Find out how much you could earn by locking in a high CD rate today. The Federal Reserve cut its federal funds rate three times in 2024, and it recently announced its second rate cut of 2025, so now could be your last chance to lock in a competitive CD rate before rates fall further. CD rates vary widely across financial institutions, so it’s important to ensure you’re getting the best rate possible when shopping around for a CD. The following is a breakdown of CD rates today and where to find the best of ...

What we are now seeing is a deterioration between more respected in the credit cycle in any of our portfolio. So I think that's credit remains solid for on credit cards in the US all the way to corporates, but we will see how it plays and continues once the economy. I don't think that the economy will go into recession.It's likely to slow down and the credit cycle will continue to normalize. But I don't think that in the credit cycle we see that the duration beyond what we were expecting if the economy slow ...

Core Viewpoint - The bond market remains stable despite economic uncertainties, with expectations of a potential rate cut by the Federal Reserve in December [2][3][6]. Economic Indicators - Current Treasury yields are at 4.1% for the 10-year and 3.6% for the 2-year, indicating a rangebound environment for yields [1][3]. - Corporate earnings are performing well, and the economy is progressing steadily, supported by gradual rate cuts from the Fed [2][3]. Federal Reserve Insights - There is a division within the Federal Reserve regarding the necessity of further rate cuts, but the forward guidance remains unchanged [5][6]. - Chair Powell's forecasts align with the median committee view, which anticipates three rate cuts this year, suggesting another cut in December [6][8]. Inflation and Employment - Inflation, excluding tariffs, appears close to the Fed's 2% target, but consumer sentiment remains low due to rising living costs and stagnant wage growth [11][12]. - The labor market data indicates a gradual cooling trend, with recent ADP reports showing negative job growth for September [8][10].

Financial Data and Key Indicators Changes - The group's net operating income was ¥251.28 billion, a year-on-year decrease of 0.52%, with the decrease narrowed by 1.21 percentage points compared with the first half [3] - Net profit attributable to the bank's shareholders was ¥113.7 billion, a year-on-year increase of 0.52%, up by 0.27 percentage points compared with the first half [3] - ROAA and ROAE were 1.22% and 13.96%, up by 0.01 and 0.11 percentage points compared with the first half [3] - The cost-to-income ratio was 29.86%, maintained at an appropriate level [4] - CET1 ratio was 13.93%, Tier 1 ratio 16.25%, total capital ratio 17.59%, down by 0.93, 1.23, and 1.46 percentage points compared with last year [4] Business Line Data and Key Indicators Changes - Total assets were ¥12.64 trillion, up by 4.05% compared with last year's end [4] - Total loans were ¥7.14 trillion, up by 3.6% compared with last year's end [4] - Retail loans were ¥3.7 trillion, up by 1.43%, accounting for 51.8% of the total [4] - Corporate loans were ¥3.15 trillion, up by 10.01% compared with last year's end [4] - Financial investment balance totaled ¥4.03 trillion, up by 10.52% [5] Market Data and Key Indicators Changes - Total customer deposits were ¥9.52 trillion, up by 4.64%, accounting for 83.73% of total liabilities [5] - The average daily balance of demand deposits accounted for 49.45%, maintained at a high level [5] - NII was ¥160.4 billion, up by 1.74% [6] - NIM was 1.87%, down by 12 bps year-on-year, but the decrease was narrowed [6] Company Strategy and Development Direction - The company aims to build a value creation bank and focuses on quality, profitability, and scale [3] - The wealth management business has shown good growth momentum, with net fee and commission income recording positive year-on-year growth for the first time in three years [6][7] - The company plans to continue promoting transformation into international, comprehensive, differentiated, and intelligent development [10] - The retail loan business remains a cornerstone, with efforts to maintain market share despite challenges [17][27] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment is stable, but challenges remain, particularly in retail loan demand [12][13] - The company has maintained good momentum in performance despite external pressures [13] - Management emphasizes the importance of customer growth and maintaining a balanced approach to risk and pricing [14][45] - The company is optimistic about future growth opportunities arising from the 15th Five-Year Plan [19] Other Important Information - The NPL balance was ¥67.4 billion, with an NPL ratio of 0.94%, down by 0.01 percentage points [9] - The company maintains a prudent provision policy, with an allowance coverage ratio of 405.93%, down by 6.05 percentage points [9] - The total assets of subsidiary companies surpassed ¥900 billion, with a growth rate of 8% compared to the end of last year [16] Q&A Session Summary Question: Short-term demand and long-term development strategy - Management acknowledged the challenges in retail loan demand but emphasized the importance of maintaining a balanced approach without compromising risk [12][13] Question: Impact of weak demand on asset structure and NIM - Management indicated that while NIM is under pressure, they expect to maintain a leading level and are focused on optimizing asset and liability management [22][23][24] Question: Sustainability of fee income growth - Management expressed confidence in the sustainability of fee income growth, particularly from wealth management, despite potential pressures from fee cuts in the mutual fund industry [40][41][58] Question: Small and microfinance segment challenges - Management highlighted the importance of risk management and maintaining reasonable pricing in the small and microfinance segment, despite competitive pressures [44][45][48]

