TRENDING: Nvidia, Palantir AWOL, But Top Funds Go Bonkers For This AI Stock Today's Spotlight MarketSurge Cyber Week Sale This week, save over 80% on MarketSurge—get 2 months of unlimited access for only $59.95. Free webinar: Prepare Your 2026 Portfolio Learn how to read key market signals and position your portfolio for the upcoming year. December Webinar Sale Invest smarter and save big in 2026 with IBD Digital ($69+ off) and IBD Live ($289+ off). Partner Center More News Israel's stock market has outpace ...

Vi e w p o i n t | 05 Dec 2025 08:32:39 ET │ 11 pages US Economics The Daily Update – Risks balanced to more Fed cuts CITI'S TAKE Following a very likely 25bp rate cut next week, interest rate markets are only pricing about two more 25bp cuts next year. 50bp of further cuts is a reasonable base case (and has been ours), but growing downside risks to employment and diminished upside risks to inflation imply a higher probability of more significant rate cuts than markets are pricing. Andrew Hollenhorst AC +1- ...

分组1 - The net asset value of FPA Source Capital gained 4.59% in Q3 2025 and 13.76% over the trailing 12 months [1] - The top five equity performers contributed 4.82% to the fund's return, while the bottom five detractors reduced it by 2.03% [1] - Citigroup Inc. (NYSE:C) had a one-month return of 7.28% but lost 51.52% of its value over the last 52 weeks, closing at $108.88 per share with a market capitalization of $200.437 billion [2][3] 分组2 - Citigroup Inc. has improved its return on tangible equity (ROTE) compared to industry peers, benefiting from regulatory changes that have increased the normal level of ROTE for US-based banks [3] - The combination of a low starting valuation, demonstrated operating improvement, and an improved regulatory environment has led to strong share-price performance for Citigroup over the past twelve months [3] - Citigroup Inc. was held by 107 hedge fund portfolios at the end of Q3 2025, an increase from 102 in the previous quarter [4]

Core Insights - OPay has appointed James Perry as Chief Financial Officer (CFO), effective December 1, 2025, to enhance its financial strategy and investor relations [1][4] Company Overview - OPay is a leader in emerging market digital banking, headquartered in Singapore [1] - The company aims to leverage James Perry's extensive international finance experience to support its global strategic expansion and operational excellence [4] Leadership Background - James Perry holds a bachelor's degree in Finance and International Business from Pennsylvania State University [3] - He has over 25 years of experience in finance and investment banking, with a career spanning international financial centers such as Singapore and Hong Kong [3] - Prior to joining OPay, Perry served as Managing Director at Citigroup Global Markets Singapore Ltd. and was CFO at Zilingo [3] - During his 22-year tenure at Citigroup, he led the Asia-Pacific Technology Investment Banking division, executing numerous significant mergers, acquisitions, and capital market transactions for technology companies [3]

Core Viewpoint - The price movement of U.S. banks is driven more by valuation than by performance, indicating that valuation has a greater direct elasticity on stock prices compared to fundamentals. Valuation determines whether prices rise and the absolute returns, while fundamentals dictate how much prices rise and the relative returns [1][5]. Summary by Stages Stage 1: Dual Decline of Valuation and Fundamentals - This stage occurs during systemic crises, such as the subprime mortgage crisis and global pandemic, where stability is key. Banks with stronger fundamentals experience smaller price declines, while those with similar fundamentals but lower valuations also see less decline [2][9]. Stage 2: Dual Rise of Valuation and Fundamentals - This stage typically follows systemic crises, characterized by significant recovery in both valuation and fundamentals. Banks with substantial positive improvements in fundamentals and lower valuations see greater price increases. Smaller banks perform better when either fundamentals or valuations dominate [3][17]. Stage 3: Improvement in Fundamentals without Valuation Increase - This stage occurs when supportive policies are in place, but market expectations about the economy remain divided. While fundamentals improve across the board, valuations do not rise, making the ability to increase valuation crucial for individual stocks. The two main sources for valuation increases are positive fundamental trends and event-driven catalysts [4][24]. Stage 4: Valuation Increase without Improvement in Fundamentals - This stage generally happens when economic expectations are clear, but monetary policy and operating environments do not favor banks. In this phase, strong fundamentals are the primary driver of excess returns, while low valuations serve as a secondary factor. The best-performing banks are those that achieve a combination of good fundamentals and low valuations [28][30]. Future Outlook - Currently, the U.S. banking sector is in a phase of valuation increase with stable fundamentals. The macroeconomic environment shows no signs of significant recession, with inflation gradually decreasing and expectations for a controlled interest rate environment. The banking sector's return on tangible equity (ROTE) is stabilizing at high levels, supported by a favorable capital market and low credit costs [35][39].

