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。 ...

Core Viewpoint - Bank of America has officially added cryptocurrency to its wealth management model portfolios, recommending a 1% to 4% allocation for clients, marking a significant shift in traditional finance's approach to digital assets [2][4]. Group 1: Company Actions - Bank of America's wealth division has included crypto in its model portfolios for the first time, suggesting a 1% to 4% allocation for clients [2]. - This new framework categorizes digital assets as an acceptable small allocation alongside other alternative investments, to be utilized by Merrill Wealth Management and Merrill Edge advisors [2]. - The recommendation is applicable to both high-net-worth and mass-affluent clients, indicating a broadening acceptance of crypto in wealth management [2]. Group 2: Market Reaction - Following the announcement, Bitcoin experienced a 2% increase, nearing $93,000, while other major cryptocurrencies like Ethereum and Solana surged by 9-10% [3][5]. - The market's positive response reflects growing investor confidence in crypto as a viable asset class [3]. Group 3: Industry Context - This decision by Bank of America follows Vanguard's recent move to expand access to spot Bitcoin, Ethereum, and XRP ETFs, suggesting a trend among traditional financial institutions to embrace cryptocurrencies [3][4]. - Other firms, such as Fidelity, have also provided portfolio allocation guidance for cryptocurrencies, indicating that these allocations may soon become standard across wealth management providers [6].

Core Insights - The Reserve Bank of India has approved the appointment of Vikram Sahu as the CEO of Bank of America N.A. in India [1] Company Summary - Vikram Sahu's appointment is confirmed through an internal memo reviewed by Reuters [1]

Crypto Asset Allocation - Bank of America will allow wealth advisors to recommend a 1%-4% allocation to crypto assets [1] - The new policy will be effective starting in January 2026 [1]

Group 1 - Bank of America recommends clients allocate up to 4% of their portfolios in cryptocurrency following significant price fluctuations in Bitcoin [1][2] - Bitcoin experienced a decline from a $126,000 all-time high in October to lows near $82,000 in November, stabilizing around $90,000 by December 2 [1] - The firm plans to begin coverage of four Bitcoin ETFs in 2026, highlighting its extensive client base and digital user engagement [3] Group 2 - Corporate demand for cryptocurrencies increased in the last week of November, with crypto ETPs recording $1.07 billion in inflows, driven by expectations of a US rate cut [4] - Bitcoin, Ethereum, and XRP saw significant inflows of $464 million, $309 million, and a record $289 million, respectively [4] - Despite volatility, Strategy's shares rebounded after a slump, and Michael Saylor confirmed the purchase of an additional 130 BTC, raising total holdings to 650,000 BTC [5] Group 3 - JPMorgan's portfolio manager noted a divergence between Bitcoin's negative performance in November and Gold's rally above $4,000, indicating potential market risk [6] - This divergence may suggest investors are positioning for a steeper yield curve, which historically benefits gold [7] - Signs of economic strength were observed in big tech stocks and pharmaceutical firms, indicating resilience in the market [7]

Policy Change - Bank of America will allow wealth management clients to allocate 1%-4% of portfolios to crypto [1] - The policy change ends a previous restriction preventing approximately 15,000 advisors from proactively recommending Bitcoin ETFs [1] Timeline - The new policy will be effective starting January 5 [1]

Market Integration & Adoption - Bank of America, with approximately US$2670 billion in assets, suggests clients allocate up to 4% of their portfolio to crypto [1] - Vanguard, managing US$11600 billion in assets, is allowing its 50 million clients to invest in crypto for the first time [1] Monetary Policy - The Federal Reserve has ended quantitative tightening (QT) and is leaning towards easing monetary policy [1] Market Conditions - Bitcoin ($BTC) is down 30% from its all-time highs and has been in a pullback for the past two months [1] Investment Strategy - The analysis suggests that being long on Bitcoin presents a favorable risk/reward ratio [1] - The analysis anticipates potential short-term volatility but expects positive outcomes in the coming months for those who buy the dip [1]