Powell held a closed-door meeting with US bank CEOs to avoid legal battles over capital reform plans.
Federal Reserve Chairman Jerome Powell recently attended a closed-door meeting with CEOs of large banks, encouraging them to cooperate with the Fed to avoid a legal battle that could ensue for years over the Biden administration's landmark capital plan. According to sources, Powell told bank executives including Jamie Dimon of JPMorgan and Jane Fraser of Citigroup that the public will have a chance to weigh in on key revisions to the plan. The meeting was held last month by the Financial Services Forum, a trade group for big banks. While Powell or other Fed officials met with the group of top bank CEOs
Top Gap Ups and Downs on Friday: SONY, IBN, DEO and More
On August 16th, the top 20 trading volume in the US stock market: tesla's Cybertruck is the best-selling model in the USA with sales over $0.1 million.
On Friday, Nvidia topped the list of US stock trading volume, rising 1.40% with a volume of $36.933 billion. Nvidia rose every day of this trading week and has accumulated a 18.93% increase. In the past seven trading days, it has risen for six days, with a total increase of about 26% within a week. Eric Schmidt, former CEO of Google, pointed out in a lecture at Stanford University that large tech companies are planning to invest heavily in Nvidia, especially in the construction of AI data centers, with expected costs as high as $300 billion. Schmidt said, "I'm talking to large companies and they tell me that they urgently need..."
Citigroup Options Spot-On: On August 16th, 68,451 Contracts Were Traded, With 2.34 Million Open Interest
Citigroup Insider Sold Shares Worth $1,532,261, According to a Recent SEC Filing
Powell Tells Bank CEOs to Work With Fed on Increased Capital Proposal - Report
Unsold Picasso can still be exchanged for liquidity. Enter the art loan market that is booming on Wall Street.
A wealthy customer of Bank of America brought forward their art collection as collateral to borrow enough money to buy a sports team. Another customer used their collection of 19th century American landscape paintings to fund the renovation of their estate. This is the flourishing world of art loans - where collections are pledged as collateral so that wealthy collectors don't have to give up their valuable treasures in order to cash them in. The slow-down in art sales has forced many to reconsider their options. In May, the most important auction season in New York saw transaction amounts fall by about 23% YoY, with the world's richest buyers watching from the sidelines. Deloitte's global art and finance coordination team
Credit Card Delinquencies Rise, Charge-offs Fall in July; Consumer Stays Resilient
Gates Industrial Prices Secondary Offering by Blackstone-Affiliated Shareholders
The Hottest Club in Town Is... Run by Your Credit-Card Company? -- WSJ
Citigroup: Maintains a "buy" rating for Alibaba-SW, the target price is lowered to HKD 115.
Citibank released a research report stating that it maintains its buy rating on Alibaba-SW (09988) with a target price lowered from HKD 120 to HKD 115. Although order volume increased by double digits and gross merchandise volume (GMV) recorded high single-digit growth, customer management revenue (CMR) only increased by 1%. The company's first-quarter performance was mixed, with total revenue falling short of expectations, but adjusted net income exceeding expectations. The report pointed out that management expects CMR to accelerate its growth in the future seasons, as new advertising tools are widely adopted to keep pace with GMV, narrowing the gap. As Alibaba is still committed to integrating Taotian and international digital efforts.
Citigroup: Maintains a Neutral rating on Yuexiu Real Estate Investment Trust, with target price lowered to HKD 1.
Citigroup issued a research report stating that it lowered the target price for Yuexiu Real Estate Investment Trust (00405) from HKD 1.1 to HKD 1, maintained a "neutral" rating, and believed that inclusion in the Shanghai-Hong Kong Stock Connect may benefit the company. Although the weak performance of Yuexiu Real Estate Investment Trust's office business was offset by the resilience of hotel, retail business, and financial costs, it is expected to take some time for the distribution per fund unit to recover. The bank stated that the office business of Yuexiu REITs continues to face pressure, and the company is managing its investment portfolio by expanding its tenant base. However, given Guangzhou Yuexiu Financial Building (82.9%) and Shanghai Yuexiu
Citigroup: Maintains a neutral rating on CK Asset with a target price of HKD 33.5, lowered.