Financial Data and Key Metrics Changes - The company reported a 9% growth in profit before tax, supported by a 5% increase in income [2][3] - Operating income reached $5.1 billion, up 5% year-on-year, while operating expenses increased by 4% [3][4] - Profit before tax was $2 billion, reflecting a 9% increase, and tangible net asset value per share rose by $0.175 year-on-year [4][5] - The return on tangible equity is now expected to be around 13% in 2025, upgraded from previous guidance [3][11] Business Line Data and Key Metrics Changes - Corporate and Institutional Banking (CIB) income was $3 billion, up 2% year-on-year, driven by a 23% increase in global banking income [8][10] - Wealth and Retail Banking (WRB) income increased by 7% to $2.3 billion, with wealth solutions income up 27% [10][11] - The affluent business onboarded 67,000 new clients in the quarter, contributing to a total net new money of $42 billion year-to-date [11] Market Data and Key Metrics Changes - Underlying loans and advances to customers increased by 1% or $2 billion quarter-on-quarter, with a 4% growth year-to-date [6][7] - Underlying customer deposits rose by 2% or $11 billion quarter-on-quarter, primarily from WRB [7] Company Strategy and Development Direction - The company is focusing on servicing clients' cross-border and affluent banking needs, with a strategic emphasis on wealth management [3][11] - The company plans to present updated 2026 return on tangible equity guidance at the full-year results in February [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting strong performance in wealth management and the potential for continued growth [11][25] - The company is preparing for significant trends such as the digitization of money and the incorporation of AI into business models [26][27] Other Important Information - The company achieved $566 million in run-rate savings from the Fit for Growth program, with total expense guidance for 2026 remaining below $12.3 billion [5][50] - Credit impairment for the quarter was $195 million, with an annualized loan loss rate of 24 basis points [5][6] Q&A Session Summary Question: Discussion on wealth business margin pickup - Management noted that net new money is migrating into wealth products, and the return on assets has improved due to a conversion from assets under custody to assets under management [15][20] Question: Long-term outlook for wealth management in China - Management discussed the importance of AI and digitization in future growth, emphasizing the bank's strong position in China [25][26] Question: Clarification on net interest income expectations - Management indicated optimism for Q4 net interest income, citing better-than-expected performance and effective management of pass-through rates [34][39] Question: Insights on credit impairment and high-risk assets - Management reassured that there are no significant signs of stress in sovereign credit, despite some fluctuations in high-risk assets [56][60] Question: Future profitability in ventures - Management expects digital banks to turn profitable by 2026, with ongoing improvements in operating performance [75][78]

Standard Chartered share price continued it strong bull run as investors reacted to the strong quarterly results. It jumped to 1,520p, up by over 12% from its lowest level this month and 75% above its... ...

Financial Data and Key Metrics Changes - The company reported record profitability in the first nine months of 2025, with revenues of EUR 24.4 billion, aligning with the full-year goal of around EUR 32 billion before FX effects [4][10] - Adjusted costs were EUR 15.2 billion, consistent with guidance, and the post-tax return on tangible equity was 10.9%, meeting the full-year target of above 10% [4][10] - The cost-to-income ratio stood at 63%, in line with the target of below 65%, and the CET1 ratio rose to 14.5% due to organic capital generation [4][10] Business Line Data and Key Metrics Changes - The Corporate Bank achieved a post-tax return on tangible equity of 16.2% and a cost-to-income ratio of 63%, with revenues remaining flat year-on-year [19] - The Investment Bank saw revenues increase by 18% year-on-year, driven by strong performance in FIC and significant improvements in O&A [22] - The Private Bank's profits before tax doubled, with a 13% operating leverage and a return on tangible equity of 12.6% [24] - Asset Management reported a 42% increase in profit before tax, with revenues up 11% year-on-year, driven by higher management fees and performance fees [25] Market Data and Key Metrics Changes - The company noted that 74% of revenues came from more predictable streams, including the corporate bank, private bank, asset management, and financing business in FIC [7] - The asset quality remained solid, with provisions in line with expectations and no exposure to recent high-profile cases [5][16] Company Strategy and Development Direction - The company is on track to meet or exceed all 2025 strategic goals, with a compound annual revenue growth of 6% since 2021 [7][8] - The company launched a second share buyback program of EUR 250 million, bringing total buybacks in 2025 to EUR 1 billion, with cumulative distributions since 2022 reaching EUR 5.6 billion [8][10] - The company is optimistic about benefiting from German fiscal stimulus and structural reforms, expecting Germany to grow by 1.5% in 2026 [10][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 targets, citing strong performance in the first nine months and a robust start in October [33][34] - The company anticipates lower provisioning levels in the second half of the year compared to the first half, with a resilient credit portfolio [16][28] - Management highlighted the importance of operational efficiencies and the positive impact of technology investments on cost management [24][68] Other Important Information - The company completed its second buyback program, reiterating its commitment to exceeding EUR 8 billion in distributions between 2022 and 2026 [28] - The liquidity coverage ratio finished the quarter at 140%, and the net stable funding ratio was 119% [12] Q&A Session Summary Question: Thoughts on achieving 2025 targets and Q4 expectations - Management expressed high confidence in achieving 2025 targets, with a strong start in October and solid visibility for Q4 [33][34] Question: Benefits from German fiscal stimulus - Management reiterated optimism regarding the German fiscal stimulus and its potential impact on medium-term profitability [39] Question: Outlook on private credit and risks - Management discussed the disciplined approach to private credit, highlighting opportunities for innovation despite spread compression [47][48] Question: Confirmation on CET1 ratio and capital distribution - Management confirmed the intention to distribute capital sustainably down to the 14% threshold, indicating a strong position for future distributions [45][46] Question: Expectations for corporate bank revenues in Q4 - Management indicated a cautious optimism for a rebound in corporate bank revenues in Q4, expecting a slight increase in NII and continued growth in fee income [65][68]

