Core Viewpoint - BlackRock, Morgan Stanley, and Partners Group have collaborated to launch a new offering of separately managed accounts focused on alternative investments, providing advisors with a diversified option for their clients [1] Group 1: New Offering Details - The new separately managed accounts are designed around specific investment goals and include exposure to seven underlying private funds [1] - The offering encompasses various asset classes, including private equity, private credit, and real assets, catering to the growing demand for alternative investments [1]

Core Insights - JPMorgan and Morgan Stanley are the leading financial advisers in the global retail M&A sector for 2025, with JPMorgan leading in deal value and Morgan Stanley in deal count [1][2] Deal Value Summary - JPMorgan advised on retail M&A transactions worth $44.5 billion in 2025, ranking first in total deal value [1] - Morgan Stanley followed in second place with $37.9 billion in advised retail deals, benefiting from several significant transactions [2] - Goldman Sachs ranked third with $33.2 billion, Citi fourth with $29.2 billion, and UBS fifth with $28.4 billion [3] Deal Count Summary - Morgan Stanley recorded the highest number of mandates in the retail sector, working on 11 announced deals [1] - UBS also completed 11 transactions, sharing the upper ranks with Morgan Stanley [3] - Rothschild & Co advised on 11 deals, while JPMorgan and Goldman Sachs each worked on nine deals in the retail segment [3]

Core Viewpoint - GitLab Inc. (NASDAQ:GTLB) is facing downgrades from multiple financial institutions due to concerns over growth potential and competition, particularly from AI startups, despite its position in the software industry [2][3][4]. Group 1: Downgrades and Price Objectives - Morgan Stanley downgraded GitLab from Overweight to Equal Weight, reducing its price target from $55 to $42, citing exaggerated concerns about competition and a transition year ahead [2]. - Barclays also downgraded GitLab from Equal Weight to Underweight, lowering its price target from $42 to $34, indicating expectations of slowed growth despite solid IT spending and low valuations [3]. Group 2: Market and Competitive Landscape - The company operates an advanced DevSecOps platform for software innovation, but there are concerns that AI stocks may offer better investment opportunities with less downside risk [4]. - The changing market dynamics and frequent management changes are complicating the establishment of GitLab's stock value [3].

Summary of Morgan Stanley Global Macro Forum - Japan Rate Reset: Implications Across Macro Markets Company/Industry Involved - **Company**: Morgan Stanley - **Industry**: Global Macro Markets, with a focus on Japan's economic outlook and monetary policy Key Points and Arguments Japan's Economic Outlook - The Bank of Japan (BoJ) is expected to raise the policy rate in **June 2026**, with upward revisions already made as of **December 2026** [6][60] - Fiscal fundamentals in Japan are solid, but there is concern over the lack of credible and timely official fiscal estimates [60] - Real GDP growth forecasts for fiscal 2025 are revised to **+0.8% to +0.9%**, and for fiscal 2026 to **+0.8% to +1.0%** [6] Monetary Policy and Bond Market - The BoJ is likely to slow its JGB (Japanese Government Bonds) reduction pace in **June 2026** [10][60] - There is expected upward pressure on term premiums in Japan due to fiscal policy concerns and the BoJ potentially falling behind the curve [60] - The USD/JPY exchange rate is trading at a premium to fair value, influenced by Japan's fiscal and inflation outlook [19][60] Equities and Earnings - Morgan Stanley maintains a bullish stance on the Japan banking sector, with expectations of strong earnings per share (EPS) revisions [60] - The consensus 12-month forward P/E target for Japan is forecasted at **15.0x** [41][60] - Small-cap stocks have recently underperformed, but resilient fundamentals are still present [60] Asset Allocation Strategy - Morgan Stanley prefers global equities over core fixed income, favoring the US and Japan over Europe and emerging markets [46][60] - The underweight in core fixed income is primarily through credit allocation rather than government bonds, as technicals around issuance are weaker in corporate credit [60] European Market Insights - Upcoming inflation data in Europe may lead to two **25 basis point cuts** by the European Central Bank (ECB) in 2026 [24][60] - The issuance of European government bonds has been well absorbed, with improving syndicate statistics [32][60] Risk Premium and Market Dynamics - Changes in risk premium are expected to drive the next leg of USD movements, with a more USD-negative risk premium anticipated [19][60] - The correlation between the Japanese yen and the TOPIX index is becoming less negative, indicating a complex relationship between currency strength and stock performance [50][60] Other Important Content - The report emphasizes the importance of monitoring upcoming macroeconomic data and its implications for monetary policy and market dynamics [60] - Analysts express caution regarding the potential for large market moves due to shifts in risk premiums and fiscal confidence in Japan [60]

