>> YOU RETOOL. >> WELCOME BACK, PRESIDENT TRUMP THIS MORNING WAIVING THE JONES ACT FOR 60 DAYS IN A BID TO CALM OIL PRICES, WHICH ARE HIGHER AGAIN THIS MORNING AS THE WAR IN IRAN ESCALATES. LET'S BRING IN DAN STRUYVEN.HE IS CO-HEAD OF GLOBAL COMMODITIES RESEARCH AT GOLDMAN SACHS. AND DAN, JUST YOUR INITIAL THOUGHT ON WHETHER THIS WILL LOOSEN THINGS UP AT ALL, WHETHER IN THE PRODUCT MARKETS OR FOR CRUDE ITSELF. >> BY RELAXING.>> THE REQUIREMENT THAT THE SHIPS TRANSPORTING OIL AND GAS HAVE TO BE US SHIPS, YOU ...

Core Viewpoint - Wall Street banks are poised to benefit from softened capital rules proposed by regulators, although challenges remain in finalizing these changes [1][2][4]. Regulatory Changes - Proposed capital requirements for big banks will decrease slightly compared to previous drafts, marking a significant shift from earlier plans that suggested double-digit increases [2][3]. - The revised proposals will alter how banks calculate the capital they set aside for potential losses, following a campaign by the banking industry to ease post-2008 financial crisis regulations [3][9]. Timeline and Process - The finalization of the new capital rules may take until early 2027, as banks will have 90 days to provide feedback and regulators will need to navigate potential complications [4][5][8]. - The complexity of the proposals, which may span several hundred to a thousand pages, will require thorough examination by both banks and regulators [5][8]. Industry Dynamics - The new Basel draft eliminates several measures that banks opposed, including stricter requirements for measuring risk capital, which could benefit larger banks [10][12]. - There are concerns about uneven benefits among banks, leading to potential lobbying for further adjustments [4][12][14]. Political Considerations - The proposals may face political challenges, requiring bipartisan agreement at the Federal Reserve and potential dissent from Democratic members if the final version is perceived as too lenient [14][15]. - The final rule will also need approval from the White House Budget Office, adding another layer of complexity to the process [15].

Goldman Sachs sees a double-digit pipeline of potential initial public offerings in Europe this year https://t.co/1RqgDsXRrk ...

India’s rupee may slump to 95 against the dollar over the next year because of the fallout from the Iran conflict, according to Goldman Sachs https://t.co/bcQEvTc6X6 ...

Industry Overview - In 2025, solar installations in the U.S. decreased to 43 gigawatts (GW) from over 50 GW in 2024, primarily due to policy changes under the Trump administration that disrupted renewable energy incentives [1] - Utility-scale solar installations fell by 16%, while community solar installations dropped by 25% [1] - The administration's focus shifted towards oil, gas, coal, and nuclear energy, sidelining renewable initiatives [1] Key States for Solar Installations - Texas led new solar installations with 11 GW, followed by Indiana, Florida, Arizona, Ohio, Utah, and Arkansas [2] - Solar and energy storage accounted for 79% of new capacity increases in the U.S. during the administration's first year [2] Company Insights: Clearway Energy, Inc. (NYSE:CWEN) - Goldman Sachs holds a stake valued at $7.20 million in Clearway Energy, Inc. [6] - The company reported a net loss of $231 million for 2025, with adjusted EBITDA of $1.217 billion and operating cash flow of $688 million [7] - Clearway is advancing multiple expansion efforts, including a fleet upgrade initiative and projects in Colorado and California, with a CAFD guidance for 2026 of $470 million to $510 million [8] Company Insights: Plug Power Inc. (NASDAQ:PLUG) - Goldman Sachs has a stake valued at $16.96 million in Plug Power Inc. [10] - The company plans to supply up to 250 megawatts of hydrogen-powered electricity in a potential auction by PJM Interconnection, addressing increased electricity demand from data centers [10] - Plug Power aims to achieve positive EBITDA in 2026 and is working on long-term power supply deals with hyperscalers and utilities [11]

