Core Insights - Societe Generale-FORGE and Bitpanda are enhancing their partnership to introduce regulated stablecoins into the Decentralized Finance (DeFi) sector, allowing Bitpanda's retail clients to utilize SG-FORGE's EUR CoinVertible (EURCV) and USD CoinVertible (USDCV) stablecoins for on-chain lending and borrowing [1][2] Group 1: Regulatory Compliance and Market Positioning - The initiative aims to boost trust and accessibility in the DeFi space for retail users by offering stablecoins compliant with the European Union's Markets in Crypto-Assets (MiCA) framework, positioning SG-FORGE to compete with other European financial institutions [3] - This move is part of a broader distribution strategy, following recent listings of SG-FORGE's USDCV stablecoin on various exchanges [2] Group 2: Strategic Importance and Future Developments - Bitpanda's Co-CEO emphasized the importance of this development for European Web3, aiming to create a regulated financial ecosystem that delivers real-world benefits [4] - The collaboration will also facilitate future integrations with Bitpanda's Vision (VSN) token and its planned Layer-2 network, the Vision Chain, to create a compliant framework for tokenized assets [5] Group 3: Industry Trends - This announcement reflects a growing trend of traditional financial institutions entering the digital asset market, similar to Morgan Stanley's E*Trade platform preparing to launch crypto trading services for retail clients [6] - The extension into DeFi builds on a prior agreement from September 2024, which first listed EURCV on Bitpanda's primary brokerage platform, encouraging greater retail participation in the on-chain economy [7]

Core Viewpoint - Société Générale analysts have raised their gold price target for the end of 2026 to $5,000 per ounce, citing strong inflows into gold ETFs and stable demand from central banks as key factors driving this revision [1] Group 1 - The analysts, Micheal Haigh and Ben Hoff, express confidence in the updated price target due to the sustained momentum in gold ETF inflows [1] - The current pace of capital inflows into gold has exceeded initial expectations, prompting the revision of the price forecast [1] - The expectation is that gold prices will reach $5,000 per ounce by the end of 2026, reflecting a significant increase from previous estimates [1]

法国兴业银行预计，到2026年底黄金价格将达到每盎司5000美元。 ...

Core Points - The Paris stock market experienced a significant decline due to political turmoil in France, with the CAC40 index dropping as much as 2.1% before closing down 1.36%, falling below the 8000-point mark [1] - The resignation of Prime Minister Le Cornu, which occurred shortly after the announcement of a new government, triggered widespread criticism and heightened political tensions, marking the shortest tenure for a Prime Minister in the history of the Fifth Republic [1] - The financial sector was particularly hard hit, with major banks like Société Générale, Crédit Agricole, and BNP Paribas seeing declines of 4.23%, 3.43%, and 3.21% respectively [1] Market Analysis - Analysts noted that French bank stocks are highly sensitive to changes in domestic debt financing costs, with a notable increase in sovereign bond yields putting pressure on these stocks [1] - Following Le Cornu's resignation, the yield on France's 10-year government bonds rose from 3.51% to 3.61%, before settling at 3.57% [1] - The spread between French and German 10-year government bond yields widened to 0.85 percentage points, significantly higher than the approximately 0.5 percentage points observed before President Macron's planned dissolution of the National Assembly in June 2024 [1][2]

Core Viewpoint - Following the resignation of the French Prime Minister, French bank stocks continued to decline, with shares of Société Générale, BNP Paribas, and Crédit Agricole experiencing a drop of 4.2% to 5.5% [1] Company Summary - Société Générale's stock price fell within the range of 4.2% to 5.5% after the political shift [1] - BNP Paribas also saw a similar decline in its stock price, contributing to the overall downturn in the banking sector [1] - Crédit Agricole's shares were affected as well, reflecting the broader negative sentiment in the French banking industry following the Prime Minister's resignation [1]

Core Insights - Société Générale is actively engaging in decentralized finance (DeFi) by integrating its euro and dollar stablecoins with major DeFi platforms like Uniswap and Morpho, marking a significant step beyond pilot projects in the banking sector [2][3][4] Company Developments - SG Forge, the digital assets arm of Société Générale, has integrated its USDCV and EURCV stablecoins with Uniswap, which has a monthly trading volume exceeding $100 billion, and Morpho, a lending protocol with $11 billion in deposits [2] - The integration allows institutional clients to swap stablecoins and other crypto assets on Uniswap and to lend and borrow against them through Morpho [2][3] Industry Trends - The DeFi lending sector is gaining traction, with deposits to DeFi lending protocols reaching an all-time high of $130 billion in early September, indicating a strong demand for decentralized lending solutions [3] - Other banks, such as Credit Suisse and Standard Chartered, are also exploring digital assets and tokenization, reflecting a broader trend in the banking industry towards embracing DeFi and digital currencies [5] Regulatory Environment - Recent regulatory developments, including the European Union's MiCA rules and new stablecoin regulations in the US, are fostering a more favorable environment for banks to engage with digital assets [6] - Future regulations, such as the planned market structure bill in the US, are expected to further encourage banks to explore DeFi initiatives, although potential delays due to government shutdowns may impact this [6]

