Core Viewpoint - The short-term outlook for gold prices has reversed, with Citigroup lowering its 0-3 month target price from $4000 to $3800, anticipating a continued downtrend in gold prices [1][3]. Group 1: Factors Influencing Gold Price Decline - The decline in gold prices is primarily driven by two core factors: a decrease in geopolitical risk expectations, which diminishes gold's appeal as a safe-haven asset, and the presence of $17 trillion in unrealized profits in the market, which could lead to significant selling pressure [3][5]. - The macro environment has eased, with the U.S. government's strategy shifting from confrontation to trade negotiations with multiple countries, reducing concerns over global trade tensions [4][6]. Group 2: Market Dynamics and Implications - The report estimates that a mere 2% adjustment in the $17 trillion of unrealized profits could release gold supply equivalent to twice the annual production of global mines, creating substantial downward pressure on prices [5][6]. - The potential for year-end asset rebalancing could lead to significant selling pressure, overshadowing any demand for physical gold [6]. Group 3: Future Considerations - Despite the short-term bearish outlook, two key catalysts could influence a rebound in gold prices: the personnel changes and monetary policy expectations from the Federal Reserve, and the sustainability of the U.S. economy and stock market [7][11]. - The long-term strategic value of gold as a hedge against geopolitical conflicts and economic downturns remains strong, although the current price point of $4000 per ounce is not seen as attractive for re-entry by asset allocators [7].

Core Insights - Citi and Coinbase are collaborating to enhance digital asset payment capabilities for Citi's clients, starting with institutional clients and potentially expanding to a broader client base in the future [1][2] - The initial phase will focus on fiat pay-ins and pay-outs, supporting Coinbase's payment infrastructure [2][3] - This partnership aims to integrate Coinbase's digital asset infrastructure with Citi's extensive global payments network, enhancing cross-border payment capabilities [3][4] Company Strategies - Citi is repositioning its Treasury and Trade Solutions segment to align with next-generation financial technology, aiming to become a technology-driven institution [5] - Investments in new products, including digital assets and AI, are driving innovation and enhancing capabilities within Citigroup [6] Industry Trends - The collaboration reflects a broader trend of integrating digital assets into traditional financial systems, with expectations that the next wave of crypto adoption will come from corporate functions like payroll and procurement [4]

Wall Street giant Citi (C) and Coinbase (COIN) are teaming up to develop digital asset payment services for the bank's institutional clients, aiming to bridge traditional and crypto finance, the firms said in a press release Monday. The initial phase will focus on streamlining fiat pay-ins and pay-outs, supporting Coinbase’s on/off-ramps, and improving payment orchestration. Future initiatives may include exploring alternative fiat-to-stablecoin payout methods and expanding 24/7 access for Citi clients. ...

Group 1 - Citigroup is collaborating with Coinbase to develop digital asset payment capabilities for institutional clients [4] - The initial phase of the partnership aims to simplify the process for clients [4]

Wall Street bank Citi and crypto exchange Coinbase are teaming up to "boost digital-asset payment capabilities" for the bank's institutional clients. In the initial phase, the bank will fiat pay-ins and payouts and improve orchestration to better bridge traditional finance with crypto on- and off-ramps, Citi said in a press release. “The financial landscape is changing fast, and we’re thrilled to join Coinbase to explore new and innovative payment options for our global clients,” Debopama Sen, the head o ...

According to Bloomberg, Citigroup has partnered with Coinbase to explore stablecoin-based cross-border payments for corporate clients. The initiative aims to simplify crypto-fiat conversions and enable faster settlements. Citi is considering launching on-chain stablecoin payments in the coming months to meet institutional demand for programmable and 24/7 transactions. https://t.co/4U6gFN8y7u ...

Market Performance - The three major US stock indices opened higher, with the Dow Jones up 0.56%, S&P 500 up 0.86%, and Nasdaq up 1.38%, all reaching new historical highs [1] - Major tech stocks saw significant gains, with Nvidia, Google A, and Tesla rising over 2%, while Microsoft, Amazon, Meta, Broadcom, and Apple increased by more than 1% [2] - Most large bank stocks also rose, with Barclays up over 2%, and Citigroup, UBS, and Morgan Stanley up over 1% [3] Economic Indicators - The upcoming "Super Central Bank Week" is anticipated, with the Federal Reserve's meeting scheduled for October 28-29, where a 25 basis point rate cut to the 3.75%-4% range is widely expected [3] - According to CME's FedWatch, the probability of a 25 basis point cut in October is 98.3%, while the chance of maintaining the current rate is only 1.7% [3] Chinese Market Insights - The Nasdaq Golden Dragon China Index surged over 2% in early trading [3] - Popular Chinese stocks mostly rose, with Baidu up over 5%, Vipshop up over 4%, and NIO, Xpeng, and JD.com up over 3% [6] Currency and Commodity Trends - The offshore RMB strengthened, rising over 200 basis points against the US dollar [8] - Gold prices experienced a significant drop, with London gold and COMEX gold both falling nearly 3%, and London gold dropping below $4000 per ounce [9] - Capital Economics has revised down its gold price forecast, expecting it to fall to $3500 per ounce by the end of 2026 [10] - However, Fidelity International remains bullish on gold, citing factors like Fed rate cuts and geopolitical risks as supportive for gold's performance [11]

Vi e w p o i n t | 24 Oct 2025 15:50:00 ET │ 13 pages US Equity Strategy Reluctant Bulls: Sentiment vs Positioning CITI'S TAKE Over the past couple of weeks, we have met with clients both in the US and the Australasia region. We have been struck by the nagging concerns related to valuation, bubbles, credit and macros (i.e. labor). Yet, allocations to US large cap equities appear steadfast. Thus, the notion of reluctant bulls strikes us as appropriate for describing current investor mindset. On the one hand, ...

Core Viewpoint - Lenskart Solutions Ltd. is set to raise up to ₹7,280 crore ($828 million) through its initial public offering (IPO) in Mumbai, reflecting a growing trend in India's market for new listings [1][2]. Company Overview - Lenskart, founded in 2010 by Peyush Bansal, is backed by notable investors including Abu Dhabi Investment Authority, KKR & Co., and TPG Inc. [4]. - The company raised $200 million in 2024, valuing it at $5 billion, with Fidelity subsequently increasing its internal valuation to $6.1 billion [4]. IPO Details - The IPO will offer shares priced between ₹382 and ₹402 each, with anchor investors able to bid starting October 30, and general subscriptions opening on October 31 until November 4 [1][2]. - Lenskart aims to raise ₹2,150 crore by issuing new shares, while existing investors will sell up to 127.6 million shares [2]. Market Context - Indian companies have raised nearly $16 billion through IPOs in 2025, compared to $21 billion in the previous year, indicating a robust IPO market [3]. - The current month is on track to be a record month for new listings in India, potentially leading to the best year ever for IPOs in 2025 [2]. Advisory and Support - The offering is being advised by Kotak Mahindra Capital Co., Axis Bank, Avendus Capital Pvt., Intensive Fiscal Services Pvt., and local units of Citigroup Inc. and Morgan Stanley [5].

23 Oct 2025 20:28:19 ET │ 9 pages China Economics China Export Tracker (25): Exports to the US Under Further Pressure? CITI'S TAKE We update our high-frequency trackers of Chinese exports up to October 22nd. China's containership departure for the US decelerated further as the two countries head into a new round of talks. Overall cargo volume picked only moderately, not enough to lift the month-to-date numbers to positive growth. With net exports still contributing 1.2ppts to headline growth of 4.8%YoY in 2 ...