Group 1 - The U.S. stock market is expected to end May with strong returns, but this may negatively impact the market on Friday due to a projected $20 billion stock sell-off by U.S. pension funds as part of their month-end rebalancing operations [1] - The sell-off is attributed to many pension plans adjusting their stock-bond allocation ratios, necessitating significant adjustments to rebalance these asset classes [1] - The SPDR S&P 500 ETF Trust (SPY) has risen over 6% this month, while the iShares 20+ Year Treasury Bond ETF (TLT) has declined nearly 4% [1] Group 2 - Short-term bonds have performed slightly better, but even the Vanguard Short-Term Treasury ETF (VGSH) may record negative returns this month [2] - The volatility in the bond market is unusual, especially for pension funds or institutional investors with substantial assets [2] - HSBC has upgraded its rating on U.S. stocks from "underweight" to "neutral," partly due to lighter holdings by long-term investors [2] - Some investors may see the pension fund sell-off as a buying opportunity, especially if they believe recent trade issues will improve [2] - There is a general sentiment on Wall Street that the worst of the tariff issues may be over, with expectations of a calming situation [2]

Group 1 - Goldman Sachs warns that the threat to the bond market from debt has surpassed that of tariffs, with rising concerns among bond traders regarding the U.S. government's debt levels [1] - John Waldron, President of Goldman Sachs, emphasizes that the macro-level risk is shifting from tariffs to the implications of tax cuts and fiscal conditions, which are increasingly alarming [1] - The increase in U.S. Treasury issuance is pushing up interest rates, particularly at the long end of the yield curve, making government debt more expensive and raising the risk of a growing deficit and higher borrowing costs for the economy [1] Group 2 - The recent rise in U.S. Treasury yields coincides with intense bipartisan negotiations in Congress over a significant tax cut bill proposed during Trump's second term, raising concerns about the worsening fiscal outlook for the U.S. [4] - The House passed a bill that extends tax cuts from Trump's first term and raises the debt ceiling, but it faces challenges in the Senate, where Republicans plan to make amendments [5] - Market participants are worried that the bill's measures could exacerbate the U.S. government's budget deficit, leading to greater pressure on the bond market [5] Group 3 - The total outstanding U.S. debt has surged from under $14 trillion at the end of 2016 to nearly $30 trillion, reflecting the impact of tax policies from Trump's first term and the debt explosion during the COVID-19 pandemic under both Trump and Biden [6] - According to the Congressional Budget Office, the U.S. public debt is approximately 100% of the economy, with interest payments projected to reach about $880 billion in 2024, exceeding the defense budget [5]

Group 1 - The article highlights the support for domestic technology companies to go public in Hong Kong, leveraging the city's international financial center advantages to broaden financing channels and enhance corporate image [1] - Agricultural Bank of China's Hong Kong investment banking platform, Agricultural Bank International, has facilitated the listing and financing of 48 companies in 2024, with nearly 70% being technology firms [1] - The Hong Kong Stock Exchange introduced new listing rules for specialized technology companies, lowering the entry barriers and creating dedicated financing channels for innovative tech firms [2] Group 2 - Three specialized technology companies have successfully listed on the Hong Kong Stock Exchange, with two of them being sponsored and underwritten by Agricultural Bank International [2] - Agricultural Bank International provided comprehensive services to Yujiang Technology, which became the third specialized technology company to list, achieving a record listing time of under six months [2] - The biopharmaceutical sector in Hong Kong has seen rapid growth, with over 70 biopharmaceutical companies listed, making it a leading biotech financing center in Asia [3] Group 3 - Agricultural Bank International has participated in underwriting three of the five biopharmaceutical companies that went public in Hong Kong since 2025, including companies focused on brain science and chronic disease therapies [3] - The internet technology sector has become a significant market influence in Hong Kong, with a market capitalization share of nearly 30% [4] - Agricultural Bank International has sponsored and underwritten 17 technology, media, and telecommunications (TMT) companies, assisting in their successful listings [4]

Group 1 - The U.S. Congress is advancing a budget proposal that includes a progressive tax of up to 20% on passive income from foreign investors, which may suppress demand for U.S. Treasury securities and the dollar [1] - The tax provision, included in Section 899 of the bill, targets entities or individuals from countries deemed to have "unfair tax practices," with an estimated revenue increase of $116 billion over the next decade if passed by the Senate [1] - The new tax could escalate the trade war into a capital war, potentially negatively impacting demand for U.S. government debt at a time when reliance on foreign investment is critical due to rising fiscal deficits [1] Group 2 - Analysts warn that the proposed tax could lead to a significant reduction in foreign investment in U.S. assets, thereby weakening the dollar [2] - European investors with passive income in the U.S. are expected to be the most affected, although specific impact estimates have not been provided [2] - The tax could have severe long-term implications for international companies operating in the U.S., affecting American workers rather than foreign bureaucrats [2] Group 3 - The legal ambiguity surrounding the potential taxation of U.S. Treasury interest has caused panic among foreign investors, with concerns that borrowing costs could rise significantly if such taxes are implemented [2] - Foreign clients are reportedly expressing concern and seeking clarification regarding the implications of the new tax provisions on U.S. debt [2]

Core Viewpoint - The increase in U.S. Treasury borrowing is driving up interest rates, particularly at the longer end of the yield curve, which raises borrowing costs for the government and exacerbates the fiscal deficit [1] Group 1: Economic Impact - The rising borrowing costs are increasing the risk of a broader rise in lending costs across the economic system [1] - Despite these challenges, the U.S. economy is showing strong signs of resilience, which was somewhat unexpected [1] Group 2: Market Focus - Goldman Sachs' clients are more concerned with the 10-year Treasury yield than the federal funds rate [1] - The acknowledgment of the current economic resilience is significant, indicating a potential for continued economic strength [1]

Core Viewpoint - Goldman Sachs President John Waldron remains optimistic about the prospects for initial public offerings (IPOs) [1] Group 1 - The company completed 8 IPO pricing last week, which is considered a strong signal indicating that the market is beginning to recover [1]

高盛集团总裁表示，债券交易员越来越担心美国政府债务水平不断上升，现在这已经成为比关税更大的 风险。"尽管之前所有关注点都集中在关税上，但我认为关注确实正在转移，尤其是在债券市场，转向 美国预算辩论和财政状况，我认为这令人有些担忧，"John Waldron周四在Bernstein主办的一次会议上表 示。"我认为目前宏观层面上的最大风险其实不再是关税。" ...

Core Viewpoint - Many clients of Goldman Sachs are concerned about the U.S. government's debt issues [1] Group 1 - The focus on U.S. government debt reflects broader economic concerns among investors [1]

高盛总裁约翰·沃德朗：已为公司300个核心职位制定了继任计划。 ...

高盛总裁约翰·沃德朗：预计将节省部分短期成本。 ...