Core Insights - Morgan Stanley and Houlihan Lokey are the leading financial advisers in the M&A sector for Q1-Q3 2025, with Morgan Stanley leading by deal value and Houlihan Lokey by deal volume [1][2] Group 1: Morgan Stanley's Performance - Morgan Stanley advised on transactions totaling $51.5 billion in Q1-Q3 2025, maintaining its position as the top adviser by value [1][2] - The firm was the only adviser to surpass the $50 billion mark in total deal value during this period, despite a year-on-year decline [2] - Morgan Stanley participated in eight billion-dollar deals, including a mega deal valued at over $20 billion, which contributed to its top ranking by value [2] Group 2: Houlihan Lokey's Performance - Houlihan Lokey advised on 33 transactions in Q1-Q3 2025, showing significant improvement in deal volume compared to Q1-Q3 2024 [3] - The firm's ranking by value improved from 10th position to the top position due to this increase in deal volume [3] Group 3: Competitors' Performance - Evercore ranked second in deal value with $46 billion in M&A deals, followed by JP Morgan with $43.7 billion, UBS with $39.1 billion, and Goldman Sachs with $38 billion [3] - In terms of deal volume, Stifel/KBW ranked second with 32 deals, Piper Sandler third with 31 deals, and Goldman Sachs and JP Morgan secured fourth and fifth positions with 24 and 20 deals, respectively [4] Group 4: Data Source and Methodology - GlobalData's league tables are based on real-time tracking of various reliable sources, including company and advisory firm websites [5] - A dedicated team of analysts gathers in-depth details for each deal, ensuring the robustness of the data [5]

Core Insights - Lazard's profit increased in the third quarter, reflecting a rise in dealmaking activity, which aligns with trends observed among larger Wall Street competitors [1] Company Performance - The uptick in Lazard's profit is attributed to heightened dealmaking activity, indicating a positive market environment for investment banking [1] Industry Trends - The increase in Lazard's profit mirrors similar gains reported by larger Wall Street firms, suggesting a broader recovery or growth in the investment banking sector [1]

Core Insights - Lazard, Inc. reported net revenue of $748 million and record adjusted net revenue of $725 million for Q3 2025 [1] - For the first nine months of 2025, Lazard's net revenue reached $2,192 million with adjusted net revenue of $2,138 million [1] - The company reported a net income of $71 million or $0.65 per share for Q3 2025 on a U.S. GAAP basis [1] - For the first nine months of 2025, net income on a U.S. GAAP basis was $187 million [1]

Core Insights - Goldman Sachs ranked first by deal value in the construction M&A sector, advising on transactions totaling $33.2 billion during the first three quarters of 2025 [1][2] - Houlihan Lokey led by deal volume, providing services on 12 transactions, improving its ranking from third position in Q1-Q3 2024 to the top position in Q1-Q3 2025 [1][3] Deal Value Analysis - The total value of deals advised by Goldman Sachs more than doubled quarter-on-quarter during Q1-Q3 2025, leading to an improvement in its ranking from fourth to first [2] - Eight of the ten deals advised by Goldman Sachs were billion-dollar deals, including a mega deal valued at over $10 billion, contributing to its significant increase in deal value [3] Competitor Rankings - JP Morgan secured the second spot in deal value, advising on $26.4 billion worth of transactions, followed by Bank of America with $24.4 billion, Jefferies with $21.6 billion, and Morgan Stanley with $20.2 billion [4] - In terms of volume, Jefferies and Lazard each completed 11 deals, while Goldman Sachs and JP Morgan advised on ten deals [4] Data Source and Methodology - GlobalData's league tables are based on real-time tracking of various reliable sources, with a dedicated team of analysts monitoring these sources for in-depth deal details [5]

高盛指出，这些"粘性"资金流主要来自： 央行季节性购买： 尽管本周黄金价格一度累跌超8%，但高盛依然保持坚定的看涨立场。 追风交易台消息，10月22日，高盛分析师Lina Thomas和Daan Struyven发表研报，重申其2026年底4900美元/盎司的目标价，并强调这一预测甚至存在"上 行风险"。 高盛认为，当前的抛售主要是由投机性头寸平仓和白银市场的溢出效应导致，并非基本面恶化。真正的"聪明钱"，包括各国央行、超高净值人士和长期资 产配置机构在内的结构性买盘仍在持续流入。 高盛进一步强调由于大型机构投资者配置需求的苏醒，4900美元/盎司的目标价甚至存在"上行风险"。周三现货黄金一度跌至4000美元关口上方，但随后 受支撑反弹。 （周三现货黄金4000美元上方宽幅震荡） 结构性买盘支撑金价上涨逻辑 与投机性资金的快进快出形成鲜明对比，高盛强调，支撑金价长期走牛的"粘性"（sticky）结构性需求在9月至10月期间依然强劲。 报告进一步揭示了金价未来更大的潜在驱动力，即大型长期资本配置者的持续入场。 高盛指出，近期ETF流入的速度和客户反馈显示，许多长期资本配置者，包括主权财富基金、各国央行、养老基金 ...

