Core Insights - eQ Plc reported a decline in net revenue and operating profit for the year 2025, with net revenue at EUR 58.2 million, down 11% from EUR 65.6 million in 2024, and operating profit at EUR 27.4 million, down 21% from EUR 34.5 million [4][8] Financial Performance - The Group's net revenue for the Asset Management segment decreased by 3% to EUR 56.9 million, while operating profit fell by 5% to EUR 32.0 million [4][14] - The Corporate Finance segment's net revenue was EUR 1.7 million, a significant drop of 67% from EUR 5.3 million, with an operating profit of EUR -1.4 million compared to EUR 1.5 million in the previous year [4][16] - The Investments segment reported an operating profit of EUR -0.7 million, down from EUR 1.1 million, negatively impacted by changes in the value of residential funds and exchange rate fluctuations [4][17] Key Ratios - Earnings per share decreased by 21% to EUR 0.52 from EUR 0.66, with a proposed dividend also reduced by 21% to EUR 0.52 [5] - The cost/income ratio for the Group increased to 52.9% from 47.4%, indicating higher operational costs relative to income [5] - Return on equity (ROE) fell by 18% to 30.3% from 36.8% [5] Asset Management Insights - eQ Asset Management raised over EUR 230 million for Private Equity and Residential funds, with the eQ PE XVII US fund raising USD 190 million [9] - The management fees for the Asset Management segment fell by 5% to EUR 53.1 million, while performance fees increased by 24% to EUR 4.4 million [4][14] - Assets managed by eQ at the end of 2025 amounted to EUR 13.8 billion, up from EUR 13.4 billion in 2024 [5] Market Conditions - The year 2025 was characterized by geopolitical uncertainties, including the trade war and ongoing conflicts, which influenced market conditions [6][19] - Despite challenges, share prices rose in 2025, supported by strong corporate earnings and developments in artificial intelligence [7] - The Finnish real estate transaction market showed growth compared to the previous year, although overall market liquidity remained low [19][20] Strategic Outlook - eQ's updated strategy aims to return to strong growth by 2030, focusing on enhancing customer and employee experiences and expanding business internationally [18] - The company anticipates an increase in Private Equity allocations in investor portfolios, expecting Private Equity fees to rise in 2026 [22]

Core Insights - Gold has reached a record high of $5,300 an ounce in 2026, marking a 17% increase so far this year after a 64% surge in 2025 [2] - Gold ETFs, particularly the SPDR Gold Trust (GLD), have seen significant inflows, with $370 million added this month alone, indicating strong investor interest [2] - The rally in gold prices is driven by rising geopolitical uncertainty and US government policy risks, prompting investors to seek tangible assets [3] Market Dynamics - The weakening US dollar and record high equity markets suggest a lack of confidence in the dollar as a reserve asset, leading investors to favor gold as a safe haven [3] - Major banks, including Goldman Sachs, have raised their gold price targets, predicting prices could reach $5,400 an ounce by the end of 2026, with the London Bullion Market Association forecasting an average price of $4,742 this year [4]

Core Insights - The price of gold has surpassed $5,000 for the first time, indicating a significant rally driven by geopolitical uncertainty, concerns regarding Federal Reserve independence, and fears of a potential U.S. government shutdown [2]. Group 1 - Gold's price increase reflects a broader trend of rising precious metal values, with silver also experiencing notable gains [2]. - The rally in gold prices shows no signs of slowing down, suggesting sustained investor interest and market dynamics favoring precious metals [2].

Citi Research January 20, 2026 GCC Navigating Growth Amid Oil Oversupply and Geopolitical Uncertainty Ilker DomacAC Economist ilker.domac@citi.com +971-4509-9588 Gultekin IsiklarAC Economist gultekin.isiklar@citi.com +90-212-319-4915 See AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors ...

Core Viewpoint - Geopolitical uncertainty, particularly during President Donald Trump's second term, is expected to persist, which may drive increased investment in defense stocks [1] Group 1: Geopolitical Context - Ongoing global security issues include tensions in regions such as Greenland, NATO, Venezuela, and Iran [1] - The current geopolitical landscape is characterized by instability, which is likely to continue influencing market dynamics [1] Group 2: Investment Implications - The persistent geopolitical uncertainty is anticipated to serve as a catalyst for growth in the defense sector [1]

