New this morning from cnbc. com, JP Morgan is moving into the next phase of its AI strategy, unveiling a new blueprint that could make it the world's first AI powered bank. Joining us right now is CNBC's Hugh Sun.He got a look at this and is here to tell us all about it. Hey Hugh, what what's this look like. What's it feel like.>> Hey, good morning Becky. Yeah. So we got the first uh demonstration that any outsider has seen of LLM suite which is basically their portal uh that connects LLMs from folks like O ...

Goldman Sachs strategists expect the "depressed" European IPO market to accelerate over the coming months https://t.co/zt5e5F4hqt ...

Accessibility StatementSkip Navigation Firm strengthens multi-asset infrastructure and adds senior talent as part of next phase of strategic growth NEW YORK, Sept. 30, 2025 /PRNewswire/ -- Oppenheimer & Co. Inc. — a leading investment bank, wealth manager and subsidiary of Oppenheimer Holdings (NYSE: OPY) — today announced the expansion of its Custody and Prime Services (CAPS) platform, designed to better serve the evolving needs of small- and mid- sized hedge funds, investment managers, and family offices. ...

Wall Street's M&A rebound got a boost on Monday with the biggest take-private buyout in years, but experts are warning that the hiring landscape isn't showing the same signs of revival. Video game producer Electronic Arts on Monday said it would be sold for $55 billion in a transaction hammered out by bankers at Goldman Sachs and JPMorgan. The price tag marks it the biggest take-private deal since the M&A boom in 2007 that preceded the global financial crisis. Though that's welcome news for everyone's leag ...

Core Insights - Goldman Sachs has raised concerns about potential market shocks that could disrupt the current 'Goldilocks' economy, characterized by balanced growth without inflation or recession [1][3][4] Economic Overview - The 'Goldilocks' economy is defined as a balanced economic scenario, with the S&P 500 index near its all-time high, indicating high investor confidence [2] - Despite the current stability, there are looming risks related to growth and interest rates as year-end approaches [4] Identified Risks - Goldman Sachs' chief global equity strategist identified three potential 'bears' that could disrupt the economic equilibrium: 1. A growth shock, potentially from rising unemployment or setbacks in AI advancements 2. A rate shock, if the Federal Reserve does not implement further rate cuts 3. A new dollar bear, which could lead to a 10% devaluation of the dollar, deterring foreign investment in the U.S. market [3][4] Market Sentiment - Despite the identified risks, no significant market downturn is anticipated in the near term, as echoed by Cleveland Fed President Beth Hammack [4] - The AI sector is experiencing significant growth, with companies like NVIDIA at the forefront, raising concerns about a potential market bubble due to overvaluation [5][6] Market Performance - The S&P 500 has shown strong performance entering the historically robust fourth quarter, with year-to-date gains of 13.52% for the SPDR S&P 500 ETF Trust and 17.35% for the Invesco QQQ Trust ETF [8]

As reported by Bloomberg, Raghavan directly approached Citi chief executive Jane Fraser in 2023, when she was struggling to find a leader for investment banking. He pitched himself as the one who could revive the division. Within days, he was on a flight to New York and sealed the deal.Since his arrival, Citi has gained ground in investment banking. The bank has advised on marquee transactions such as Johnson & Johnson’s $14.6 billion acquisition of Intra-Cellular Therapies and Nippon Steel’s $15 billion t ...

Core Insights - Jefferies Financial Group Inc. reported its highest fiscal third-quarter revenue ever, driven by a strengthening environment for dealmaking and trading activity globally [1][2]. Revenue Performance - Total revenue for the three months ending in August increased by nearly 22% to $2.05 billion, marking the highest third quarter in the firm's history and the most revenue for any quarter since Q1 2021 [2]. - Investment banking revenue grew by 17% to $1.09 billion, with advisory revenue reaching almost $656 million, the best quarter ever for this segment [8]. Trading and Advisory Strength - The last quarter was noted as the best period for advisory revenue, attributed to increased deal activity and improved market conditions [3]. - Trading activity also saw a year-over-year increase, with Jefferies' capital-markets unit generating $723 million in revenue, up 6.9% from the previous year [6]. Market Outlook - Jefferies' executives expressed optimism about the near- and long-term outlook, citing a rebound in market sentiment and a trend of strengthening corporate mergers and acquisitions [4][7]. - The firm indicated that the momentum seen since May and June is expected to continue, with increasing dialogue around initial public offerings and mergers and acquisitions [5][9]. Asset Management Growth - Asset-management net revenue nearly tripled to almost $177 million from $59 million a year earlier, driven by improved performance across fund strategies [9].