Core Viewpoint - LME copper prices surged to record highs, driven by Citigroup's upward price forecast and a weakening dollar ahead of anticipated Federal Reserve rate cuts [1] Group 1: Copper Market Insights - On December 5, LME three-month copper closed at $11,620.50 per ton, up $170.50 or 1.49%, with an intraday peak of $11,705 [1][2] - Copper prices have increased approximately 3.9% this week and have risen over 30% year-to-date [3] - Citigroup forecasts copper prices to continue rising, with an average price of $13,000 in Q2 2025, up from a previous estimate of $12,000, and a bullish scenario predicting $15,000 [3] Group 2: Market Dynamics and Supply Factors - Analysts suggest that the rise in copper prices is a gradual process, with funds beginning to favor copper due to anticipated shortages from supply constraints at major mines [3] - The arbitrage between Comex and LME is expected to lead to increased copper flows to the U.S., exacerbating supply tightness in the LME market [3] - Despite the upward trend, LME spot copper's premium over three-month contracts has decreased from approximately $88 per ton to $33, indicating a lack of urgent demand for the metal [3] Group 3: Other Base Metals Performance - Other base metals showed mixed performance, with three-month zinc rising 0.24% to $3,098 per ton, previously reaching a near one-year high of $3,125 [2][3] - LME spot zinc's premium over three-month contracts has narrowed but remains around $145 per ton [3]

Core Viewpoint - Citigroup is bullish on copper prices, expecting them to reach $13,000 per ton in the next 6-12 months, indicating a potential increase of approximately 15% [1] Group 1: Copper and Aluminum Price Predictions - Citigroup forecasts aluminum prices to reach $3,500 per ton by 2027, suggesting a potential increase of around 20% [1] - The company anticipates tin prices will hit $45,000 per ton next year, projecting a rise of 15% [1]

Copper extended its recent surge on the London Metal Exchange, with benchmark futures topping $11,700 a ton. It was the strongest rally since last summer, as investors began positioning for a possible regime of phased, near-universal copper tariffs starting in 2027.A reinforcing narrative of tightening supply and dislocated inventories also played a role. Traders have been front‑loading shipments into the US to arbitrage higher domestic prices and to hedge against future import levies. That dynamic has left ...

来源：瑞恩资本RyanbenCapital 本周，花旗晋升了276名董事总经理(MD)，为最近四年来规模最小。 据多方消息称，花旗正准备在2026年初进行新一轮裁员。预计此次裁员将遍及全公司，涵盖市场、银行 和财富管理等业务部门。 来源 | efinancialcareers 更多香港上市、美国上市等境外IPO资讯可供搜索、查阅，敬请浏览: www.ryanbencapital.com 内部人士透露，业绩不佳的董事总经理将首当其冲地受到影响。 有传言称，花旗银行业务主管Vis Raghavan(Head of Banking and Executive Vice Chair)希望每位现有董事 总经理创造1000万美元的收入，而本周新晋升的董事总经理则需要每人创造2000万美元的收入。 2024年1月，花旗集团曾宣布计划在两年内裁员2万人。今年早些时候，该行仍有1万人待裁。然而，其 并未为2025年最后一个季度预留任何遣散费支出。 花旗拒绝置评。 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作 者、微信ID，否则瑞恩将向其追究法律责任。部分文章推送时未 ...

分析员将市净率达到1视为公司从"价值破坏"向"价值创造"过渡的重要里程碑，花旗集团今年股价上涨 58%，表现优于所有华尔街同行。 格隆汇12月6日｜美国花旗集团的市净率(Price-to-Book Ratio)自2018年9月以来首次达到1，意味着花旗 的市值至少等同其资产净值，反映出行政总裁范洁恩(Jane Fraser)的转型计划取得重要进展，表明花旗 正在摆脱落后于华尔街同业的局面。 在范洁恩领导下，花旗集团实施了升级后台、裁员和退出国际零售业务等一系列措施，她已于去年10月 被任命为董事会主席，巩固了其权力。 ...