Core Viewpoint - Evercore (EVR) is anticipated to report a year-over-year decline in earnings due to lower revenues, with a consensus estimate of $1.60 per share, reflecting a decrease of 24.9% compared to the previous year [1][3]. Earnings Expectations - The expected revenues for the upcoming quarter are $586.82 million, which is a slight decrease of 0.1% from the same quarter last year [3]. - The consensus EPS estimate has been revised down by 34.25% over the last 30 days, indicating a significant reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate for Evercore is the same as the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [10][11]. - Evercore currently holds a Zacks Rank of 5, suggesting a weak outlook for beating the consensus EPS estimate [11]. Historical Performance - In the last reported quarter, Evercore exceeded the expected earnings of $2.90 per share by delivering $3.41, resulting in a positive surprise of 17.59% [12]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [13]. Investment Considerations - While an earnings beat can influence stock movement, other factors may also play a significant role in determining stock performance [14]. - The combination of a negative Earnings ESP and a low Zacks Rank makes it challenging to predict a positive earnings surprise for Evercore [11][16].

Group 1 - The company specializes in providing daily-rebalanced ETP products that include leveraged, unleveraged, inverse, and inverse leveraged factors [3] - The research focuses on macroeconomic assessments, strategic sector viability, and market data trends to inform investment decisions [1] - There is a significant interest in Asian markets, particularly India and China, with in-depth analyses published on economic trends and business developments in the region [1] Group 2 - The company does not hold any stock or derivative positions in the companies mentioned, ensuring an unbiased perspective in its analyses [2] - The assets under management (AUM) are primarily influenced by investor interest rather than market movements [3] - The company emphasizes that past performance does not guarantee future results, highlighting the importance of careful consideration before investing [4]

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call primarily discusses the **Global Markets Research** sector, focusing on **Foreign Exchange** strategies and **Asia Rates Strategy**. Core Themes and Arguments 1. **US Market Dynamics**: The call highlights the risk of continued portfolio outflows from the US, exacerbated by negative macroeconomic signals and the potential for increased tariffs from the Trump administration [9][10][11]. 2. **Foreign Investment in US Assets**: As of the end of 2024, total foreign holdings of US assets were USD 33.0 trillion, with significant contributions from the euro area and Asia [10]. 3. **Tariff Impacts**: The recent tariffs imposed by the US on China have led to a significant increase in the effective tariff rate on Chinese imports, raising concerns about the economic impact on both countries [13][30]. 4. **Asia FX Strategy**: The strategy includes a high conviction level for short positions on CNH against an abridged CFETS basket, targeting a 5% gain by the end of May [12][13]. 5. **Interest Rate Expectations**: The call discusses expectations for interest rate cuts in various regions, including a potential cut by the Bank of Korea (BOK) and the Monetary Authority of Singapore (MAS) [31][32]. Important but Overlooked Content 1. **Economic Growth Concerns**: The economic outlook for Thailand has been downgraded, with expectations of a sharp decline in export growth and a potential cut in the Bank of Thailand's policy rates [16]. 2. **Market Sentiment**: The sentiment around the USD remains cautious, with expectations of a volatile snap-back in response to market dynamics and potential policy changes from the Trump administration or the Fed [11][20]. 3. **China's Economic Data**: Upcoming economic data releases from China are critical, with expectations of slowing growth and potential stimulus measures being closely monitored [14][30]. 4. **Singapore's Monetary Policy**: The MAS is expected to announce a zero slope of appreciation, which could lead to a significant impact on the S$NEER and front-end rates [15][32]. 5. **Global Economic Interdependencies**: The interconnectedness of global markets is emphasized, particularly how US tariff policies affect other economies, including those in Asia and Europe [22][27]. Conclusion The conference call provides a comprehensive overview of the current state of global markets, particularly focusing on foreign exchange strategies and the implications of US tariff policies on international investments. The insights into economic forecasts, market sentiment, and strategic recommendations highlight the complexities and interdependencies of the current financial landscape.

Summary of Key Points from the Conference Call Industry Overview - The focus is on the US economy, particularly regarding sluggish growth, firming inflation, and the Federal Reserve's stance in 2025. The economic outlook is influenced by trade relations, especially with China, and tariff policies [1][3][11]. Core Insights and Arguments - **Tariff Delays and Trade Relations**: The White House has delayed reciprocal tariffs for 90 days, which may open negotiations to lower tariff rates for non-China trading partners. However, the effective tariff rate remains at 23%, the highest in a century, with 145% tariffs on imports from China and 84% on US imports by China. This situation poses risks of a sudden stop in trade flows [3][4][10]. - **Impact of Tariffs on Business Confidence**: Elevated and prolonged uncertainty from tariffs can negatively affect business confidence, spending, and hiring. Historical data shows a negative relationship between employment growth and rising uncertainty, particularly when business confidence is low [6][8][9]. - **Economic Growth Forecast**: The forecast for real GDP growth is 0.6% in 2025 and 0.5% in 2026, driven by decelerating growth in consumption, nonresidential fixed investment, and net exports. Headline and core PCE inflation are expected to rise to 3.5% and 4.0% by year-end, respectively [11][12]. - **Federal Reserve's Policy Outlook**: The Fed is expected to maintain its current stance with no rate cuts in 2025, with a potential rate-cutting cycle beginning in March 2026. The terminal rate is projected to be between 2.50% and 2.75% by late 2026 [12]. Additional Important Insights - **GDP Tracking**: The GDP tracking estimate for Q1 2025 has decreased to 0.2% from 0.3%, primarily due to a slowdown in wholesale inventory investment. Private final domestic demand remains stronger at 1.3% growth [13][14]. - **Comparison of GDP Trackers**: The Atlanta Fed's GDP tracking is weaker than Morgan Stanley's, while the NY Fed's measure remains stronger throughout the quarter [14]. - **Small Business Optimism**: The NFIB Small Business Optimism Index fell to 97.4 in March, indicating a decline in business confidence for the first time since the November election [9]. This summary encapsulates the critical points discussed in the conference call, highlighting the economic outlook, tariff implications, and the Federal Reserve's anticipated actions.

