Bank of America has appointed Geoff Iles and Lukas Poensgen as the co-heads of its mergers and acquisitions business in Europe, the Middle East and Africa, according to a memo seen by Reuters on Monda... ...

Core Insights - Bank of America has appointed Geoff Iles and Lukas Poensgen as co-heads of mergers and acquisitions in Europe, the Middle East, and Africa [1][2] - The appointments come as EMEA dealmaking shows signs of revival, with transaction values increasing by 11% this year to approximately $950 billion [3] Leadership Changes - Geoff Iles has been with Bank of America since 2003 and has led UK M&A for the past seven years; he will be based in London [1][2] - Lukas Poensgen joined the bank in 2010 and has been leading M&A in Germany, Austria, and Switzerland; he will be based in Frankfurt [1][2] Market Context - Bank of America ranks sixth among advisers in the EMEA region with a market share of 9.7% [3] - The increase in deal value indicates a potential recovery in the M&A market, which could present new opportunities for investment [3] Notable Transactions - Iles advised on Centamin Plc's £1.9 billion ($2.6 billion) sale to Anglogold Ashanti Plc and worked on International Paper Co.'s acquisition of DS Smith Plc [4] - Poensgen was involved in PAI Partners' sale of Apleona Group GmbH to Bain Capital, valuing the company at around €4 billion ($4.7 billion), and the sale of a €2 billion stake in IFCO to Stonepeak Partners [5]

Bank of America Corp. has named Geoff Iles and Lukas Poensgen as co-heads of mergers and acquisitions in Europe, the Middle East and Africa https://t.co/ctEOvugI2J ...

Core Insights - The State Administration of Foreign Exchange reported that in August 2025, banks settled 15,103 billion RMB and sold 14,058 billion RMB [1] - From January to August 2025, banks cumulatively settled 113,938 billion RMB and sold 113,078 billion RMB [1] - In USD terms, banks settled 2,118 billion USD and sold 1,971 billion USD in August 2025 [1] - Cumulatively from January to August 2025, banks settled 15,886 billion USD and sold 15,765 billion USD [1] Foreign Exchange Income and Payments - In August 2025, banks recorded foreign-related income of 45,515 billion RMB and foreign payments of 45,284 billion RMB [1] - Cumulatively from January to August 2025, banks had foreign-related income of 372,219 billion RMB and foreign payments of 363,400 billion RMB [1] - In USD terms, banks recorded foreign-related income of 6,383 billion USD and foreign payments of 6,350 billion USD in August 2025 [1] - Cumulatively from January to August 2025, banks had foreign-related income of 51,893 billion USD and foreign payments of 50,665 billion USD [1]

Accessible version Emerging Insight Foreign bond outflow was the main driver of portfolio outflows in July -500 -400 -300 -200 -100 0 100 200 300 400 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 SB Stock Connect NB Stock Connect* Foreign bond flows Others** Net receipts (receipts - payments) RMB bn Source: SAFE, Wind, CEIC, BofA Global Research. Note: NB stock Connect data discontinued since Aug '24; 'Others' refer to the residuals. BofA GLOBAL RESEARCH China in Focus ...

A brightening growth outlook. The global economic outlook continues to build on momentum seen in prior months, as attested to by panelists in the Fund Manager Survey (FMS) as well as our proprietary growth indicators. See It's official: Regime indicator in "Recovery" and Style Cycle: Strengthening 'Recovery'. The FMS view on the Asia Pacific ex-Japan economy improved in tandem, to a 7-month high, and net 39% expecting the Japan economy to strengthen in the next 12 months. Despite higher growth prospects, in ...

今年以来全球主要资产价格表现 资料来源：彭博，中银证券 美联储于当地时间9月17日结束为期两天的货币政策会议，宣布将联邦基金利率目标区间从4.25%至 4.5%下调到4.0%至4.25%，降幅为25个基点，此举符合市场普遍预期。此次降息是美联储自去年9月开 启本轮降息周期，并先后于去年9月、11月和12月连续3次降息，以及从今年1月至7月，连续5次按兵不 动后，首次重启降息。 全球投资购金和央行购金量及伦敦金价走势 资料来源：世界黄金协会，伦敦金融交易所，中银证券 □ 由于美元在当前国际货币体系中占据主导地位，美联储一旦重启降息，其利率和汇率的变动将会同时 影响全球资金流动状况 □ 美联储重启降息将从利率和经济基本面角度对美股形成提振作用，但估值偏高仍然是当前投资美股难 以回避的问题。相对而言，非美市场股票估值更具有吸引力。因此，为了规避潜在风险，全球资金在美 元资产和非美资产之间的再平衡趋势有望延续。历史经验也显示，在美元下行阶段，新兴市场的表现通 常优于发达市场，相对收益会显著提升 □ 从中国资产来看，港股有望继续受益于全球流动性转向和内地盈利拐点的双重催化。同时，当前A股 估值仍具有洼地效应，估值修复动 ...

