in the report, "although we assume relatively high valuations for large tech companies".
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Citigroup: Rates HKEX as "sell", with a target price reduced to HKD 230.
Citigroup released a research report stating that it gives a "sell" rating on Hong Kong Stock Exchange (00388), and lowers the earnings per share forecast for the fiscal years 2024 to 2026 by 1% to 3% to reflect the downward adjustment of the average daily turnover forecast. The target price is lowered from HK$240 to HK$230. The company's performance for the second quarter is expected to be good but with uncertain growth prospects. Due to the market sentiment weakening again, the average daily turnover since July is about 100 billion yuan. Citigroup pointed out that Hong Kong Stock Exchange will announce the second quarter results on August 21. The bank predicts that the second quarter net profit will reach 3.3 billion yuan, an increase of 10% and 12% quarter-on-quarter and year-on-year, respectively, which is 2% higher than the market forecast.
Citigroup: If the Euro/Yen approaches 180, the Japanese government may intervene.
Citigroup analysts said that if the euro against the yen approaches 180, the Japanese authorities may sell euros. The euro went up to 175.43 on July 11, reaching its highest level since the euro was introduced in 1999. The currency pair subsequently fell back and was around 171 in early Tokyo trading on Tuesday. Japanese authorities may have spent about JPY 3.5 trillion ($22 billion) on July 11 to support the yen exchange rate - suspected third intervention this year. The next day, the Bank of Japan reportedly conducted a currency rate check on the euro/yen in the foreign exchange market and then allegedly intervened for the second consecutive day in the dollar/yen.
On Monday, crude oil in the USA WTI fell by 0.4%, dropping to the lowest level in a month.
Early on the morning of the 23rd Beijing time, the price of US WTI crude oil futures fell for the second consecutive trading day on Monday, and fell to the lowest level in more than a month. Investors ignored U.S. President Biden's decision not to seek re-election and instead focused on signs of rising inventories and weak demand. The West Texas Intermediate (WTI) crude oil futures price for August delivery on the New York Mercantile Exchange closed down $0.35, or about 0.44%, at $79.78 per barrel. September WTI crude oil fell $0.45 to $78.19 per barrel. Brent crude oil futures prices fell $0.47, or 0.6%, to $8
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Wells Fargo & Co: Large banks are ready to embrace the long-awaited turning point and are bullish on Citigroup (C.US) and other banks.
Wells Fargo & Co stated that the earnings report for the second quarter of large banks showed that the industry is at a turning point from negative growth in revenue, operational leverage, and eps growth to positive growth.
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Citigroup: Maintains a "buy" rating for Sh Pharma with a lowered target price of HKD 16.2.
According to a research report released by Citigroup, the earnings per share forecast for Shanghai Pharma in the next two years has been reduced by 13.4% and 13.2% respectively to reflect the slowdown in industry growth in the second quarter of this year. The target price has been lowered from HKD 17.5 to HKD 16.2, while the "buy" rating is maintained. The report states that the management of Shanghai Pharma mentioned in a recent conference call that the company will continue to face pressure in its manufacturing business in the second quarter due to the price reduction of polymyxin B. As for the distribution business, the company's second-quarter performance remained above the industry average, benefiting from the strong growth momentum of innovative drugs, medical equipment and medical beauty sectors.
Citi: The implementation of the city's duty-free policy is the next potential catalyst for China Tourism Group Duty Free Corporation. Target price is HKD 87.
According to Citigroup's research report, the target price of China Tourism Group Duty Free Corporation (01880) has been lowered from HKD 110 to HKD 87, and the forecast model has been updated to reflect the first half performance, with a 13.5%/15.4%/15.4% decrease in profit forecast for fiscal year 2024 to 2026, mainly due to the underperformance of Hainan duty-free product sales. The bank pointed out that weak consumer willingness and the dilution of passenger flow from outbound tourism have long put pressure on Hainan's sales trend, leading to a decline in operational leverage of its business. However, with the accelerating recovery of outbound tourism and the rebound of airport duty-free shop business, some losses can be offset. It is also expected that the sales momentum of Hainan duty-free products will
Two officials of the Federal Reserve indicated that it is necessary to reform the discount window tool.
Boorman, a director of the Federal Reserve, and Logan, the president of the Dallas Federal Reserve, suggested that the Federal Reserve should assess to what extent its emergency lending tools can meet the liquidity needs of the banking system, implying the need to reform the discount window.