The rupee’s biggest rally in seven years will give the central bank scope to rebuild its foreign-exchange reserves, potentially limiting further gains after the boost from the India-US trade deal, according to some analysts.Barclays Bank Plc and Nomura Holdings Inc. are among those predicting that the Reserve Bank of India will use the recovery in the rupee to buy dollars. They recommend shorting the rupee — Nomura sees it at 94 to a dollar by May, while Barclays is targeting that level via a three-month of ...

巴克莱银行与野村控股等机构预测，印度央行将利用此轮卢比反弹购入美元。两家机构均建议短空卢比 ——野村预计至5月卢比汇率或贬至94兑1美元，巴克莱则建议通过三个月期离岸头寸押注该目标位。 智通财经APP获悉，随着卢比创下七年来最强劲涨势，分析师指出，印度储备银行(RBI)或获得重建外 汇储备的宝贵空间，这可能限制卢比在印美贸易协议利好兑现后的进一步上行空间。 周二卢比对美元大涨1.4%，从上月亚洲表现最差货币一跃成为区域最强货币。尽管印度央行历来会利 用美元流入扩充储备，但现任行长桑杰·马尔霍特拉的外汇策略更显难测，为本轮汇率反弹增添了研判 难度。 "卢比前路未必一帆风顺，"汇丰控股亚洲外汇研究主管Joey Chew指出，印度央行的外汇政策可能使形 势复杂化，因其"近几个月一直以难以预测的方式进行干预，以防止卢比出现单向投机性仓位"。 近几个月，当卢比多次试探低位时，印度央行曾入场买入卢比进行干预。央行官员多次强调汇率由市场 决定，其职责仅在于维护市场有序运行并抑制过度波动。 马尔霍特拉行长上月接受电视采访时称，考虑到印度与主要经济体的通胀差异，卢比每年贬值3%"属于 正常区间"。 巴克莱建议客户战术性短空卢比 ...

Investors with an interest in Financial - Investment Bank stocks have likely encountered both Nomura Holdings (NMR) and MarketAxess (MKTX) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank emphasizes compan ...

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued ...

In its latest pivot amid rather turbulent market conditions, Nomura Holdings Inc., one of Japan’s most active investment banking institutions, has announced a reduction in its cryptocurrency positions and a tightening of risk controls within its digital asset operations. This move comes in response to financial setbacks experienced by its European subsidiary, Laser Digital Holdings, during the third quarter of fiscal year 2025.As reported by Bloomberg and other outlets, the decision underscores the challeng ...

| 德国DAX30 | 24,547.01 | 24,556.51 | 24,317.51 | +253.77 | +1.04% | | --- | --- | --- | --- | --- | --- | | 英国富时100 | 10,217.45 | 10,218.25 | 10,136.11 | +45.69 | +0.45% | | 法国CAC40 | 8,132.35 | 8,133.73 | 8.070.86 | +60.99 | +0.76% | | □ 欧洲斯托克50 | 5,952.96 | 5,954.40 | 5,897.95 | +61.01 | +1.04% | 3. 截至发稿，WTI原油跌0.61%，报65.02美元/桶。布伦特原油跌0.73%，报69.08美元/桶。 | ඝ 伦敦布伦特原油 | 2026年4月 | 69.08 | 71.09 | 67.79 | -0.51 | -0.73% | | --- | --- | --- | --- | --- | --- | --- | | ■ WTI原油 | 2026年3月 | 65.02 | 65.87 | 63.65 | -0. ...

Core Viewpoint - Nomura reported strong third-quarter operating results for the fiscal year ending March 2026, with a notable return on equity and solid performance across its main divisions, although losses in the "other" segment related to digital assets partially offset these results [4][7]. Financial Performance - Group-wide net revenue totaled JPY 551.8 billion, reflecting a 7% increase quarter-over-quarter [3][7]. - Pre-tax income for the four main divisions rose 8% to JPY 142.9 billion, the highest level in 18.5 years [2][7]. - Return on equity was reported at 10.3%, marking the seventh consecutive quarter above the target range of 8%–10% [3][7]. Segment Performance - **Wealth Management**: Net revenue increased 14% quarter-over-quarter to JPY 132.5 billion, with a pre-tax margin above 40% and record recurring revenue asset net inflows of JPY 503.9 billion [6][9]. - **Investment Management**: Achieved a record AUM of JPY 134.7 trillion, but pre-tax income fell 42% due to one-time acquisition costs and weaker gains [5][12]. - **Wholesale**: Net revenue increased 12% to JPY 313.9 billion, with significant contributions from both Global Markets and Investment Banking [16]. Shareholder Returns - Nomura announced a share repurchase program with an upper limit of 100 million shares and a total of JPY 60 billion, aimed at enhancing shareholder returns and capital efficiency [1][7]. Future Outlook - The company expects approximately $100 million in integration costs over the next two years following the Macquarie acquisition, while maintaining capital strength with Tier 1 capital at JPY 3.6 trillion and a CET1 ratio of 12.8% [5][21]. - Management indicated that Wealth Management net revenue is tracking evenly with third-quarter levels, while the Investment Banking pipeline remains solid despite a slower start [22].