Group 1: Optimism in Technology - The mood at Davos was notably optimistic regarding artificial intelligence, with discussions on "world models" and "physical AI" indicating a shift from hype to production, supported by significant capital availability [2][3] - Elon Musk's presentation on Tesla's vision for robotaxis and AI development reset the atmosphere, with predictions of widespread driverless robotaxis in the U.S. by the end of 2026 and AI potentially surpassing human intelligence this year [8][10] Group 2: Geopolitical Concerns - Conversations at Davos frequently shifted from technological advancements to geopolitical issues, including tariffs and the acquisition of Greenland, highlighting a growing sense of uncertainty in global investment rules [6][7][17] - Finance ministers emphasized the need for reassurance amidst geopolitical tensions, with South Africa's finance minister noting that the primary risk to the economy is the geopolitical situation [14][16] Group 3: Diverging Perspectives - The conference showcased two contrasting narratives: one focused on technological innovation and the other on navigating geopolitical uncertainty, often occurring within the same discussions [18] - Industry leaders like Joe Kaeser of Siemens Energy framed AI as an industrial opportunity, emphasizing Europe's potential in data and computing power to drive innovation [11][12]

Core Insights - The stock market has experienced significant volatility due to rapid policy changes and tariff threats from President Trump, particularly regarding trade with European nations and the acquisition of Greenland [2][12][14] Market Reactions - On January 17, President Trump threatened a 10% tariff on several European countries, which led to a market decline, erasing nearly all gains for 2026 in a single day [2] - The Dow Jones Industrial Average dropped 871 points on January 21, reflecting investor anxiety over geopolitical uncertainty [3] - Following Trump's backtrack on tariff threats on January 22, major indices rebounded, with the S&P 500 rising 0.54%, Nasdaq gaining 0.91%, and Dow increasing 0.63% [3][12] Individual Stock Performance - NVIDIA (NVDA) closed at $187.67 on January 23, despite facing a new 25% semiconductor tariff, indicating resilience amid market fluctuations [13] - Tesla (TSLA) rebounded 4.15% on January 22, closing at $445.31, while Intel (INTC) saw a 17% drop due to a soft outlook [13] - Safe-haven assets like gold and silver reached all-time highs, with gold at $4,980 per ounce and silver at $102.60 per ounce, reflecting ongoing investor nervousness [13] Policy Implications - Trump's administration has introduced a 25% tariff on certain semiconductors critical to AI, while simultaneously announcing no tariffs on processed critical minerals, showcasing a contradictory trade approach [6][8] - The EU suspended its trade agreement with the U.S. in response to initial tariff threats but welcomed the subsequent easing of tensions, indicating a complex diplomatic landscape [5] Investor Sentiment - Analysts suggest that while volatility is expected, the case for a continued bull market remains strong due to robust consumer spending and declining interest rates [10] - Long-term investors are advised to remain steady and not react impulsively to short-term market noise driven by Trump's announcements [11]

Gold (GC=F) rose close to $5,000 per ounce on Friday while silver (SI=F) touched $100 in what has been an epic rally for precious metals. Bullion is headed toward its best week since 2020, gaining 13% year-to-date. Goldman Sachs noted private sector investors have been getting in on the epic rally in addition to central banks' accumulation of gold. Strategists cite a weaker US dollar, expectations of Federal Reserve easing, large fiscal deficits, and fading demand for government debt. Earlier this week ...

Group 1 - Gold prices rose close to $5,000 per ounce, while silver touched $100, marking a significant rally for precious metals [1] - Gold is on track for its best week since 2020, gaining 13% year-to-date, with private sector investors joining central banks in accumulating gold [1] - Silver futures have increased by 29% year-to-date, with a substantial portion of its supply used for industrial purposes [4] Group 2 - China has been hoarding silver and restricting exports since the beginning of the year, impacting global supply [5] - Analysts from JPMorgan noted that silver prices have significantly exceeded forecasted averages, indicating a volatile market [5] - The momentum for silver prices is strong, with potential for rapid retracement, reflecting the unpredictable nature of the commodity [6] Group 3 - Geopolitical uncertainty and expectations for interest rate cuts are driving investors towards precious metals [7] - A Danish pension fund announced its exit from US Treasurys, reflecting a shift in investment strategy amid geopolitical tensions [2] - Northern European investors are also reassessing US assets due to similar concerns [2] Group 4 - The erosion of fiscal discipline in the United States is contributing to the ongoing demand for gold [3] - Strategists cite a weaker US dollar and large fiscal deficits as factors influencing the precious metals market [1]

Market Overview - Bitcoin has dipped below $90,000, losing 2.5% since the previous day, with a low of $89,929 before rebounding to $90,535 [1] - Bitcoin trading volume increased by 14% in the past day, reaching $68.6 billion, influenced by institutional participation [2] Company Performance - Strategy, a Bitcoin treasury giant, announced a purchase of $2.1 billion worth of Bitcoin but saw its shares fall over 6% [4] - SharpLink Gaming, an Ethereum treasury firm, experienced a 7.8% drop in shares, trading at $10.14, with approximately $2.4 billion worth of ETH in its treasury [5] - MARA Holdings, a Bitcoin miner, saw its shares decline by 5.7% to $10.70, and has plans for new facilities powered by natural gas [6]