Citigroup has released a research report stating that it maintains a "neutral" rating for CK Asset (01113) and predicts that profits from 2024 to 2025 will be affected by the development of property projects and profit margins of several projects in Hong Kong, leading to a target price drop from HK$36 to HK$33.5. CK Asset has indicated that future dividends will be tied to earnings per share and is expected to see greater fluctuations in future dividends. The bank pointed out that investors may currently be disappointed with dividends and the unpredictability of buybacks as returns. However, the bank has noted that the company's total shareholder return in the first half of the year, including HKD 1.5 billion in buybacks, actually increased by 0.6% year-on-year.
Citi: JD.com's Q2 results exceed expectations, maintaining a buy rating on the company.
Citi stated that JD.com's Q2 profits exceeded expectations and that if the speed of the implementation of the old-for-new policy is faster than expected, it will become a catalyst for the company's stock price. Citigroup analysts, including Alicia Yap, stated in a report that they expect the improvement in momentum for JD Electronics and home appliance products to continue in the second half of the year. Maintaining a buy rating on the company based on reasonable valuations and stable profit margin trends; the company's ADR target price is $41.
Citigroup Options Spot-On: On August 15th, 80,986 Contracts Were Traded, With 2.33 Million Open Interest
Express News | Citigroup Inc - Credit Card Delinquency Rate 1.44% at July End
Express News | Citigroup Inc - Credit Card Charge-Offs 2.59% in July - SEC Filing
Citigroup: Maintains buy rating for Nexteer, target price lowered to HKD 4.2.
Citigroup released a research report stating that they maintain a "buy" rating for Nexteer (01316) and lower the group's profit forecast for 2024 to 2026 by 47%, 36% and 32% respectively. The target price is also adjusted from HKD 5.4 to HKD 4.2. Management has also lowered revenue targets for the year to a 1% YoY increase (originally indicated an increase of 3-5%). Nexteer's mid-term performance was soft, with revenues of USD 2.099 billion (same as last year), flat YoY, and net income down 54% YoY to USD 16 million, failing to reach the bank and market expectations. The decline in profits is mainly due to impairment charges for unfavorable engineering intangible assets of USD 14 million.
Citigroup: Reiterates 'Buy' rating for Power Assets, target price raised to HKD 61.
Citigroup released a research report stating that it reiterated its buy recommendation on Power Assets (00006) and raised its target price from HKD 60 to HKD 61. The report stated that the company's net income for the first half of this year basically met expectations for a 2% year-on-year growth. The bank stated that mergers and acquisitions can increase additional profits for Power Assets, so it raised its net income forecast for fiscal years 2024 to 2026 by 1.2% to 2%. More M&A opportunities could lead to a possible increase of HKD 624 million, or 9.6%, in net income for fiscal year 2025. Citigroup believes that Fed rate cuts will trigger a re-evaluation of Power Assets stocks, especially if U.S. Treasury yields fall.
Citigroup reiterates their buy rating on Tencent Holdings with a target price of HKD 527.
Citigroup released a research report stating that it reaffirmed Tencent Holdings (00700) as a "buy" rating and preferred in the industry, and raised its target price from HKD 515 to HKD 527. The report stated that Tencent's total revenue in the second quarter of this year increased by 8% year-on-year, in line with expectations; gross profit increased by 21%; operating surplus increased by 27%; and net income increased by 53% year-on-year. The related performance is mainly due to the high-profit revenue flow business combination and strict cost control, and believes that the recovery of local games will bring sustainable profit growth. The bank predicts that Tencent's mainland game business revenue will further accelerate to low double-digit growth in the third and fourth quarters of this year.