Revenue Performance - Total revenue for the nine months ended December 31, 2025, was ¥3,545,729 million, a decrease of 3.1% from the previous year[12] - Net revenue increased to ¥1,590,532 million, reflecting a growth of 10.5% compared to the same period in 2024[12] - Nomura reported net revenue of 1,590.5 billion yen for the nine months ended December 31, 2025, an increase of 10.5% from the previous year[21] - Total net revenue for the same period rose by 10.1% to ¥1,586,243 million compared to ¥1,441,125 million in 2024[45] - Net revenue for the three months ended December 31, 2024, was ¥501,981 million, a 7.0% increase from ¥515,462 million in 2025[56] Income and Profitability - Income before income taxes rose to ¥432,148 million, marking a 15.5% increase year-over-year[12] - Net income attributable to Nomura Holdings, Inc. shareholders was ¥288,196 million, up 7.2% from the previous year[12] - Net income for the nine months ended December 31, 2025, increased by 9.0% to ¥297,813 million from ¥273,281 million in 2024[40] - Income before income taxes for the Wholesale segment surged by 22.2% to ¥157,337 million, while the Banking segment saw a decline of 17.6% to ¥10,969 million[45] - The company reported a net gain on trading of ¥142,013 million for the three months ended December 31, 2024, which increased by 10.9% to ¥171,944 million in 2025[56] Assets and Liabilities - Total assets increased to ¥61,935,173 million as of December 31, 2025, compared to ¥56,802,170 million at March 31, 2025[13] - Total liabilities rose by 4,899.4 billion yen to 58,120.6 billion yen, mainly driven by an increase in trading liabilities[31] - Total assets increased by 5,133.0 billion yen to 61,935.2 billion yen as of December 31, 2025, primarily due to an increase in trading assets[31] - Total liabilities increased by ¥4,899,410 million from ¥58,120,581 million as of December 31, 2025 to ¥53,221,171 million as of March 31, 2025[38] Equity and Shareholder Information - Total equity rose to ¥3,814,592 million, up from ¥3,580,999 million at the end of March 2025[13] - The return on shareholders' equity (annualized) improved to 10.8% from 10.4% in the previous year[12] - The number of shares outstanding remained constant at 3,163,562,601, with treasury stock increasing to 229,707,701[17] - Common stock held in treasury increased by ¥27,628 million from ¥171,306 million as of December 31, 2025 to ¥143,678 million as of March 31, 2025[38] Expenses - Non-interest expenses rose by 8.7% to 1,158.4 billion yen for the same period[21] - Non-interest expenses rose by 8.7% to ¥1,158,384 million, with significant increases in Investment Management (35.4%) and Banking (26.6%) segments[45] - Interest expense for the nine months was ¥217.63 million, down 11.8% from the previous year[39] - Compensation and benefits expenses for the three months ended December 31, 2024, rose to ¥190,888 million, a 13.2% increase from ¥195,079 million in 2025[56] Future Outlook - Nomura Holdings does not provide earnings forecasts for the year ending March 31, 2026, due to uncertainties in the global capital markets[15] - The company plans to expand its market presence and invest in new product development to drive future growth[39] - Future guidance indicates a cautious outlook with expected revenue growth of 1-2% for the next fiscal year[39] Acquisitions and Changes - Significant changes in the scope of consolidation included the inclusion of Delaware Management Company[16] - Nomura completed the acquisition of Macquarie Management Holdings and related entities for approximately 281.4 billion yen, enhancing its global investment management platform[26][27] - The Banking Division was newly established on April 1, 2025, leading to reclassification of prior period amounts[23] Other Financial Metrics - The company reported a substantial unrealized gain on investments in equity securities held for operating purposes, increasing from a loss of ¥1,375 million to a gain of ¥4,289 million[45] - The new accounting policy for crypto assets, effective from April 1, 2025, is not expected to have a material impact on the company's consolidated financial statements[41] - The company’s total assets information is not disclosed as it is not considered for operating decisions by the Executive Management Board[42]

