Core Viewpoint - Major Wall Street banks have opted out of advising on the $1.4 billion IPO of India's SBI Funds Management due to low fees offered by shareholders [1][2]. Group 1: IPO Details - The IPO is expected to raise approximately $1.4 billion, valuing SBI Funds Management at around $14 billion [7]. - Shareholders, including the State Bank of India and France's Amundi SA, have offered fees of about 0.01% of the issue size, which is considered extremely low by bankers [3]. Group 2: Bank Participation - Citigroup withdrew from the advisory role due to fee concerns and was replaced by Jefferies Financial Group [2]. - JPMorgan Chase also decided not to pursue the transaction for similar reasons [2]. - Other banks selected for the IPO include Kotak Mahindra Capital, Axis Bank, SBI Capital Markets, and several others [4]. Group 3: Fee Trends and Market Context - The average fee for IPOs last year was 1.86% of the issue size, an increase from 1.67% in 2024, highlighting the low fee structure of this particular IPO [3]. - There is a trend of banks accepting symbolic fees in government-linked deals to gain prestige and long-term relationships, as seen in a previous share sale by State Bank [5]. - With over 200 private-sector firms expected to enter the IPO market this year, investment banks are becoming more selective in their engagements [5][6].

格隆汇1月7日｜花旗将雪佛龙的目标价从185美元下调至179美元，维持"买入"评级。(格隆汇) ...

当地时间6日，由于投资者对金属期货供应紧张的担忧情绪有所升温，包括铜和镍在内的多种工业金属 期货价格大幅上涨。 其中，伦敦金属交易所（LME）三个月期镍价格当天收涨8.95%，报每吨18524美元，盘中一度触及 2024年6月5日以来高点。当天，三个月期铜价格上涨1.9%，报每吨13238美元，盘中一度升至13387.50 美元的历史新高。花旗集团6日将今年第一季度期铜目标价从之前的每吨12000美元上调至每吨14000美 元。 其中，伦敦金属交易所三个月期锡价格上涨4.85%，报每吨44526美元，盘中一度触及2022年3月以来的 最高点。6日，三个月期铝价格上涨1.41%，报每吨3129美元，盘中一度触及2022年4月以来最高点。 记者：张曼曼 其他工业金属价格6日也普遍上涨。 ...

Group 1 - The core viewpoint is that the Hang Seng Index (HSI) is expected to have moderate upward potential, with a target of 27,500 points by June and 28,800 points by the end of the year [1] - The sectors that are favored for investment include technology, internet, insurance, healthcare, and consumer sectors, which are anticipated to benefit from national policies and their own profit growth [1] - Corporate earnings have not fully recovered, leading to limited growth in the HSI, with real estate sales expected to see only a slight rebound this year [1] Group 2 - The Chinese yuan is expected to perform well this year, with projections of USD/CNY reaching 6.9 in March and June, and appreciating to 6.8 by September and December [1] - The People's Bank of China is anticipated to have limited room for interest rate cuts and reserve requirement ratio reductions, with an expected total interest rate cut of 20 basis points for the year [1] - The GDP growth for China is estimated at 4.7%, which, along with increased investor confidence in Chinese assets, is expected to support a steady appreciation of the yuan [1]

现代汽车股价一度飙升7.8%，至盘中高点。之前花旗上调现代汽车目标价，理由是看好该公司 2026 年 销量目标及机器人业务前景。鉴于机器人业务商业化机遇有望获得更高估值倍数，且自明年一季度起关 税压力将逐步缓解，花旗将现代汽车目标价从 33 万韩元上调至 38 万韩元，同时维持 "买入" 评级。该 机构研报还提及，现代汽车旗下控股子公司波士顿动力于 2026 年国际消费电子展（CES）期间发布了 人形机器人发展路线图。据韩联社报道，现代汽车负责人于本届 CES 展会期间会晤了英伟达首席执行 官黄仁勋。现代汽车设定 2026 年全球销量目标为 420 万辆，同比微增 0.5%；其中韩国本土市场销量预 计同比下滑 2%，海外市场销量预计同比增长 1%。花旗分析师认为，这一销量目标 "具备合理性"。 ...

