Core Viewpoint - Bank of America predicts limited upside for the U.S. stock market in 2026 after three consecutive years of double-digit returns, with the S&P 500 expected to close around 7100 points by the end of next year, reflecting a 4% increase from recent closing prices [1] Group 1: Market Predictions - The S&P 500 index has risen approximately 16% year-to-date in 2025, following gains of over 23% in the previous two years [1] - Deutsche Bank forecasts the S&P 500 to reach 8000 points next year, while Morgan Stanley predicts 7800 points, and JPMorgan and Goldman Sachs project 7500 and 7600 points respectively, indicating a potential for the index to achieve a fourth consecutive year of 10% or more returns [4] - A more optimistic scenario suggests that if corporate earnings significantly exceed market expectations, the S&P 500 could surge to 8500 points, a 24% increase from recent levels [4] Group 2: Market Conditions and Risks - Current market liquidity remains abundant, but future trends may lean towards contraction rather than expansion, with reduced stock buybacks and increased capital expenditures [4] - Concerns exist regarding a potential "growth gap" in the AI sector, as significant investments in AI by large tech companies have yet to translate into profits [1] - Subramanian acknowledges the existence of bubble risks but believes a market crash is unlikely, citing lower stock allocation by investors compared to 2000 and a more tempered enthusiasm for speculative, unprofitable stocks [5]

Bank of America, UBS and Goldman are among global finance firms canceling festive celebrations in Hong Kong this month as a mark of respect for those killed in the city’s deadliest blaze in eight decades https://t.co/LNewloGXbj ...

Let's ask Chris Heisy, Maryland Bank of America private bank CIO. He's here. Got your 2026 outlook finished up, ready to go.So, what what's your plan of attack that you're talking to investors about. >> Well, right now the momentum, as you already stated, is this is an elf rally right now on a on the way to a Santa Claus type of rally. Uh so, we're just beginning this right now.We had a lot of >> So, they're working on it. Yeah. They got to finish it up, >> right.They're in the workshop right now and then u ...

Core Viewpoint - Bank of America Global Research anticipates a stronger global economy entering 2026, driven by robust growth in the U.S. and China, ongoing AI investments, and a shift in market leadership [1][2] Economic Growth - U.S. GDP growth is projected at 2.4% for 2026, exceeding consensus, supported by fiscal policies and business investments [3][4] - China's GDP growth is upgraded to 4.7% for 2026, with positive trade developments and stimulus measures contributing to this outlook [8] AI Investment - The AI investment cycle is expected to continue its upward trajectory, with significant capital expenditures in data centers, chips, and automation driving GDP growth [5][6] - Concerns about an AI bubble are deemed overstated by Bank of America [2][5] Emerging Markets - Emerging markets are likely to benefit from a weaker U.S. dollar and lower U.S. interest rates, easing financing pressures and enhancing capital flows [7] Corporate Earnings - S&P 500 earnings per share (EPS) are expected to rise by 14% in 2026, but price gains are projected to be limited to 4%-5% [9] Treasury Yields - Treasury yields may fall more than anticipated, with projections for the 10-year yield to be between 4% and 4.25% due to expected Fed rate cuts [10] Housing Market - National home prices are expected to remain flat in 2026, with potential upside risks due to lower mortgage rates [11] Market Volatility - Increased volatility is anticipated in 2026 as the impact of AI on economic fundamentals becomes clearer [12] Private Credit - Returns on private credit are expected to moderate to about 5.4% in 2026, down from approximately 9% in 2025 [13] Commodity Outlook - Copper prices are projected to remain strong in 2026, supported by tight supply and improved global demand [14]

It’s not the year 2000, and there is not an impending tech bubble, but that doesn’t mean investors shouldn’t be bracing for turbulence, Bank of America Global Research says. Savita Subramanian, BofA head of U.S. equity and quantitative strategy, has been arguing that compared with the dotcom era, today’s AI boom has supported earnings growth and smaller IPOs, and “speculation in unprofitable stocks is less extreme.” However, she warned, aggressive capital expenditures from hyperscalers are increasingly rel ...

本文源自：金融界AI电报 美国银行认为，在连续三年实现两位数回报后，美国股市在2026年提供超额收益的空间有限。该行预 测，标普500指数很可能在明年12月收于7,100点左右，这仅比周二收盘价高出约4%。尽管预计美国企 业将实现两位数的盈利增长，但股市价格回报将趋于平淡。股票和量化策略主管Savita Subramanian认 为存在风险，但不预期会出现崩盘；与2000年相比，当前投资者的股票配置较低，盈利增长支撑着回 报，并且对投机性股票的热情程度也没有那么极端。 ...

US stocks have limited scope to deliver outsized gains in 2026 after three straight years of double-digit returns that pushed valuations to lofty levels, according to Bank of America https://t.co/5vdPj6JEBx ...

Core Points - Bank of America Corporation's subsidiary Merril Lynch International has crossed the legal threshold of 3% for direct voting rights and equivalent financial instruments in Umicore as of 26 November 2025, with a total holding of 3.90% [2][8] - The notification regarding this change was made on 28 November 2025, indicating an increase in direct voting rights by 0.05% and equivalent financial instruments by 2.99%, resulting in a total of 3.04% after the transaction [3][8] Company Overview - Umicore is a global advanced materials and recycling group, focusing on transforming precious and critical metals into functional technologies for everyday applications [6] - The company operates four business groups: Catalysis, Recycling, Specialty Materials, and Battery Materials Solutions, addressing resource scarcity and the demand for functional materials in clean technologies and mobility [7] - Umicore's revenues primarily come from clean mobility and recycling, with a commitment to sustainable value creation through the development, production, and recycling of materials [9] - In the first half of 2025, Umicore reported group revenues (excluding metal) of €1.8 billion, with a turnover of €8.7 billion [10]

Two of Wall Street’s biggest firms say the AI boom is far from a speculative mania. Instead, BlackRock and Bank of America say this cycle is being driven by real corporate investment, earnings, and productivity gains — not the kind of irrational exuberance that defined the dot-com bubble of the early 2000s. "We don't think the bubble framing is that useful at this stage for investors," Jean Boivin, head of the BlackRock Investment Institute, said at a media roundtable on Tuesday. “We want to avoid just ...

格隆汇12月3日｜据路透，知情人士称，花旗集团正积极扩张其主要经纪商业务，近期已挖角美国银行 高管Jillian Snyder，出任花旗北美资本导入部门主管。此职位负责协助避险基金与潜在投资人建立连 结，被视为银行提升主要经纪商服务竞争力的重要环节。Snyder曾于2008年至2015年在花旗纽约办公室 任职，之后转往美国银行发展，最近的职务为美银亚太资本策略团队董事总经理兼主管。 ...