Group 1 - Societe Generale SFH has filed its half-year financial report for the period ending June 30, 2025, with the French Financial Markets Authority on September 30, 2025 [1] - The financial report is available to the public in French and can be accessed on the Societe Generale group's website and the AMF's website [2] - Societe Generale SFH is a specialized credit institution established under French law, authorized to operate as a Société de Financement de l'Habitat since March 28, 2011 [3] Group 2 - Societe Generale is a leading European bank with approximately 119,000 employees serving over 26 million clients in 62 countries [4] - The bank has a long history of 160 years, providing a wide range of advisory and financial solutions to corporate, institutional, and individual clients [4] - The Group is committed to sustainability and is included in major socially responsible investment indices, reflecting its dedication to environmental transition and sustainable practices [5] Group 3 - The Group operates three complementary business segments, including French Retail, Private Banking and Insurance, Global Banking and Investor Solutions, and Mobility, International Retail Banking and Financial Services [8]

Group 1 - Societe Generale SCF has filed its half-year financial report for the period ending June 30, 2025, with the French Financial Markets Authority on September 30, 2025 [1][2] - The financial report is available to the public free of charge and can be accessed on the Societe Generale group's website and the AMF's website [2] - Societe Generale SCF is a specialized credit institution established under French law, authorized to operate as a SCF since December 20, 2007 [3] Group 2 - Societe Generale is a leading European bank with approximately 119,000 employees serving over 26 million clients in 62 countries [4] - The bank has a long history of supporting economic development and offers a wide range of advisory and financial solutions [4] - Societe Generale is committed to sustainability and is included in major socially responsible investment indices, reflecting its dedication to environmental, social, and governance (ESG) principles [5]

Core Insights - Societe Generale's digital asset unit, SG-FORGE, has expanded its euro- and dollar-denominated stablecoins into decentralized finance (DeFi) by deploying them on Ethereum-based protocols Morpho and Uniswap [1][3][9] Group 1: DeFi Integration - The deployment allows EUR CoinVertible (EURCV) and USD CoinVertible (USDCV) to be used for borrowing, lending, and spot trading in a fully on-chain environment, marking a shift from SG-FORGE's previous focus on centralized platforms [3][6] - Users can now borrow or lend the bank-issued stablecoins against major cryptocurrencies such as Bitcoin and Ethereum, as well as tokenized money market funds regulated by the French Financial Markets Authority [4][5] Group 2: Market Position and Strategy - SG-FORGE's stablecoins currently have a market cap of $66 million for EURCV and $32 million for USDCV, indicating a growing interest from institutional players in integrating real-world assets into permissionless finance [7] - Societe Generale is among the few global banks actively issuing and deploying its own stablecoins, exploring their potential role within DeFi ecosystems while maintaining connections to regulated assets [8][9]

Group 1: European Debt Market - Societe Generale indicates a significant downtrend in both realized and implied volatility in the European government bond market, creating favorable conditions for arbitrage trading [1] - The firm highlights French government bonds (OATs) as particularly attractive, alongside Spanish and Italian bonds, due to recent credit rating upgrades and anticipated improvements in ratings [1] Group 2: Indonesia Economic Outlook - Fitch's BMI notes that Indonesia's GDP growth may gradually slow over the next decade due to domestic political concerns and structural issues, despite the president's ambitious growth targets [2] - The report suggests that these measures may not be sufficient to elevate growth rates above the long-term average of 5.0% [2] Group 3: Japan's Trade and Investment - Capital Economics believes that if Japanese companies continue to serve U.S. clients through subsidiaries, the impact of U.S. trade policies on profits and investments will be limited [2] - Despite pressures from U.S. tariffs, Japan's direct foreign investment in the U.S. is expected to reach a record high this year, driven by strong U.S. economic performance [2] Group 4: Thai Baht and Monetary Policy - Citigroup anticipates that the Bank of Thailand may lower interest rates in October to curb the rapid appreciation of the Thai baht, which has risen nearly 6% this year [2] Group 5: UK Economic Concerns - Barclays analysts point out that the combination of a strong dollar and weakened domestic growth is suppressing the British pound, with policy uncertainty ahead of the November budget exacerbating the situation [3][4] - The unexpected rise in public borrowing and weak bond auctions are further damaging market sentiment towards the pound [4] Group 6: Eurozone Debt Supply - Barclays expects a slowdown in Eurozone government debt supply in October, forecasting total issuance of €116 billion, down from approximately €127 billion in September [4][5] - The report also notes that redemptions are expected to rise to €118 billion, indicating a shift in the debt market dynamics [5] Group 7: Singapore Manufacturing Sector - DBS Bank reports that Singapore's manufacturing sector is likely to continue experiencing volatility, with August output declining by 7.8% year-on-year, marking the largest drop since March 2024 [5] - The semiconductor cycle remains supported by structural developments in artificial intelligence, despite global economic uncertainties [5]