Key Takeaways Goldman reported $3.37B in M&A advisory fees in the first nine months of 2025, reflecting higher deal volumes.GS equity and debt underwriting fees rose 7% and 11% in YTD 2025, adding support to overall IB revenue growth.GS management expects improved financing conditions to accelerate delayed M&A and capital-raisingThe Goldman Sachs Group’s (GS) chief financial officer, Denis Coleman, affirmed its strong confidence in global mergers and acquisitions (M&A) at the firm’s 2025 Global Conference h ...

Core Insights - Goldman Sachs Group (GS) shares have shown strong performance, trading near a 52-week high of $919.10, with a 51.5% increase over the past year, outperforming peers JPMorgan and Morgan Stanley [1][7] Price Performance - GS stock is currently near its 52-week high after a significant rise of 51.5% over the past year [1][7] Growth Drivers for Goldman - The investment banking (IB) business is experiencing strong momentum, with IB fees reaching $6.8 billion, a 19% year-over-year increase in the first nine months of 2025, driven by higher advisory revenues and a resurgence in M&A activity [5][6] - Goldman Sachs led both announced and completed M&A, advising on over $1 trillion in announced M&A volumes in the first nine months of 2025 [6][9] - A favorable rate environment and revived private equity transactions are supporting the IB business [6][8] Strategic Streamlining - The company is strategically exiting underperforming consumer banking ventures to focus on higher-margin businesses [10][11] - Recent divestitures include the sale of its Polish asset management firm and GM credit card business, allowing for capital reallocation [11][12] - The Global Banking and Markets segment's net revenues rose 17% year-over-year in the first nine months of 2025, reflecting the benefits of restructuring [12] Private Equity Expansion - Goldman is aggressively expanding its private equity and alternatives business through acquisitions and platform enhancements [13][14] - The company has partnered with T. Rowe Price in a $1 billion deal to co-develop retirement and wealth products, expanding its offerings for wealthy clients [15][16] Robust Liquidity - Goldman maintains a strong balance sheet with a Tier 1 capital ratio well above regulatory requirements, allowing for aggressive capital returns to shareholders [17] - The company increased its quarterly dividend by 33.3% to $4 per common share and has a share repurchase program of up to $40 billion [18][19] Earnings Prospects & Valuation - Analysts have revised earnings estimates upward for 2025 and 2026, with expected year-over-year growth of 20.6% and 12.2%, respectively [20][23] - GS stock is trading at a forward P/E of 16.3X, above the industry average of 15.1X, indicating a relatively expensive valuation compared to peers [26] Investment Considerations - Ongoing growth initiatives, consistent capital returns, and a healthy deal pipeline provide a strong foundation for long-term performance [30] - The company aims for a mid-term goal of a 14-16% return on equity and a 60% efficiency ratio [31] - With resilient earnings prospects and favorable momentum, holding GS stock may be advisable for investors [32]

Core Viewpoint - Goldman Sachs predicts that the biggest investment opportunities in 2026 will arise from cyclical sectors rather than the current focus on artificial intelligence and mega-cap tech stocks [1][11]. Sector Analysis - Analysts expect a significant acceleration in earnings per share (EPS) growth in cyclical sectors due to anticipated economic growth in 2026, particularly in Industrials, Materials, and Consumer Discretionary [2]. - EPS for real estate companies is projected to increase from 5% this year to 15% next year, while Consumer Discretionary is expected to rise from 3% to 7% [3]. - Industrial companies are forecasted to see EPS growth accelerate from 4% to 15% [4]. - In contrast, EPS growth for information technology companies is expected to moderate from 26% in 2025 to 24% in 2026 [5]. Market Trends - Recent market actions indicate a shift towards cyclical stocks, which have outperformed defensive stocks for 14 consecutive trading days, marking the longest streak in over 15 years [6]. - Despite this outperformance, market positioning suggests that investors are anticipating growth closer to 2%, which is below Goldman’s forecast of 2.5% [6]. - Goldman analysts emphasize that the market does not seem to fully price in the expected economic acceleration in 2026, which is crucial to their outlook [7]. Earnings Forecast - Goldman Sachs anticipates a 12% rise in S&P 500 earnings per share in 2026, driven by overall US economic growth [7]. - The S&P 500 has increased by 16% this year, with the "Magnificent Seven" mega-cap tech stocks comprising about one-third of the index's weight [9]. - Nvidia, a leading AI chip maker, has seen its shares rise by 30% this year, highlighting the current enthusiasm for AI [10].

JPMorgan Chase & Co. (NYSE:JPM) has launched its first tokenized money-market fund on Ethereum (CRYPTO: ETH) , marking a significant step in Wall Street's push toward on-chain finance.JPMorgan Launches Tokenized Money FundJPMorgan's asset-management arm is rolling out its first tokenized money-market fund, branded My OnChain Net Yield Fund, or MONY, the Wall Street Journal reported on Monday. The private fund will run on the Ethereum blockchain and is seeded with $100 million of JPMorgan's own capital.The b ...

Goldman Sachs and Bank of America are headlining a group of investors putting about $20 million into the parent company of the Texas Stock Exchange https://t.co/wJQcvqFCGN ...

