ABU DHABI/SINGAPORE, Dec 10 - Asian investors are piling into Gulf bonds and loans this year, reflecting both deepening trade and finance ties with the fast-growing region and an uncertain outlook elsewhere, including the world's top two economies, the United States and China. Bond issuance in ​the Middle East and North Africa region jumped 20% year-on-year to $126 billion in the first nine months of this year, according to LSEG data, ‌with full-year records in sight both for the region and broader emergi ...

PresentationAndrew TaylorFounder, MD, CEO & Director Good morning, everyone. Thank you for attending the webinar this morning. I'll just give another 30 seconds. I see there's a few more people jumping on. Okay. Good morning, everyone. I'll kick things off. Thank you for joining me today for this end of year wrap. Long overdue. So really excited about presenting our progress to date. And I know there's been a lot of questions specifically about the business and really what we're doing. So hopefully, this is ...

Microsoft commits USD 17.5 billion investment in India: CEO Satya NadellaMicrosoft plans to invest USD 17.5 billion (around Rs 1.58 lakh crore) in India to help build infrastructure, skills, and sovereign capabilities needed for the country’s AI future, CEO Satya Nadella said on social media platform X.“To support the country’s ambitions, Microsoft is committing USD17.5B—our largest investment ever in Asia—to help build the infrastructure, skills, and sovereign capabilities needed for India’s AI-first futur ...

Core Insights - The discussion highlights the challenges faced by individuals who have paid off debt but struggle with credit scores due to lack of revolving credit [1][2] - The emphasis is on maintaining a debt-free lifestyle, with advice against acquiring new debt to improve credit scores [2] Group 1: Debt Management - Marsha from San Antonio shared her experience of paying off her house and car, only to discover her credit score was zero due to no revolving credit [1] - Ramsey reinforced that the primary goal was to eliminate debt, not to incur new debt for the sake of improving credit scores [2] Group 2: Credit Score Misconceptions - Co-host Jade Warshaw recounted her experience of expecting her credit score to drop to zero, only to find that the free site she used did not reflect her actual score [3] - The narrative illustrates a common misconception that a zero credit score is desirable, while in reality, it can hinder financial opportunities [3]

Core Viewpoint - Standard Chartered has revised its year-end Bitcoin price expectation to $100,000, down from a previous target of $200,000, indicating a significant adjustment in its outlook for the cryptocurrency market [1] Group 1 - Bitcoin's price has been climbing recently, prompting Standard Chartered to update its forecast [1] - The new target of $100,000 reflects a more conservative stance compared to the earlier projection [1]

We start off with today's big reversal in JP Morgan shares plunging into the red midday after the company's consumer banking chief told investors that 2026 expenses will rise to $ 105 billion. That's more than 10% higher than this year, more than what analysts were forecasting. Those comments at the Goldman Sachs Financial Services Conference pulling down other bank names like Bank of America, Wells Fargo, and City.Our Leslie Picker is here on set with more on this. It was a big decline for those comments. ...

Group 1: Energy Sector - Equinor (EQNR) ranks first with an Acquirer's Multiple (AM) of 2.3 and a free cash flow yield of 11.9%, demonstrating efficient conversion of commodity income into excess cash despite market pessimism regarding earnings normalization [2] - Petrobras (PBR) is highlighted as one of the cheapest major producers with an AM of 4.3 and a remarkable 27.7% shareholder yield, indicating strong operational execution amidst political challenges [3] Group 2: Financial Sector - Synchrony Financial (SYF) appears with an AM of 2.6 and a 9.0% shareholder yield, yet the market undervalues its strong fundamentals due to fears of a consumer-credit downturn [4] Group 3: Global Diversification - Kaspi.kz (KSPI) shows an extraordinary 42.7% free cash flow yield and an AM of 5.4, with its fintech ecosystem underappreciated by Western investors despite delivering strong returns and margin expansion [5] Group 4: Materials Sector - Alcoa (AA) has an AM of 6.7 and a 4.5% free cash flow yield, positioned for upside as metals sentiment remains cautious, with investors pricing in prolonged commodity weakness [6] Group 5: Defensive Value - A mix of utilities and essential-service companies are appearing at attractive valuations, providing reliable earnings and stable cash flow, serving as a counterweight to the more volatile sectors [7] Group 6: Macro Context - The market shows a consistent pattern of deep value in Energy, Financials, and Materials, with these sectors generating robust free cash flow and improving balance sheets, yet facing market pricing that may overstate risks [8] Group 7: Bottom Line - The analysis indicates that the deepest value exists in capital-intensive companies producing significant free cash flow, presenting a durable source of potential alpha for disciplined value investors [9]