Nomura's CEO sees more scope to get business from Japanese investors who are looking to private markets as a way to diversify their assets https://t.co/cMTVt11a4e ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **Asia Pacific** region, particularly the economic impacts of **China's deflationary pressures** on other Asian economies. Core Insights and Arguments 1. **China's Deflationary Environment**: - China's economy has been experiencing deflation for 10 consecutive quarters, with a GDP deflator of -1.0% as of Q3 2025, indicating persistent deflationary pressures [2][4][44]. - The non-commodity Producer Price Index (PPI) in Asia excluding China is also declining, influenced by China's trade surpluses and excess capacity [1][10]. 2. **Impact on Asia Ex China**: - The report identifies **Thailand, Malaysia, and Korea** as the most exposed economies to China's deflationary pressures, while **Australia and Japan** are the least exposed [3][76][80]. - The PPI for Thailand is at -1.2%, Malaysia at -5.0%, and Korea at 0.7%, indicating varying levels of exposure to deflation [76]. 3. **Central Banks' Response**: - Central banks in Asia are likely to continue easing monetary policy, as inflation is within or below comfort zones for eight out of ten economies in the region [5]. 4. **Trade Dynamics**: - China's trade surplus has increased significantly, from **US$890 billion** in September 2024 to **US$1,174 billion** currently, with exports to the US declining by **27%** year-on-year [56][62]. - The share of Asia ex China in China's exports has risen from **39%** to **41%** [10]. 5. **Sectoral Analysis**: - Sectors most affected by China's deflation include **motor vehicles, electronics, and battery manufacturing**. These sectors are experiencing significant pricing pressures due to competitive dynamics with China [67][70]. - The report highlights that **13 out of 14 non-commodity manufacturing sectors** in China are seeing price declines, with pharmaceuticals and automotive sectors being particularly impacted [47][52]. Additional Important Insights 1. **Risks to the Economic Outlook**: - Potential risks include stronger global growth or intensified anti-involution efforts in China, which could alter the current deflationary trajectory [6]. 2. **Framework for Assessment**: - A scorecard approach is introduced to assess the exposure of Asian economies to China's deflation, considering factors like PPI weight, correlation with China's PPI, and export similarity [3][75]. 3. **Long-term Implications**: - Without significant stimulus to boost demand, achieving a sustained exit from deflation in China remains challenging, which will continue to affect the broader Asian economic landscape [4][43]. 4. **Sector-Specific Pricing Trends**: - Pricing trends in key sectors such as **autos and batteries** remain weak, with significant price declines noted in recent months [52][54]. 5. **Comparative Analysis of Economies**: - Japan and Australia show resilience with positive PPI growth, indicating lower exposure to deflationary pressures compared to their Asian counterparts [80][81]. This summary encapsulates the critical insights from the conference call, highlighting the interconnectedness of China's economic conditions and their implications for the broader Asia Pacific region.

New York, Oct. 22, 2025 (GLOBE NEWSWIRE) -- Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of an initial public offering (the “Offering”) of 1,725,000 class A ordinary shares, par value US$0.0000001 per share (the “Class A Ordinary Shares”), including 225,000 Class A Ordinary Shares issued as a result of the full exercise by the underwriters of their over-allotment option, at ...

Investment Rating - The report indicates a negative sentiment for US equities with a sentiment indicator reading of -0.6, suggesting a cautious outlook for the market [5]. Core Insights - Despite recent market anxiety driven by de-grossing and tariff concerns, the positioning in the market has returned to a more favorable state, with elevated panic indicators that are not widespread. The medium-term growth outlook into 2026 remains positive, supported by policy, strong balance sheets, and increased investment in AI [2][6]. - The sentiment indicator data shows that 2025 stands out in terms of US equity positioning and sentiment, particularly when compared to 2024 [6][7]. - The report highlights that while certain sectors of the equity market appear well-subscribed, the overall market sentiment remains relatively unloved due to past policy uncertainties [14]. Summary by Sections Sentiment Indicator Analysis - The sentiment indicator tracks investor positioning across over 80% of the US equity market owned by institutional, retail, and foreign investors [13]. - Historical data shows that the best years for sentiment readings include 2024 with +1.00 and a 23% increase in the S&P 500, while the worst year was 2022 with -1.20 and a 19% decrease in the S&P 500 [10][11]. Technical Analysis - Trend-following funds are heavily net long across major equity futures, with only a marginal reduction in exposure recently, estimated at $2 billion globally. The model-implied flows remain modest, indicating limited risk of liquidity issues unless a significant market shock occurs [15][18].

Financial Performance Highlights - Net revenue for 3Q25 reached $1429 million, with Year-To-Date (YTD) revenue at $3969 million[4] - GAAP net earnings for 3Q25 were $202 million ($1.84 EPS), and non-GAAP net earnings were $214 million ($1.95 EPS)[4] - Year-to-date GAAP net earnings reached $391 million ($3.56 EPS), while non-GAAP net earnings were $454 million ($4.13 EPS)[4] - The company's book value per share is $49.74, with a tangible book value per share of $34.99[4] Global Wealth Management (GWM) - GWM net revenue for 3Q25 was $907 million, a 10% increase year-over-year[15] - Transactional revenue within GWM reached $203 million, up 5% year-over-year[20] - Asset management revenue in GWM was $431 million, a 13% increase year-over-year[20] - Total client assets in GWM reached $544010 million, a 10% increase year-over-year[22] Institutional Group - Institutional Group revenue for 3Q25 was $500 million, a 34% increase year-over-year[15] - Advisory revenue within the Institutional Group was $179 million, up 31% year-over-year[36] - Capital raising revenue in the Institutional Group was $138 million, a 38% increase year-over-year[36] Expenses and Capital - Compensation expense for 3Q25 was $829 million, a 17% increase year-over-year[43] - Non-compensation expense for 3Q25 was $298 million, a 7% increase year-over-year[43]