Core Viewpoint - Disney is facing challenges due to the suspension of Kimmel, subscriber cancellations, and is increasing subscription prices for Disney Plus and Hulu starting October 21st [1][14]. Group 1: Impact of Kimmel Suspension - The Kimmel show has approximately 1.5 million viewers per night, but its suspension is not expected to have a significant financial impact on Disney [2][3]. - Concerns from investors revolve around the potential collateral damage of Disney becoming a political issue, but historical context suggests minimal impact on financials from similar past events [4][5]. - The situation presents a complex dynamic where Disney aims to maintain relationships with both the creative community and political entities [6]. Group 2: Streaming Business and Pricing Strategy - Disney's streaming services, particularly Disney Plus and Hulu, are positioned in the middle of the market in terms of usage and cost per viewed minute compared to competitors like Netflix [15][16]. - The price hike is seen as a tactical move to improve margins and provide financial resources to enhance content offerings, which is crucial for reducing churn and increasing engagement [17][16]. - The current content strategy may not be sufficient to retain subscribers long-term, as Disney has marquee content but lacks depth compared to competitors [16][17].

Group 1 - Citi Issuer Services, through Citibank, N.A., has been appointed as the depositary bank for BRBI BR Partners S.A.'s sponsored Level 2 American Depositary Receipt (ADR) program [1] - BRBI is an independent investment bank in Brazil that specializes in financial advisory services for mergers and acquisitions, capital markets, structured and investment products, private equity, financial restructurings, and wealth management [1]

Group 1 - Citigroup's holdings in Ganfeng Lithium's H-shares decreased from 5.62% to 5.09% as of September 18 [1]

港交所消息：9月18日，花旗集团持有的 赣锋 锂 业 H股淡仓比例从3.15%降至2.66%。 ...

新华财经北京9月24日电花旗研究新加坡和马来西亚市场首席经济学家Wei Zheng Kit在一份报告中表 示，除非即将发布的经济活动数据意外大幅走弱，或者金融环境急剧收紧，否则新加坡金管局可能会在 10月份维持货币政策不变。 自新加坡金管局7月评估以来的增长数据可能强于预期，潜在产出与实际产出之间的差距小于预期。此 外，新加坡的劳动力市场尽管处于疲软的早期阶段，但仍具有弹性。这些应该使金管局能够忽略近期任 何弱于预期的核心通胀数据，并保持其7月份的评估，即2026年核心通胀将升至历史平均水平。 （文章来源：新华财经） ...

Group 1 - The Reserve Bank of India is expected to initiate a rate cut cycle, lowering the repo rate by 25 basis points to 5.25% in October, with a further reduction to 5.00% by the end of 2025 due to the impact of U.S. tariffs on economic growth [1][2] - Swiss inflation is showing a mild recovery, leading to no immediate need for action from the Swiss National Bank, which is likely to maintain policy flexibility for future economic data [1][2] - Barclays Bank forecasts that Thailand's economy will face significant headwinds in the latter half of 2025 and into 2026, with growth slowing due to weak export prospects, rising political uncertainty, and a sluggish tourism recovery [3] Group 2 - MFS Investment Research indicates that the U.S. dollar is under significant and persistent downward pressure, influenced by weak economic growth prospects and narrowing interest rate differentials with other major economies, while global asset diversification is becoming increasingly compelling [1] - Morgan Stanley warns that foreign investors may increase their currency hedging ratios for Japanese stocks, which could become an overlooked bearish factor for the yen, as the current hedging ratio is low at 10-20% [3] - Goldman Sachs suggests that the U.S. dollar is likely to weaken further in the coming months due to declining economic and market performance, although its global dominance will not be quickly replaced [4]

Group 1 - Citigroup's strategists have exited a bet that long-term U.S. Treasuries would underperform short-term Treasuries amid increasing attacks on the Federal Reserve, indicating a reduction in concerns over the central bank's independence [1][3] - The initial recommendation was based on expectations that President Trump's tax and spending policies would inflate government debt, putting pressure on longer-term debt [1][3] - The strategists noted that supply concerns for long-term Treasuries have eased since the trade was initiated in May, and the recent FOMC meeting has marginally reduced worries about the Fed's independence [3] Group 2 - The recent FOMC meeting resulted in a 25 basis point rate cut, with a near-unanimous consensus that surprised some market participants [3] - The only dissenting vote came from a Trump-appointed governor who favored a larger cut, while other previously dovish members aligned with the majority this time [3] - The strategists observed that past easing cycles during soft landing scenarios have been relatively shallow, limiting the potential for a steepening of the yield curve [3]

Market Overview - US stock market experienced a pullback after reaching highs, with all three major indices closing lower: Dow Jones down 0.19%, Nasdaq down 0.95%, and S&P 500 down 0.55% [1] Banking Sector - Mixed performance in bank stocks, with Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Zions Bancorporation showing slight gains, while Bank of America, Citigroup, and US Bancorp recorded minor declines [3] Technology Sector - Technology stocks weakened, highlighted by Amazon's significant drop of 3.04%, Nvidia down 2.82%, and Tesla down 1.93%. Microsoft and META also saw declines exceeding 1%. Conversely, Intel rose by 2.02% and AMD increased by 0.69% [3] Chinese Concept Stocks - Chinese concept stocks continued to decline, marking a four-day losing streak with an overall drop of 2.22%. Notable declines included Baidu down 8.09%, Bilibili down 4.02%, and Tencent Music down 4.2%, while NIO and NetEase saw slight gains [3] Gold Market - COMEX gold experienced a pullback, closing up 0.42% at $3,796.9 per ounce, with intraday fluctuations showing a low of $3,772.4 and a high of $3,824.6. The market sentiment around gold remains conflicted, balancing fears of high prices against prevailing trends [3]

Citigroup will continue to have a neutral-to-bearish view on iron ore as supply disruptions have been priced in and the spot rally has run ahead of fundamentals https://t.co/r3uDIAstkb ...

四个月前的建议是基于总统唐纳德·特朗普标志性的税收和支出法案将导致政府债务膨胀，令长债承 压。8月底，特朗普试图罢免美联储理事丽莎·库克，引发外界担心政治干预将危及美联储对抗通胀的信 誉之际，他们加大了押注力度。 令一些市场参与者感到意外的是，在上周的政策会议上，美联储会主席杰罗姆·鲍威尔戮力达成近乎一 致的共识，支持降息四分之一个百分点。特朗普任命的理事米兰是唯一投票支持更大幅度降息的人。 来源：环球市场播报 花旗策略师退出了一项交易建议：该建议押注随着对美联储的攻击加剧，长期美债将表现不佳；他们宣 称，美联储上周几乎一致的政策决定"在一定程度上"减少了外界对该央行独立性的疑虑。 Dirk Willer和Adam Pickett等策略师建议客户，在该交易达到"回调上限"（drawdown limit）后，对30年 利率远期将低于5年期利率的押注"获利了结"。他们在5月以40个基点启动了这笔交易，8月份在72个基 点加码，之后在60个基点退出。 花旗策略师写道，自5月启动贸易谈判以来，供应担忧已变得更加缓和。他们表示，本月的美联储政策 会议"在一定程度上减轻了人们对美联储独立性的疑虑"。 ...