Core Viewpoint - Wall Street traders are anticipating a 90% chance of a quarter-point rate cut from the Federal Reserve, which is expected to support the market and potentially lead to a year-end rally [1][4][6] Economic Sentiment - The University of Michigan Consumer Sentiment survey showed a slight increase in December, indicating consumers are feeling "slightly less miserable" than before, which could signal a potential bottom for stocks [2][3] - Consumer inflation expectations dropped from 4.5% to 4.1%, marking the most significant decline since July [3] Labor Market and Real Estate - The ADP private payrolls report indicated a loss of 32,000 jobs in November, reflecting labor market weakness [4] - There is a noted deflation in real estate, with softening home and rental prices contributing to concerns about deflation rather than inflation [4] Consumer Confidence - The Conference Board's consumer confidence index fell to 88.7 in November from 95.5 in October, representing the largest decline in seven months [4] Market Performance Expectations - Historically, the second half of December has been a strong period for stocks, with average gains of 1% and positive performance 70% of the time [6] - The expectation is for a year-end rally, potentially starting as early as this week [6][7] Bitcoin Market Dynamics - Bitcoin's recent selloff was attributed to excessive leverage among traders, but the market has stabilized as forced liquidations ceased [14][15] - The 50-week moving average is a critical level for Bitcoin; a rejection at this level could signal a bearish trend, while a successful breach could indicate a bullish trend [17][18] Future Projections for Bitcoin - Bitcoin is projected to approach the 50-week moving average near $100,000 by December 2025, with strong macro tailwinds expected to support this movement [20] - The outlook for 2026 suggests that Bitcoin will transition from a speculative asset to a structural growth sector, driven by stablecoin adoption and broader market integration [22]

Market Overview - Major stock indices are experiencing little movement, with the Dow down 0.2%, while the S&P 500 and Nasdaq are slightly higher. The Russell 2000 is near all-time highs [2] - Bitcoin has seen a significant increase, up over 4% and hovering around $94,000 per token [2] - Strategists are cautious about chasing rallies due to expectations of a hawkish cut from the Fed, with a potential 25 basis point cut but indications of a pause in January [3] Precious Metals - Silver futures have reached an all-time high of over $61 per ounce, marking a 100% increase year-to-date [5] - Gold is also performing well, up approximately 60% year-to-date, with Wall Street expecting further gains next year, forecasting $4,500 by mid-2026 and a bull case of $5,000 [5] Federal Reserve Insights - The Fed is expected to cut rates by 25 basis points, but there may be dissent among members regarding the pace of future cuts, with predictions of 2 to 5 dissents [21][22] - The Fed's decision is influenced by the current job market and inflation concerns, with some members advocating for a more cautious approach [22][24] Investment Strategies - In a late-cycle environment, sectors such as big tech, telecom, and industrials are expected to continue leading, while defensive sectors like staples and healthcare may gain traction if a meaningful inflection point occurs [18] - Utilities are noted for their dual role in both offensive and defensive strategies, particularly due to their performance in the AI transformation theme [20] Corporate Developments - Warner Brothers Discovery is involved in a significant bidding war, with Paramount Sky Dance making a hostile takeover bid of $108 billion against Netflix's $87 billion offer [30] - Analysts suggest that Paramount's all-cash offer may be more appealing and could face fewer regulatory hurdles compared to Netflix's bid [32][39] Housing Market Dynamics - Home Depot's preliminary outlook for 2026 anticipates flat to 2% sales growth, contingent on improvements in the housing market [100] - Elevated mortgage rates are stifling housing turnover, with 80% of outstanding mortgages below the current 30-year fixed rate of approximately 6.3% [104][105]

Market Overview - Overseas stock markets showed mixed results, with the Euro Stoxx 50 down -0.13%, Shanghai Composite down -0.37%, and Japan's Nikkei Stock 225 up +0.14% [1] - US stock indexes also settled mixed, with the S&P 500 down -0.09%, Dow Jones down -0.38%, and Nasdaq 100 up +0.16% [6] Corporate Earnings - The Q3 earnings season is nearing completion, with 495 of the 500 S&P companies reporting results. 83% of these companies exceeded forecasts, marking the best quarter since 2021 [2] - Q3 earnings rose +14.6%, significantly surpassing expectations of +7.2% year-over-year [2] Economic Indicators - The Q3 employment cost index is expected to rise by +0.9%, and the FOMC meeting is anticipated to result in a -25 basis point cut in the federal funds target range to 3.50%-3.75% [3] - The October JOLTS job openings unexpectedly increased by +12,000 to a 5-month high of 7.670 million, contrary to expectations of a decline [4] Sector Performance - Cryptocurrency-exposed stocks saw gains, with Bitcoin rising over +1%. Galaxy Digital Holdings surged more than +12% after receiving an outperform recommendation [11] - Silver mining stocks experienced significant increases, with Hecla Mining up more than +7% and Newmont up more than +5% following a rise in silver prices [12] - Homebuilders faced declines, with Toll Brothers down more than -2% after forecasting lower deliveries than consensus [10] Company-Specific News - CVS Health raised its full-year adjusted EPS guidance to $6.60-$6.70, exceeding consensus expectations [16] - Exxon Mobil expects $35 billion in cash flow growth by 2030, an increase of about 17% from previous projections [17] - Ares Management closed up more than +7% after being announced as a replacement in the S&P 500 [15]