Investment Rating - The report indicates a cautious outlook for exports, expecting growth to slip below 5% year-on-year in April 2025 [5][8]. Core Insights - Exports surged year-on-year in March 2025, but this is attributed to normalization from the residual effects of the Lunar New Year seasonality rather than a genuine improvement in underlying momentum [3][8]. - The first quarter of 2025 saw export growth decrease to 5.7%, down from 9.9% in the fourth quarter of 2024, influenced by fading front-loading and tariffs related to Fentanyl [3][8]. - Imports showed modest recovery with a growth rate of -4.3% in March 2025, compared to -8.4% in January-February, primarily affected by significant declines in iron ore and coal imports [4][8]. Summary by Sections Exports - March 2025 exports reached $314 billion, showing a year-on-year growth of 12.3%, but the underlying momentum is weakening [7]. - Exports to the US decreased from 10.5% growth in Q4 2024 to 5.0% in Q1 2025, indicating a shift in performance [3][7]. Imports - Total imports in March 2025 were $211 billion, with a year-on-year decline of 4.3% [7]. - Key products contributing to import declines include iron ore (-27%) and coal, reflecting ongoing steel production cuts [4][7]. Outlook - The report anticipates that export growth will soften further due to substantial US tariffs on China, although front-loading in supply-chain trade and electronics may provide some short-term relief [5][8]. - The front-loading of the National People's Congress's RMB 2 trillion stimulus is expected to mitigate the impact of tariffs in the second quarter of 2025 [8].

Core Insights - Goldman Sachs Group reported strong Q1 2025 earnings, surpassing expectations in both EPS and revenue [1] - The firm demonstrated robust performance in its Global Banking & Markets division despite economic uncertainties [2] Financial Performance - Q1 2025 GAAP revenue reached $15.06 billion, exceeding the $14.77 billion estimate, and showing a 6.0% increase from Q1 2024's $14.21 billion [3] - Diluted EPS (GAAP) was $14.12, significantly higher than the anticipated $12.33, marking a 21.9% increase from $11.58 in Q1 2024 [3] - Net earnings (GAAP) for Q1 2025 were $4.74 billion, up 14.7% from $4.13 billion in Q1 2024 [3] - Operating expenses (GAAP) totaled $9.13 billion, a 5.4% increase from $8.66 billion in Q1 2024 [3] - Book value per share (GAAP) increased to $344.20, reflecting a 7.2% rise from $321.10 in Q1 2024 [3] Business Segments Overview - Goldman Sachs operates through three main segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions, each with distinct revenue drivers [4] - The Global Banking & Markets segment generated $10.71 billion in GAAP net revenues for Q1 2025, a 10% increase from Q1 2024, driven by strong equities and fixed-income performance [5] - Asset & Wealth Management experienced a 3% revenue decline in Q1 2025 compared to Q1 2024, attributed to lower gains in equity and debt investments despite higher management fees [5] - Platform Solutions reported GAAP net revenues of $676 million in Q1 2025, a slight decrease from Q1 2024, primarily due to lower transaction banking revenues [6] Strategic Focus and Future Outlook - The company aims to enhance technological capabilities, particularly through AI, to improve operational efficiency and client experiences [4][8] - Goldman Sachs is committed to sustainable financing, with a goal to deploy $750 billion in this area by 2030 [9] - Management is optimistic about the firm's future role in global banking and market-making while addressing regulatory challenges [8][9]

13 April 2025 | 6:39PM HKT China: Three things in China Three quick highlights from China: n Cutting GDP forecasts on higher tariffs: With the US effective tariff rates on Chinese goods shooting up to more than 100%, Chinese exports to the US are likely to decline dramatically. We expect policymakers to step up easing efforts significantly and have raised our estimate of the "augmented fiscal deficit" to 14.5% of GDP from 13.8%. That said, we think achieving the government's "around 5%" GDP growth target th ...

13 April 2025 | 9:24PM HKT Asia in Focus How Easily Can US Importers Pivot Away from Chinese Suppliers? (Song/Chen) Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) L.L.C. Lisheng Wang +852-3966-4004 | lisheng.wang@gs.com Goldman Sachs (Asia) L.L.C. Xinquan Chen +852-2978-2418 | xinquan.chen@gs.com Goldman Sachs (Asia) L.L.C. Yuting Yang +852-2978-7283 | yuting.y.yang@gs.com Goldman Sachs (Asia) L.L.C. Chelsea Song ...

13 April 2025 | 7:27PM HKT China: Macro CIO Tour Takeaways Following a week marked by rapid tariff escalations and heightened market volatility, we hosted our China Macro CIO Tour in Beijing on April 11th. Discussions were predominantly centered around US tariff-related topics. Our speakers also addressed issues including the property market's recovery, potential government strategies to offset the impact of tariffs, and the growth outlook for the year. Key takeaways are summarized below. 1. Size of US Tari ...

USA: GS Economic Indicators Update (Rindels) 7 April 2025 | 1:52PM EDT Please find an update of our proprietary economic indicators below. The data behind these exhibits can be downloaded here. Interactive charts can be found on our living page here. The nominal GS US Financial Conditions Index tightened by 42.5bp to 99.95 over the last week, mostly due to lower equity prices, and the real GS US FCI tightened by 50.2bp to 99.62: Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec P ...