13 June 2025 | 7:27PM BST Global Rates Trader Inflation Offers Relief, Oil Offers Risks Inflation relief for global bond markets was short-lived as geopolitical tensions saw oil prices move sharply higher into the weekend. Even with some improvement in the underlying growth versus inflation trade-off and signs of duration risk appetite finding better footing, the macro impediments to a sharp move lower in US yields remain largely in place. Heading into the June FOMC decision, we continue to think any sustai ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the current state of global markets, particularly focusing on equities and fixed income, with insights into macroeconomic conditions and geopolitical factors affecting market dynamics [1][2][3]. Core Insights 1. **Market Performance**: The S&P 500 index has slightly declined, remaining 3% below its February highs, indicating mixed market sentiment influenced by macroeconomic data and geopolitical tensions [1][2]. 2. **Debt and Deficit Concerns**: There is a growing concern regarding debt sustainability, which is seen as a significant structural risk. The macro environment suggests that risky assets are still performing well despite these concerns [6][8]. 3. **US Economic Growth**: The US economy is projected to grow at approximately 1.25% in 2025 and 1.8% in 2026, indicating a deceleration but not a significant downturn. Consumer spending remains resilient despite uncertainties [12][13]. 4. **Equity Market Dynamics**: The equity market is perceived as reflecting future productivity growth driven by AI advancements. However, there are concerns about the quality of signals from certain tech stocks, particularly non-profitable ones [6][20]. 5. **Japanese Equities**: The outlook for Japanese equities is mixed, with potential for growth but also risks associated with rising bond yields. Japan has underperformed compared to Europe and China [21]. 6. **Chinese Shareholder Returns**: The trend of increasing shareholder returns has reached China, with a notable rise in dividend payout ratios. However, this is not seen as a strong enough reason to heavily invest in China [22][23]. Additional Important Points 1. **High Yield Bonds**: US high yield bonds have shown strong performance recently, with yields near three-month lows and minimal down days in the past 15 sessions [25]. 2. **M&A Activity**: Contrary to claims that the M&A market is dead, large-scale M&A activity has increased by approximately 15% year-over-year for deals over $500 million [27]. 3. **Gold and Silver Trends**: Gold prices have continued to rise despite increasing real interest rates, indicating a potential shift in market dynamics. Silver has also recently broken out [35][38]. 4. **Market Sentiment**: The sentiment around earnings has shown a V-shaped recovery globally, particularly in the US, reflecting improved earnings quality as the reporting season progressed [30]. Conclusion - The overall market sentiment remains cautious but optimistic, with significant attention on debt sustainability, economic growth projections, and evolving trends in equity markets. The interplay between macroeconomic factors and market performance will be crucial to monitor in the coming months [11][12][19].

Core Insights - Keefe, Bruyette & Woods, Inc. announces index rebalancing for the second quarter of 2025, specifically affecting the KBW Nasdaq Premium Yield Equity REIT Index [1][2] - The rebalancing will take effect before the market opens on June 23, 2025, with SITE Centers Corp. being dropped from the index [2] Company Overview - KBW is a leading independent authority in the financial services sector, established in 1962, and is a wholly owned subsidiary of Stifel Financial Corp. [4] - The firm specializes in research, corporate finance, mergers and acquisitions, as well as sales and trading in equities securities of financial services companies [4]

以下文章来源于中金公司CICC ，作者中金公司 中金公司CICC . 中国国际金融股份有限公司（中金公司）成立于1995年，致力于为多元化的客户群体提供高质量金融增值服务，建立了以研究和信息技术为基础，投资银 行、股票业务、固定收益、资产管理、私募股权和财富管理全方位发展的均衡业务结构。 6月11日至13日，中金公司2025年中期投资策略会在上海成功举办。本次会议以"韧性与重构"为主题，来自政府机构、行业、学界的嘉宾和近500家上 市公司高管汇聚一堂，通过总量主题日的全体大会和之后两天的10场主题分会，围绕市场关注的中国经济与全球资产展望、地缘经济、AI大模型、具 身智能、新消费、高端制造等核心主题进行了前瞻讨论。活动现场，中金研究重磅专题《具身智能：AI下一站》《未来脉动：全球经济的国别视角》 《感受"带路"矿业的心跳》获得参会嘉宾的积极反馈，本次会议共吸引近4000人报名参会。 中金公司首席经济学家、研究部负责人、中金研究院院长彭文生，研究部执行负责人、首席策略分析师缪延亮，首席宏观分析师张文朗，美国宏观首席经济 学家刘政宁，国内策略首席分析师李求索，海外策略首席分析师刘刚发表主题演讲，展望2025年下半 ...

南方财经记者 黄子潇 深圳报道 "四年多的个人破产改革试点工作发现，住房公积金是个人破产债务人的重要偿债资金来源。"深圳市破 产事务管理署表示。 近日，深圳市司法局官网显示，深圳市破产事务管理署会同深圳市住房公积金管理中心、深圳破产法庭 联合印发《关于破产涉住房公积金事务高效办理的实施意见》（以下简称《实施意见》），深圳率先建 立"个人+企业"破产涉住房公积金事务高效办理机制。 深圳是国内率先开展个人破产改革试点的城市，至今已试点4年。2021年3月，《深圳经济特区个人破产 条例》经审议通过后正式实施。2024年12月，深圳市破产事务管理署进一步出台《深圳市个人破产管理 人团队人员管理办法》，旨在优化个人破产管理人"机构+团队"管理模式。 记者注意到，6月12日，该署发布关于提出个人破产管理人人选的公告，涉及5家律师事务所。 所谓个人破产制度，其核心在于保护"诚实而不幸"的债务人，这对以创业精神为标签的深圳至关重要。 6月13日，深圳个人破产案件信息网显示，从2021年6月至今共有1738条公开案件挂网。 住房公积金成为重要偿债资金来源 四年多的个人破产改革试点工作发现，住房公积金是个人破产债务人的重要偿债资 ...