U.S. Stock Market - U.S. stocks traded higher, with the Dow Jones index gaining more than 100 points, up 0.29% to 47,082.50, NASDAQ rose 0.42% to 22,469.06, and S&P 500 increased by 0.36% to 6,723.55 [1] - Energy shares climbed by 1.7%, while industrials stocks fell by 0.1% [1] Company Performance - Elbit Systems Ltd (NASDAQ:ESLT) shares jumped over 10% after reporting fourth-quarter adjusted EPS of $3.56, beating the analyst consensus estimate of $3.09 [2] - The company reported quarterly sales of $2.148 billion, slightly missing the analyst consensus estimate of $2.151 billion [2] Commodity Market - Oil traded up 1.9% to $95.25, gold increased by 0.2% to $5,012.20, silver rose 0.1% to $80.72, while copper fell 0.9% to $5.7770 [3] European Market - European shares were higher, with the eurozone's STOXX 600 rising 0.91%, Spain's IBEX 35 Index up 1.48%, London's FTSE 100 increasing by 0.99%, Germany's DAX gaining 0.82%, and France's CAC 40 rising 0.87% [4] Asia Pacific Markets - Asian markets closed mixed, with Japan's Nikkei 225 falling 0.09%, Hong Kong's Hang Seng index gaining 0.13%, China's Shanghai Composite slipping 0.85%, and India's BSE Sensex increasing by 0.75% [5]

The largest oil market shock on record triggered by the war in the Middle East is set to have a greater impact on products such as jet fuel and diesel than on crude, according to Goldman Sachs https://t.co/VDImuATpFY ...

JPMorgan has hired Zhang Yi to co-head its China investment banking business with Michelle Wang, according to an internal memo. Zhang comes from Goldman Sachs, which is losing its second senior China banker in the past two months. https://t.co/LQc25VWw0Y ...

>> THE COUNTDOWN IS ON. EVERYTHING YOU NEED TO GET THE EDGE AT THE END OF THE MARKET DAY. THIS IS "THE CLOSE." ROMAINE: A BIG BET ON LOWER OIL PRICES LEADS TO AN EVEN BIGGER BET ON U.S. EQUITIES.HERE AT BLOOMBERG HEADQUARTERS IN NEW YORK, I ROMAINE BOSTICK. >> WE ARE KICKING YOU OUT TO THE CLOSING BELL HERE IN THE U.S.. A LOT OF GREEN ON THE SCREEN IF YOU ARE INVESTING IN EQUITIES.S&P UP MORE THAN 1%. THE BIG DRIVER IS THE FACT THAT WE SEE CRUDE DOWN 5%, WELL BELOW THAT $100 HANDLE. ALSO SEEING A BID IN YIE ...

Core Insights - Goldman Sachs analysts anticipate a rebound in stocks despite a modest pullback due to the ongoing conflict in Iran, suggesting portfolio adjustments are necessary as the war enters its third week [1][2]. Market Overview - The S&P 500 has declined approximately 2.5% since the U.S. and Israel initiated strikes against Iran, primarily driven by rising oil prices and the associated macroeconomic uncertainty [2]. - The Cboe Volatility Index, which measures market fear, has decreased sharply but remains above 20, indicating a jittery market environment [2]. Sector Analysis - Goldman Sachs has shifted its outlook for various sectors due to the war, maintaining a constructive baseline outlook for U.S. equities while recognizing increased downside risks [2][4]. - The firm is overweight in the healthcare and materials sectors, while it no longer recommends stocks related to middle-income consumers or non-residential construction, as these areas are expected to be negatively impacted by rising gas prices, which have surged about 25% in the past two weeks [5][6]. Defensive Positioning - The healthcare sector is viewed as a protective investment during economic slowdowns, having historically outperformed during oil shocks by 1.5 percentage points compared to the broader market [6][7]. - Non-residential construction may face challenges due to elevated energy and transportation costs, alongside increased economic uncertainty [5]. Emerging Opportunities - Outside of defensive sectors, Goldman Sachs sees potential for solar and cybersecurity stocks to benefit from the conflict, as rising oil prices may drive demand for renewable energy and increased cyber threats could enhance the appeal of cybersecurity investments [8][9]. - The hyperscalers, including Alphabet, Microsoft, Amazon, and Meta, may regain leadership in the AI sector as economic conditions evolve, despite current pressures from uncertainty regarding their AI investments [10][11].