Group 1: Core Insights - JPMorgan and Houlihan Lokey are the leading financial advisers for M&A in the TMT sector for 2025, with JPMorgan leading in deal value and Houlihan Lokey in deal volume [1][4] - JPMorgan advised on transactions totaling $435.5 billion, while Houlihan Lokey participated in 94 deals, just short of 100 [1][5] - Morgan Stanley ranks third in deal value with $253.4 billion, followed closely by Goldman Sachs at $237.2 billion and Allen & Company at $235.6 billion [2] Group 2: Transaction Volume - In terms of transaction volume, Morgan Stanley also holds the third position with 59 deals, followed by Goldman Sachs with 49 and Evercore with 43 [3] - JPMorgan advised on 32 billion-dollar deals, including seven mega deals valued over $10 billion, contributing significantly to its lead in deal value [5] - Houlihan Lokey's deal volume was significantly higher than JPMorgan's, which had 65 deals, placing it second in volume [5] Group 3: Data Source and Methodology - GlobalData's league tables are based on real-time tracking of various reliable sources, including company and advisory firm websites [5][6] - A dedicated team of analysts monitors these sources to gather detailed information on each deal, including adviser names [5]

Group 1 - PG&E Corporation (NYSE:PCG) is considered one of the best inexpensive stocks to buy currently, with Morgan Stanley raising its price target to $21 from $20 while maintaining an Equal Weight rating [1] - Morgan Stanley's outlook on the utility sector reflects a lag in performance compared to the S&P 500 in December 2025, prompting updates across the North American Regulated & Diversified Utilities and Independent Power Producers [1] - Earlier, on December 16, Morgan Stanley had lowered its price target for PG&E to $20 from $21, indicating that utility performance in 2026 will be significantly influenced by data center demand and potential growth [2] Group 2 - On December 12, JPMorgan also adjusted its price target for PG&E Corporation to $21 from $22, maintaining an Overweight rating, as it updated its financial models for the North American utilities group [3] - PG&E Corporation, through its subsidiary Pacific Gas and Electric Company, provides electricity and natural gas services to customers in northern and central California [4]

Morgan Stanley and RBC Capital Markets were the leading financial advisers for oil and gas sector mergers and acquisitions (M&A) in 2025, based on a league table from data analytics company GlobalData. According to GlobalData, Morgan Stanley achieved the top ranking by deal value, advising on transactions totalling $57.3bn. RBC Capital Markets distinguished itself in terms of volume, with advisory roles in 24 separate deals. Data from GlobalData's Financial Deals Database highlights that JPMorgan secure ...

市场已完全消化美联储本次会议维持利率在3.50-3.75%不变的预期，焦点转向这将是一次"鸽派暂停"还是"鹰派暂停"。 对投资者而言，关键在于鲍威尔是否会保留降息前瞻指引，以及如何评估当前政策立场与中性利率的距离。随着失业率降至4.4%且经济活动保持稳健，市 场已将年内首次降息预期推迟至7月，全年降息幅度定价仅为45个基点。委员会内部分歧依然严重，理事Miran料将再次投出反对票。 暂停降息板上钉钉，市场聚焦前瞻指引 根据彭博和路透的最新调查，所有接受调查的经济学家一致预期美联储本次会议将维持利率不变，其中58%的经济学家预计利率将在整个一季度保持不变。 货币市场目前定价年底前将降息约45个基点，首次25个基点的降息最早可能在7月实施。 高盛在其预览报告中将本次会议描述为"平淡无奇"（uneventful），预计不会调整联邦基金利率，声明仅会有小幅调整，对未来政策路径的线索也会很少。 摩根士丹利则明确预期美联储将传递"鸽派暂停"信号——近期劳动力市场企稳和经济活动数据稳健是暂停降息的主要驱动因素，但对今年晚些时候通胀回落 的信心将使美联储保留宽松倾向。 声明措辞微调释放关键信号 美银证券指出，相对于近期的利率 ...

Morgan Stanley is accelerating its push into crypto, signaling a major shift in TradFi as digital assets move from speculative fringe to mainstream institutional play. The Wall Street giant, managing $9.3 trillion in assets, recently appointed Amy Oldenburg as Head of Digital Asset Strategy, a move that formalizes crypto as a core execution priority rather than a research exercise. Morgan Stanley Moves From Crypto Research to Full-Scale Execution The timing is notable. The Grayscale Bitcoin Mini Trust E ...

M Idea Morgan Stanley Asia Limited Chetan Ahya Chief Asia Economist Chetan.Ahya@morganstanley.com +852 2239-7812 Morgan Stanley Asia (Singapore) Pte. Derrick Y Kam Asia Economist Derrick.Kam@morganstanley.com +65 6834-8272 Morgan Stanley Asia Limited Jonathan Cheung Economist Jonathan.Cheung@morganstanley.com +852 2848-5652 Kelly Wang January 27, 2026 06:57 PM GMT Asia Economics | Asia Pacific The Viewpoint: Investors' Concerns About Japan's Fiscal Position Are Overdone In this slide deck, we highlight the ...