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]

Strategists at Bernstein Societe Generale recommended buying Indian stocks with upward earnings revisions to navigate the market’s lofty valuations https://t.co/R3N4rORlx1 ...

Investment Rating - The report maintains an unchanged view on emerging markets (EM) inflows, driven by lower yields and a weaker USD, which are expected to support EM inflows [1][10]. Core Insights - A 1% decrease in the USD is projected to result in approximately US$360 million inflows into EM local markets [10][29]. - A 1% outflow from foreign US Treasury holdings into EM local markets could equate to around 3% of local debt market size, 48% of daily FX turnover, and 0.8% of GDP across GBIEM countries [10][39]. - Current valuations in sovereign credit show little risk premium for tariff policy, with idiosyncratic drivers being the main source of dispersion [10][44]. Summary by Sections EM Flows and USD Sensitivity - The analysis indicates that EM local flows are significantly influenced by USD movements, with historical data supporting this relationship [21][32]. - The report highlights that the relationship between USD weakness and EM inflows has been consistently negative and statistically significant over the past decade [32][36]. Sovereign Credit Strategy - The report notes that EMBI index spreads are trading close to historical lows, with minimal risk premium priced in for potential tariff impacts [44][45]. - Specific countries like Zambia are on the verge of a credit rating upgrade, which could enhance their debt carrying capacity [70][50]. Regional Strategies - In Latin America, the Mexican Peso (MXN) has shown mild long positioning despite recent rallies, with its performance linked to US risk appetite [3][62]. - The report emphasizes the importance of macroeconomic fundamentals in shaping currency performance, particularly in the context of upcoming elections in Chile [83]. Trade Recommendations - The report includes specific trade recommendations, such as buying Zambia's 2053 bond with a target price of 77, reflecting a positive outlook on its credit rating upgrade [70][61]. - It also suggests maintaining positions in Turkey's sovereign credit, anticipating gradual rate cuts and resilience against economic shocks [71][75].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Viewpoints - Trade uncertainty is expected to persist, impacting corporate confidence, capital expenditure (capex), and the overall trade cycle [6][36] - High-frequency data is anticipated to reflect negative impacts on the growth cycle in the upcoming 2-3 months [6][36] Summary by Relevant Sections Trade Negotiation Status - Vietnam is the only country that has secured a trade agreement, while negotiations with other economies remain unclear [6] - The US and China face significant challenges in reaching a comprehensive trade deal, particularly regarding transshipments and sectoral tariffs for pharmaceuticals and semiconductors [6][33] Economic Implications - The report highlights that if trade agreements are secured, the best-case scenario would be for tariff rates to remain at current levels [18] - If no progress is made, tariff rates could revert to levels announced on April 2, 2025, which would significantly impact various economies [18] Country-Specific Negotiation Updates - **China**: Current tariff rate is 42%, with ongoing negotiations regarding rare earth exports and chip design software [56] - **India**: Current tariff rate is 11%, with India emphasizing that trade agreements must align with national interests [56] - **Indonesia**: Current tariff rate is 15%, with a focus on securing a comprehensive trade deal covering critical minerals and energy [56] - **Japan**: Current tariff rate is 17%, with unresolved issues on auto tariffs and agricultural market access [56] - **Korea**: Current tariff rate is 16%, with ongoing negotiations to extend tariff pauses [56] - **Malaysia**: Current tariff rate is 8%, with limited updates following two rounds of negotiations [56] - **Taiwan**: Current tariff rate is 7%, aiming for a zero-tariff deal and increased US goods purchases [56] - **Thailand**: Current tariff rate is 11%, with proposals to reduce trade surplus with the US [56] - **Vietnam**: Current effective tariff rate is 20%, with commitments to remove tariffs on US goods [56] Tariff Rate Changes - The report indicates that the US trade-weighted tariff rates on imports from Asia have increased significantly, with potential further increases [13][14] - The emergence of a two-tiered tariff structure for imports from Vietnam highlights the US's focus on addressing transshipment issues [21][22] Economic Data Trends - High-frequency shipping indicators show a slowdown in activity, suggesting that the initial strength in trade may be waning [36][46] - Capital goods imports have held up, but there are signs of potential weakness in the coming months [36][41]