Monetary Policy and Financial Data - The central bank reported that as of the end of May 2025, the broad money supply (M2) reached 325.78 trillion yuan, a year-on-year increase of 7.9% [1] - The narrow money supply (M1) stood at 108.91 trillion yuan, with a year-on-year growth of 2.3% [1] - In the first five months of 2025, RMB loans increased by 1.068 trillion yuan, while RMB deposits rose by 1.473 trillion yuan [1] - The total social financing stock at the end of May 2025 was 426.16 trillion yuan, reflecting a year-on-year growth of 8.7% [1] - The net financing of corporate bonds was 908.7 billion yuan, a decrease of 288.4 billion yuan year-on-year, while government bonds saw a net financing of 6.31 trillion yuan, an increase of 3.81 trillion yuan year-on-year [1] Market Dynamics - The Beijing Stock Exchange announced a continuation of the exemption from bond trading fees to stimulate market activity, effective until December 31, 2026 [4] - The central bank will conduct a 400 billion yuan reverse repurchase operation on June 16, 2025, to maintain liquidity in the banking system [5] - A 2,025 billion yuan reverse repurchase operation was conducted, resulting in a net injection of 675 billion yuan [6] Regional Developments - Hunan Province approved a budget adjustment plan that includes issuing 20 billion yuan in special bonds to address overdue payments to enterprises [7] - Qingdao City is restructuring several state-owned enterprises, planning to invest approximately 30 billion yuan in 87 major projects [9] Bond Issuance - Henan Capital Group has been approved to register 2 billion yuan in medium-term notes, with a validity period of two years [10] - Zhengzhou Development Investment Group has two bond projects under review by the Shenzhen Stock Exchange, totaling 5 billion yuan [11] - The issuance of 5 billion yuan in corporate bonds by Shangqiu Railway Investment Company was completed at an interest rate of 2.47% [13] - Luoyang Urban-Rural Construction Investment Group completed the issuance of 3 billion yuan in corporate bonds at an interest rate of 2.78% [14] - Jiyuan Jikang Technology Company plans to issue 1.5 billion yuan in corporate bonds [15] Credit Ratings and Regulatory Actions - The central bank approved the issuance of technology innovation bonds by several financial institutions, including CICC and CITIC Securities, with amounts up to 150 billion yuan [16] - The China Interbank Market Dealers Association has reduced or canceled 6.16 billion yuan in debt financing tool quotas for three companies [21] Market Sentiment - According to CITIC Research, the average issuance interest rate for technology innovation bonds in May was 1.77%, marking a new low and indicating high investor sentiment [24]

编 者 按 三是家庭养老金融模式由 "代际供养"向"自我养老"转变。 根据清华大学《中国养老金融调查报告（ 2023）》，61.64%的调查对象认为"自我养老"已成为最可靠的养老模式。在家庭结构日益小型化的今天，更 A 多家庭愿意通过主动参与养老金融的方式满足养老需求。 四是呈现 "政府主导，个人参与"的重要特征。 根据人社部数据，截至 2024年3月，我国基本养老保险参保人 数为10.7亿人；2024年末企业年金覆盖3242万职工；截至2024年6月，个人养老金开户人数超7200万人，这些 数据反映了我国养老金融体系的"三大支柱"正在稳步发展。 当前，全球正面临前所未有的人口老龄化浪潮，这一趋势正在迅速重塑各国的经济和社会结构，可能带来经济增长 潜力减弱、社会保障压力加剧等深远影响。近年来，党和政府高度关注人口老龄化问题。党的二十大报告提出：实 施积极应对人口老龄化国家战略，发展养老事业和养老产业，优化孤寡老人服务，推动实现全体老年人享有基本养 老服务。2023年中央金融工作会议明确指出要做好养老金融等"五篇大文章"。 作为金融健康的重要组成部分，养老金融健康建设，是社会经济发展、深化金融改革与构建和谐社会 ...

Group 1 - The company is reducing its mortgage banking income estimate due to a weak housing market [1] - The expected EPS for the company in 2025 has been revised down to $1.43 from a previous estimate of $1.67 [1]

Temenos ranked #1 in 13 categories in the IBSi Sales League table, including core, digital, payments and wealthGRAND-LANCY, Switzerland, June 13, 2025 (GLOBE NEWSWIRE) -- Temenos (SIX: TEMN), a global leader in banking technology, today announced it has been recognized as the #1 best-selling software provider in 13 categories in the IBSi Sales League Table (SLT) 2025. Temenos ranked #1 for core banking for the 20th consecutive year, while also topping the table for categories covering digital, payments, wea ...

Core Insights - Todd Eagle, a prominent real estate banker at Goldman Sachs, has left the firm to join Jefferies as the US head of real estate banking [1][2] - Eagle's departure marks a significant shift in the real estate banking landscape, as he has been a key figure at Goldman Sachs for over three decades [3][5] Company Transition - Eagle's name has been removed from Goldman Sachs' internal staff directory, indicating his official exit from the firm [1] - He will report to Michael Bluhm at Jefferies, who oversees global real estate, gaming, and lodging [2] Career Background - Todd Eagle has a long history with Goldman Sachs, having first joined as an analyst in 1990 and later becoming a managing director [3][5] - He has previously left Goldman twice, once for business school and again to focus on real estate investments, before returning to the firm [5] - Eagle has extensive experience advising on mergers, acquisitions, and financing opportunities in the real estate sector, particularly during his time in London [6]