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Goldman CEO Solomon Expects Trading Revenue Drop in Third Quarter
JPMorgan Sets Up Dubai Private Banking Team Amid Rich People Inflow
Morgan Stanley: If the Federal Reserve cuts interest rates significantly, the further closing of arbitrage trades could pose risks to the US stock market.
Morgan Stanley strategist Michael Wilson believes that if the Federal Reserve cuts interest rates substantially this month, the US stock market could face the risk of further unwinding of yen carry trades. Wilson, one of Wall Street's largest stock market bears until May of this year, pointed out that a larger initial rate cut could support the yen. This would prompt yen traders to withdraw from US assets after domestic interest rates rise, leading to a repeat of the pattern that caused global markets to plunge last month. "The unwinding of yen carry trades may still be a hidden risk factor," Wilson wrote in a report. "Short-term US interest rates...
Deutsche Bank: Expecting a 'shareholding' rating for Hong Kong Exchanges and Clearing Limited, with a target price of 223 Hong Kong dollars.
Morgan Stanley released a research report stating that it has a "shareholding" rating on Hong Kong Exchanges and Clearing Limited (00388), with a target price of HKD 223. The bank stated that it has lowered its earnings forecast for 2024, 2025, and 2026 by 0.9%, 1.8%, and 2.6% respectively. It has also adjusted its daily average traded value forecasts for the same years by 6.6%, 2.4%, and 2.4% respectively. In addition, due to lower-than-expected trading fees and clearing fees from Hong Kong Exchanges and Clearing Limited, the bank has lowered its total expense forecast for 2024 by 2.4%, and for 2025 and 2026 by 2% and 0.9% respectively.
Morgan Stanley strategist: closing yen arbitrage trades is still a risk.
Morgan Stanley's strategists have stated that closing yen arbitrage trades remains a risk factor for the stock market. Strategists like Mike Wilson suggest that if the Federal Reserve cuts interest rates by 25 basis points in September, the risk of significant fluctuations in the yen will decrease. They continue to favor high-quality and defensive stocks.
Morgan Stanley: Maintains 'shareholding' rating for China Hongqiao, with a target price of HKD 15.10.
Morgan Stanley has released a research report stating that they maintain a "shareholding" rating for China Hongqiao (01378) with a target price of 15.10 Hong Kong dollars. The bank pointed out that the company's net income attributable to the parent in the first half of 2024 increased by 273% year-on-year to 9.155 billion yuan (RMB, the same below); excluding one-time projects, the recurring net income is approximately 10.5 billion yuan, which is better than the bank's expectations. The better profit performance is attributed to the strong profit contribution of the aluminum and alumina business, supported by aluminum demand elasticity and tight alumina supply. The company's board of directors announced a mid-term dividend of 0.59 Hong Kong dollars per share, which implies a dividend payout ratio of 56%.
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