Summary of Morgan Stanley Global Macro Forum - China Watch Industry Overview - **Focus**: The report centers on the Chinese economy and its implications for various markets, particularly in the context of potential stimulus measures and macroeconomic trends. Key Points Economic Outlook - **Real GDP Growth**: Projected to slow to **4.5%** year-on-year in the second half of 2025, with persistent deflationary pressures [6][64] - **Policy Adjustments**: Anticipation of modest stimulus measures ranging from **RMB 0.5 trillion to 1 trillion** in early Q4 2025, aimed at infrastructure and consumption [64] Policy and Structural Reforms - **Fourth Plenary Session**: Expected discussions on the 15th Five-Year Plan (FYP) will provide insights into structural reforms, focusing on social welfare reform as a key policy lever [8][9] Equity Market Insights - **MSCI China Performance**: Strong returns in 2024 and year-to-date 2025 attributed to earnings growth and P/E re-rating, with MSCI China trading at discounts compared to other major global equity markets [12][15] - **Earnings Consistency**: Offshore market has shown in-line quarterly earnings results for three consecutive quarters [15] Currency and Credit Market Dynamics - **RMB Appreciation**: Mild appreciation of the RMB against the USD expected through 2026, influenced by foreign investor behavior and local market dynamics [26][64] - **China USD Credit Market**: Tight credit spreads supported by strong demand and negative net supply since 2022, with expectations for increased Dim Sum bond supply driven by foreign issuers [41][44] Commodities Market - **Metals Demand**: Strong year-to-date demand and exports for metals, with precious metals leading the performance, although some indicators show signs of slowing [49][54][64] - **Anti-Involution Policy Impact**: The policy has provided support for raw materials and processing fees, contributing to the overall demand in the commodities sector [54][64] Broader Market Implications - **Asia Rates and FX**: Limited spillover effects from China to the broader Asia region, with local dynamics and UST movements being more significant for local yields [34][64] - **Investor Sentiment**: Improved sentiment towards quality large-cap stocks and private firms, indicating a potential shift in investment strategies [64] Additional Insights - **Gradual RMB Appreciation**: Signals indicate a stable FX conversion for exporters, with no significant further rally expected in the absence of external pressures [29][64] - **Demand Indicators**: Some demand indicators for commodities are showing signs of overstretching, suggesting a need for cautious positioning [59][64] This summary encapsulates the critical insights from the Morgan Stanley Global Macro Forum regarding the Chinese economy, its equity markets, currency dynamics, and commodities, providing a comprehensive overview for investors and stakeholders.

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China economy** and its **social welfare reforms** within the context of the **Five-Year Plan** and the **15th Five-Year Plan (FYP)** [1][3][10]. Core Insights and Arguments - **Incremental Fiscal Measures**: Anticipation of quasi-fiscal measures in late Q3 and Q4 2025 due to domestic demand slowing more than expected [3][4]. - **Infrastructure Investment**: Introduction of Rmb500 billion in new policy-based financial instruments to serve as seed capital for infrastructure investment, alongside Rmb1 trillion in policy bank loans to support local governments [3][4]. - **Housing Inventory Management**: Emphasis on social spending rather than bailouts to address housing inventory issues, particularly in lower-tier cities facing elevated inventory levels [5][7][9]. - **Social Welfare Spending**: Noted that social welfare spending in China is rising amid population aging, but remains low from a global perspective [12][20]. - **Pension System Disparities**: Highlighted the skewed fiscal subsidies towards urban employees, with long-term funding for social insurance under pressure due to demographic changes [17][20]. Important but Overlooked Content - **Urban-Rural Pension Disparity**: Discussion on how to narrow the urban-rural disparity in the pension system, with a focus on increasing rural pension benefits, which would incur a modest additional fiscal burden but lead to long-term underfunding [15][20]. - **Trade Performance**: Noted divergent performance in trade, with US-bound shipments remaining stagnant while overall container throughput increased, indicating a potential shift in trade dynamics [24][25]. - **Domestic Demand Trends**: Observations on the cooling of domestic demand, particularly in retail growth for autos and online home appliances, with emerging industries showing a decline in PMI [27][28]. Data Highlights - **Housing Inventory**: 6.1 million units of residential inventory reported, with lower-tier cities facing more pressure compared to tier 1-2 cities [6][7]. - **Social Welfare Spending**: Social welfare spending as a percentage of GDP has been increasing but remains low compared to other countries [12][13]. - **Pension Fund Balance**: The outstanding pension fund balance is projected to face significant challenges without reforms, especially with delayed retirement scenarios [18][20]. This summary encapsulates the critical insights and data points discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the Chinese economy and its social welfare reforms.

KKR and Morgan Stanley are pouncing on the biggest shift in decades in South Korea’s $153 billion residential rental market that’s presenting a rare opportunity to global institutions https://t.co/nCC6hiRBbG ...