Investment Rating - The report maintains an Overweight (OW) rating on US stocks, Treasuries, and US Investment Grade Corporate Credit, emphasizing a focus on quality assets [3][4][5]. Core Insights - The report indicates a global growth slowdown, forecasting a decline from 3.5% in 2024 to 2.5% in 2025, with the US experiencing a drop in real GDP growth from 2.5% in 2024 to 1.0% in both 2025 and 2026 [1][7]. - The impact of tariffs is highlighted as a structural shock to the global trading order, affecting demand and supply across various economies, particularly in the US and China [1][7]. - Despite the anticipated slowdown, the report suggests that risk assets may perform well as markets adjust to less severe growth expectations [2][3]. Economic Forecasts - Global GDP growth is projected at 2.5% for 2025, with the US at 1.0%, Euro Area at 0.8%, Japan at 0.3%, and Emerging Markets (EM) at 3.8% [8]. - Inflation rates are expected to be 2.1% globally and 3.0% in the US for 2025, with a gradual decline in subsequent years [8]. Sector Recommendations - In the US, the report favors quality cyclicals, large caps, and defensives with lower leverage and cheaper valuations [5]. - For Japan, the focus is on domestic reflation and corporate reform beneficiaries, while in Europe, the report recommends a shift towards resilient sectors such as defense, banks, software, telecoms, and diversified financials [5]. - Emerging Markets are recommended to focus on financials and profitability leaders, with a preference for domestic-focused businesses over exporters [5]. Market Valuations - The report provides specific price targets and P/E ratios for major indices, including S&P 500 at 6,500 with a P/E of 21.5x, MSCI Europe at 2,250 with a P/E of 15.2x, and MSCI EM at 1,200 with a P/E of 12.5x [6].

Citadel Securities bought the unit of Morgan Stanley that’s focused on electronic market-making for US equity options: Here’s your Evening Briefing https://t.co/ECV39y4iI8 ...

Citadel Securities bought Morgan Stanley’s unit focused on electronic market-making for US equity options, expanding the firm’s already dominant role in the popular derivatives https://t.co/kvix72fMX0 ...

Goldman Sachs is working on plan to raise as much as €250 million in debt to fund the refurbishing of the stadium for Spanish football club Real Betis https://t.co/weid3tPcWM ...

There's a tight race between Goldman Sachs and Morgan Stanley for the top position in Hong Kong's booming deals market https://t.co/Zm0yIytXaR ...

Goldman Sachs plans to ask junior bankers to confirm their loyalty on a regular basis in a bid to limit advances from talent-hungry private equity firms: Here’s your Evening Briefing https://t.co/PhUOScD7ap ...

90% of investment bankers making on Wall Street have no clue what perpetual futures are.They will buy Hyperliquid from us in the next 6 months. ...

It's time now for the Wall Street Beat. This is our top story of the day. Goldman Sachs plans to ask junior bankers to swear their loyalty in a bid to thwart poaching by private equity firms.Joining us now for more broke the story, Bloomberg reporter Todd Gillespie. So we know that private equity firms have been going earlier and earlier to talent. We've heard as early as sophomore year of college.Goldman's used to this, isn't it. And I think you and I have both heard Goldman bankers say it's been a while s ...

Goldman Sachs plans to ask junior bankers to confirm their loyalty on a regular basis in a bid to limit advances from talent-hungry buyout firms https://t.co/HxUfh0r1Mn ...

Talent Retention - Goldman Sachs plans to regularly assess junior bankers' loyalty to curb poaching by talent-hungry buyout firms [1]