Core Viewpoint - The Federal Reserve's decision to restart interest rate cuts is expected to catalyze a global asset reallocation, impacting both U.S. and non-U.S. markets, with emerging markets likely to outperform developed markets during this period [4][5][15]. Group 1: Federal Reserve and Interest Rates - The Federal Reserve lowered the federal funds rate target range from 4.25%-4.5% to 4.0%-4.25%, marking the first rate cut since the current cycle began in September of the previous year [4][11]. - The rate cut is anticipated to boost U.S. stock markets, although high valuations present a challenge for investors [15]. - Historical trends indicate that during periods of dollar depreciation, emerging markets typically perform better than developed markets, suggesting a potential for significant relative returns [4][15]. Group 2: Global Asset Reallocation - The trend of reallocating global assets has accelerated, with non-U.S. assets showing particularly strong performance; the MSCI Global (excluding the U.S.) index has risen by 22.7% this year, compared to a 12.5% increase in the MSCI U.S. index [7][15]. - Chinese assets, particularly Hong Kong stocks, are expected to benefit from global liquidity shifts and a potential turning point in mainland earnings [4][15]. - The A-share market is seen as having a valuation recovery potential, especially in technology stocks, which are sensitive to liquidity and attractive to global capital seeking high returns [4][15]. Group 3: Gold and Currency Dynamics - The restart of rate cuts is likely to lead to a decline in real interest rates, which may increase gold futures holdings and support gold prices [4][16]. - Central banks have significantly increased gold purchases, with global central bank gold buying exceeding 1,000 tons annually since 2022, indicating a shift in reserve asset preferences [9][16]. - The dollar's dominance is under scrutiny, with a potential long-term decline in its value as political pressures on the Federal Reserve increase, impacting its international credibility [13][14]. Group 4: Market Sentiment and Risks - Investor sentiment is shifting, with a notable increase in concerns about inflation risks, which could destabilize market expectations regarding the Federal Reserve's monetary policy [19][20]. - The current economic policies and pressures on the Federal Reserve may lead to a loss of independence, further exacerbating the dollar's decline and affecting global capital flows [12][13]. - The potential for external shocks and geopolitical uncertainties remains a concern, necessitating a strategic approach to asset allocation amidst these dynamics [20].

Core Viewpoint - The Federal Reserve has initiated interest rate cuts, with potential for further reductions, impacting various sectors of the economy and specific companies [1][2]. Group 1: Interest Rate Impact - The Federal Reserve raised interest rates to combat inflation, reaching a peak of 5.5% in 2022, and recently cut rates to a target of 4% to 4.25% [1][2]. - Lower interest rates make borrowing cheaper, which can stimulate business expansion and consumer spending, affecting many businesses [3]. Group 2: Realty Income - Realty Income is a real estate investment trust (REIT) that manages income-producing properties and distributes profits as dividends [5]. - It is the sixth-largest REIT globally, with properties valued at approximately $61 billion across nine countries [6]. - Anticipated interest rate cuts will lower Realty Income's cost of capital, enhancing its ability to acquire new properties and refinance existing loans, supporting growth and dividend stability [7]. - The attractiveness of Realty Income's dividend may increase relative to bonds, potentially attracting more investors [9]. Group 3: Bank of America - Bank of America is a major global bank with a primary income source from net interest income (NII) [10]. - A decrease in interest rates may lead to a reduction in NII, as loan yields typically decline faster than deposit costs [12]. - In the second quarter, Bank of America's NII grew 7% year over year to $14.7 billion, representing 55% of total revenue [12]. Group 4: Visa - Visa operates the world's largest payment network, processing transactions worth trillions of dollars [13]. - Interest rate cuts will have an indirect effect on Visa, as lower borrowing costs may boost consumer and business spending, leading to increased transaction volume [14]. - In its fiscal third quarter, Visa's total payment volume rose 8% year over year, with processed transactions increasing by 10% year over year, indicating strong growth potential as interest rates influence spending [16].

The HELOC interest rate today remains under 9%. The cash from a home equity line of credit can be used for just about anything, and one lender, Better, claims that its customers have paid off more than $193 million in debt from the HELOCs it has issued. Dig deeper: Is it a good idea to get a HELOC? Here are the pros and cons. HELOC rate Sunday, September 21, 2025 According to Bank of America, the largest HELOC lender in the country, today's average APR on a 10-year draw HELOC remains 8.72%. That is a v ...