Financial Data and Key Metrics Changes - Return on equity was 10.3%, meeting the 2030 target of 8%-10% for the seventh consecutive quarter [3] - Group-wide net revenue reached JPY 551.8 billion, a 7% increase from the previous quarter [3] - Income before income taxes decreased by 1% to JPY 135.2 billion, while net income also fell by 1% to JPY 91.6 billion [3] - Earnings per share for the quarter were JPY 30.19 [3] Business Line Data and Key Metrics Changes - Wealth Management saw a growth of approximately 30% compared to the previous quarter, with net revenue increasing by 14% to JPY 132.5 billion [4][8] - Investment Management's business revenue reached an all-time high, but profits fell due to weaker investment gains and one-time expenses related to the Macquarie acquisition [4][12] - Wholesale net revenue rose by 12% to JPY 313.9 billion, with investment banking net revenue increasing by 31% to JPY 57.1 billion [15][17] Market Data and Key Metrics Changes - Recurring revenue assets saw a net inflow of JPY 503.9 billion, reaching an all-time high of JPY 28.1 trillion by the end of December [10][11] - The number of flow business clients increased by around 270,000 to 1.53 million, driven by buoyant market conditions [11] Company Strategy and Development Direction - The company announced a share buyback program with a limit of 100 million shares and JPY 60 billion in amount, aimed at enhancing shareholder return and capital efficiency [5] - The company is focused on maximizing synergies between existing and newly acquired businesses, particularly in the Investment Management division [26] Management's Comments on Operating Environment and Future Outlook - Management noted that client sentiment remains favorable despite some selling pressures in the market, with a shift from savings to investment being a sustainable trend [21][22] - The company expects a solid pipeline in investment banking, despite a slower start in Q4 due to seasonal factors [22] Other Important Information - Group-wide expenses increased by 10% to JPY 416.5 billion, driven by one-time costs associated with acquisitions and strategic investments [19] - The common equity Tier 1 ratio at the end of December was 12.8%, with a slight decrease attributed to changes in regulatory capital calculations following the Macquarie acquisition [20] Q&A Session Summary Question: Regarding Laser Digital's losses and position management - Management acknowledged the losses due to market fluctuations and emphasized the importance of precise position management to control volatility [31] Question: Sustainability of Wealth Management's net inflow - Management refrained from making definitive comments on sustainability but noted a significant shift in retail investor behavior towards investment [32] Question: Wealth Management pricing strategy - Management declined to comment on internal discussions regarding commission rate increases, focusing instead on value provision to customers [38] Question: Timing and scale of buyback - Management explained that the timing was influenced by the recent acquisition and the need to meet investor expectations [39] Question: Impact of personnel costs and deferred compensation - Management provided details on the expected impact of accounting changes on personnel costs, estimating around JPY 8 billion for Q4 [52] Question: Long-term strategy for Laser Digital - Management discussed the need for a thorough strategy to manage the growth and volatility of the digital asset business while ensuring diverse activities [54]

Financial Data and Key Metrics Changes - Return on equity was 10.3%, meeting the 2030 target of 8%-10% for the seventh consecutive quarter [3] - Group-wide net revenue reached JPY 551.8 billion, a 7% increase from the previous quarter [3] - Income before income taxes decreased by 1% to JPY 135.2 billion, while net income also fell by 1% to JPY 91.6 billion [3] - Earnings per share for the quarter were JPY 30.19 [3] - Pre-tax income across all four divisions rose 8% to JPY 142.9 billion, the highest level in 18.5 years [4] Business Line Data and Key Metrics Changes - Wealth Management saw a growth of approximately 30% compared to the previous quarter, with net revenue increasing by 14% to JPY 132.5 billion [4][8] - Investment Management's business revenue reached an all-time high, but profits fell due to weaker investment gains and one-time expenses from an acquisition [4][12] - Wholesale net revenue rose 12% to JPY 313.9 billion, with Investment Banking net revenue increasing by 31% to JPY 57.1 billion [15][17] Market Data and Key Metrics Changes - Recurring revenue assets experienced a net inflow of JPY 503.9 billion, reaching an all-time high of JPY 28.1 trillion [10][11] - The number of flow business clients increased by around 270,000 to 1.53 million, driven by buoyant market conditions [11] - Equities revenue grew by 4%, while bonds saw a decline of 25% due to market conditions [10] Company Strategy and Development Direction - The company announced a share buyback program to enhance shareholder returns, with a limit of 100 million shares and JPY 60 billion in total [5] - The focus remains on maximizing synergies between existing and newly acquired businesses, particularly in the Investment Management division [25][26] - The company aims to continue fostering growth in the digital asset market while managing volatility [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance across all divisions, despite one-time costs associated with acquisitions [21] - The outlook for January indicated stable client sentiment and a shift in household financial assets towards investments [21] - Management acknowledged the challenges in the domestic rates business due to increased market volatility but noted solid performance in other areas [46] Other Important Information - Group-wide expenses increased by 10% to JPY 416.5 billion, driven by one-time costs and strategic investments [19] - The Common Equity Tier 1 ratio at the end of December was 12.8%, with a slight decrease attributed to changes in regulatory capital calculations [20] Q&A Session Summary Question: Regarding losses in Laser Digital and position management - Management acknowledged the losses and stated that they are taking measures to control volatility while maintaining long-term commitments in the digital asset space [31][32] Question: Sustainability of net inflow in Wealth Management - Management refrained from making definitive comments on sustainability but noted a significant shift from savings to investments among retail investors [32] Question: Wealth Management pricing strategy - Management declined to comment on internal discussions regarding commission rate increases, focusing instead on value provision to customers [38][39] Question: Timing and scale of buyback - Management explained that the timing was influenced by the recent acquisition and the need to meet investor expectations [39][40] Question: Impact of personnel costs and deferred compensation - Management provided details on the expected impact of accounting changes on personnel costs, estimating around JPY 8 billion for the current quarter [52] Question: Long-term strategy for Laser Digital - Management emphasized the need for a thorough discussion on risk management and the growth strategy for the digital asset business [55]