Core Insights - Emerging market carry trades are expected to remain effective through 2026, driven by low borrowing costs from central banks in developed economies and sustained interest rate differentials between developed and emerging markets [1][3]. Group 1: Performance of Emerging Market Carry Trades - The Bloomberg Emerging Market Carry Index has achieved a year-to-date return of 16.71%, the highest since 2009, when it reached 19.89% [3]. - In the previous five years, four years recorded negative returns, with rates of -2.84%, -5.02%, -0.52%, and -3.17% for 2020, 2021, 2022, and 2024 respectively [3]. - High benchmark interest rates in countries like Brazil, Mexico, and South Africa have resulted in three-month implied yields of 13.4%, 7.5%, and 6.6%, significantly outperforming developed economies [3]. Group 2: Market Sentiment and Strategies - The trajectory of the U.S. economy is seen as a key factor for the continued strong performance of emerging market currencies, with expectations of a slowdown encouraging the Federal Reserve to ease monetary policy [4]. - Investment firms like Invesco and Goldman Sachs recommend increasing short positions on the U.S. dollar against currencies such as the Brazilian real and South African rand [4]. - Neuberger Berman highlights that reduced volatility in the foreign exchange market and a weak dollar create favorable conditions for emerging market carry trades [5][6]. Group 3: Volatility Concerns - There is ongoing debate about whether low foreign exchange volatility can be maintained, as adverse currency movements could quickly erase gains [7]. - Current indicators from JPMorgan show emerging market currency volatility is near a five-year low, but concerns remain about potential increases due to factors like U.S. midterm elections and Federal Reserve policy divergences [7]. - Vanguard Group believes that market disruptions from events like Trump's tariff policies are diminishing, suggesting a stable environment for emerging market currencies in 2026 [7].

高盛将开市客的目标价从1218美元下调至1171美元，维持"买入"评级。(格隆汇) ...

14 December 2025 | 10:14PM HKT Economics Research China: Three things in China Three quick highlights from China: China's year-to-date goods trade surplus surpassed $1 trillion for the first time in history 0 200 400 600 800 1000 1200 0 200 400 600 800 1000 1200 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec USD bn USD bn China year-to-date goods trade surplus 2025 2024 2023 2022 2021 2020 2019 Source: China Customs, Haver Analytics, Goldman Sachs Global Investment Research n Underlying inflation remains s ...

智通财经APP获悉，周一亚盘开盘交易之后，黄金现货价格在每盎司约4,320美元附近交易，连涨四日后继续上行且 延续上周强劲涨势，亚盘时段的亚洲黄金股则集体走高。尽管美联储在美东时间周三宣布连续三次降息，不过有三位 政策制定者投票出反对票，导致股票市场投资者们对于2026年美联储进一步宽松货币政策的幅度仍存在明显分歧，上 周五美股三大股指均显著回调，但是上周现货基准下的金价仍然累计上涨逾2%。 整体而言，黄金在连续四天上涨后继续稳步上行，凸显出美联储官员们的相互矛盾的鹰派与鸽派之间摇摆言论已经促 使多数利率期货交易员对明年进一步货币宽松的押注有所升温。 荷兰合作银行资深策略师Philip Marey指出，为了配合在美国中期选举前刺激经济，美联储预计将在2026年11月前将 利率降至中性水平甚至更低;这位策略师表示，考虑到美联储货币政策传导滞后性，美联储降息举措需要在10月前完 成才能影响11月中期选举，因此在特朗普政治施压下的美联储可能到2026年9月降息至2.75%-3.00%， 相当于3次25基 点的降息——显著高于FOMC点阵图所显示的2026年仅降息一次的利率中值预期。 截至新加坡时间上午10:30，黄 ...

优质的 ⾼盛指出，2026年你需要把握的五⼤趋势如下。 泰勒·德登 2025年12⽉13⽇，星期六，晚上11:20 随着主要股指基本回到⾼位，FOMC会议和甲⻣⽂公司财报发布也已尘埃落定，市场已经做了很多⼯作来消除11⽉前三周市 场消化的⻛险： " 投资者⼀直在消化对美国劳动⼒市场和消费者、⼈⼯智能资本⽀出和再杠杆化以及美联储明年放松政策决⼼减 弱等⼀系列担忧 " （⾼盛研究团队于 11 ⽉ 24 ⽇写道）。 近期的强势表现是对之前⾛势的直接回落——尤其是在市场对劳动⼒市场、⼈⼯智能债务以及美联储政策⾛向的担忧有所缓 解之后。 2025/12/14 20:55 高盛 | ZeroHedge：2026年你需要把握的五大趋势 正如之前所述，如果您认同这⼀论点，那么那些投⼊巨资试图"赢得"这场竞赛的⼈，其投资回报率在⼀段时间内可能极不稳 定，这确实是⼀个现实的⻛险。另⼀⽅⾯，那些推动基础设施建设（包括计算硬件、数据中⼼、电⼒以及相关基础设施的建 设者）以及那些成功部署和利⽤⼈⼯智能并切实证明其⽣产⼒提升的企业，则可能仍然具有吸引⼒。 即使事后看来，我们仍会对这⼀时间线争论不休，但我认为， 我们现在正处于⼈⼯智能在市 ...