Key Takeaways C shares touched a 52-week high after a market rally, strategic asset sales and improving investor confidence.Citigroup is exiting non-core markets, cutting jobs and simplifying operations to aid long-term growth.C expects higher NII, stronger investment banking fees and $2-2.5B in annualized savings by 2026.Shares of Citigroup, Inc. (C) touched a new 52-week high of $124.06 during yesterday’s trading session, closing slightly lower at $123.30. The rally was driven by expectations that the cap ...

Core Viewpoint - Citigroup's research report indicates that Macau's gaming revenue for the first four days of January is projected to reach approximately 3.2 billion MOP, reflecting a daily average of about 800 million MOP, which is an increase of approximately 19% compared to December 2025 and about 36% compared to January 2025, driven by the influx of travelers during the New Year holiday [1] Revenue Forecast - The company conservatively maintains its gaming revenue forecast for January at 21.5 billion MOP [1] - Considering the Lunar New Year factor, the combined gaming revenue for January and February is expected to be 42 billion MOP, indicating a year-on-year growth of 10.5% [1]

05 Jan 2026 08:00:14 ET │ 9 pages Global Metals & Mining Vi e w p o i n t | China net exports of silver annualizing 7% of world supply and implications CITI'S TAKE Silver's 'melt up' during holiday period can be largely attributed to fears around supply as China tightened license regime restricting export licenses only to large players with extensive credit lines. While China mines c.14% of world's silver it refines over 60% of it, as >70% of silver is a byproduct/coproduct – usually of zinc and copper. Chi ...

Market Overview - Major market indexes experienced a "risk on" trading sentiment, with the Dow reaching a record high of 48,977, gaining 594 points (+1.23%) [2][7] - The S&P 500 and Nasdaq also saw gains, with the S&P up 43 points (+0.64%) and the Nasdaq up 160 points (+0.69%) [2][7] - The small-cap Russell 2000 led the gains, increasing by 39 points (+1.58%) [2] Oil & Gas Sector - The U.S. invasion of Venezuela, aimed at controlling its vast oil reserves, has positively impacted the oil & gas sector [1] - Notable performers included Valero and SLB, both up 9%, and Phillips 66, which rose 7% [3] - Chevron, a major player in the sector, increased by 5.1% [3] - Venezuela is reported to have $17 trillion in oil reserves, attracting significant investor interest [3] E-commerce Sector - MercadoLibre, a leading Latin American e-commerce company, rose by 8.8%, driven by positive sentiment regarding Venezuela [4] Banking Sector - Bank stocks are on the rise due to anticipated deregulation in 2026, with Citigroup shares up 3.9% and a total gain of 65% over the past year [5] - Other banks also showed strong performance: Goldman Sachs (+53%), Morgan Stanley (+41%), and JPMorgan (+34%) [5] - The easing of regulatory standards is expected to benefit both large Wall Street firms and smaller regional banks [5] Manufacturing Sector - The ISM Manufacturing index for December reported a decline to 47.9%, the lowest since October, falling short of the expected 48.3% [9] - Production and inventories decreased, while new orders and backlogs showed improvement, indicating a mixed outlook for the manufacturing sector [9]

Citigroup Inc. ( C ) is scheduled to release its Q4 2025 results on January 14, 2026. There are other better-placed analysts with a line into the company to make the top- and bottom-line forecasts that moveMarty Popoff has over 20 years of capital markets experience, as a trader, marketer and in a pinch, structurer, primarily in the fields of Government and Corporate Bonds, Interest Rate Derivatives, Credit Derivatives, and Securitization. He has spoken at many conferences and taught Risk Management at the ...