Core Insights - Goldman Sachs is significantly expanding its asset management and wealth management operations in Saudi Arabia and the GCC region, indicating a strong growth opportunity in these markets [2][3][4] - The firm has opened a new office in Saudi Arabia and plans to increase its local workforce from 20 to approximately 60 employees to support its high-end private wealth business [4][6] - Goldman Sachs has a long-standing presence in the region, having participated in major IPOs and capital markets transactions, which aligns with its strategy to attract foreign direct investment [5][6][7] Expansion and Investment Opportunities - The partnership with the Public Investment Fund (PIF) and the focus on infrastructure and tourism investments in Saudi Arabia highlight the Kingdom's efforts to diversify its economy [7][8] - The firm sees significant potential in the local economies, particularly in sectors like tourism and manufacturing, as the region seeks to build a world-class economy [8][19] - Goldman Sachs is also expanding its presence in Kuwait, where there is renewed focus on infrastructure investment and economic growth [10][11] Financial Performance and Strategy - Goldman Sachs reported strong earnings, benefiting from strategic decisions made in previous years to enhance its investment banking and asset management capabilities [21][22] - The firm's asset management platform now oversees $3.5 trillion, with expectations for durable revenue growth in the high single digits [22] - The current favorable market conditions are expected to support continued growth in earnings and client engagement over the next five to ten years [23][24] Economic Outlook and Market Conditions - The U.S. economy is performing well, with indicators such as GDP growth above 3% and inflation at 3%, despite anticipated interest rate cuts by the Federal Reserve [24][25][26] - Concerns about a K-shaped economy are acknowledged, with lower-income consumers facing more pressure from inflation, but overall consumer health remains strong [28][30] - The credit environment is currently robust, although there are warnings about potential idiosyncratic credit events that could arise in a future economic downturn [31][32][34] Technological Integration and Future Trends - Goldman Sachs is leveraging AI to enhance efficiency and client service, with expectations for significant productivity gains in the coming years [45][46][48] - The firm emphasizes that while technology will change job roles, it will not eliminate the need for relationship-building and advisory skills, which remain critical in investment banking [52][53]

Financial Data and Key Metrics Changes - The company reported a net income of $3.8 billion and earnings per share (EPS) of $1.86, with a return on tangible capital (ROTC) of 8%. Adjusted EPS, excluding goodwill impairment, was $2.24, with an adjusted ROTC of 9.7% [3][14] - Revenues increased by 9% year-over-year, driven by growth across all business lines [3][14] - Total expenses were $14.3 billion, up 9%, largely due to goodwill impairment, while adjusted expenses were $13.6 billion, up 3% [15][16] Business Line Data and Key Metrics Changes - Services revenue grew by 7%, with assets under custody increasing by 13% and cross-border transactions up by 10% [4][22] - Markets revenue increased by 15%, with fixed income up 12% and equities up 24% [24] - Banking revenues surged by 34%, driven by a 17% increase in investment banking fees and a 39% rise in corporate lending revenues [25] - Wealth management revenue rose by 8%, with record net new investment assets of $18.6 billion [26] - US Personal Banking (USPB) revenue increased by 7%, with branded cards revenue up 8% and retail banking revenue up 30% [29] Market Data and Key Metrics Changes - The U.S. economy remains resilient, with consistent consumer spending and tech investments driving growth, while China experiences a slowdown in domestic spending [10][11] - The company noted pockets of valuation frothiness in the market, emphasizing the need for discipline [10] Company Strategy and Development Direction - The company is focused on simplifying operations and investing in technology to enhance agility and modernize banking services [8] - A significant partnership with BlackRock was announced to manage $80 billion of client assets, aligning with an open architecture strategy [4] - The company is committed to embedding AI into operations, with nearly 180,000 employees using proprietary AI tools [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to exceed $84 billion in revenues for the year, with expectations for net interest income (NII) to rise by around 5.5% [36] - The company anticipates continued growth in NII and plans to maintain a disciplined approach to expenses while targeting an ROTC of 10% to 11% next year [60][62] Other Important Information - The company returned over $6 billion in capital to shareholders during the third quarter, with $5 billion in share repurchases [7] - The CET1 capital ratio was reported at 13.2%, exceeding regulatory requirements [19] Q&A Session Summary Question: Update on actions related to the consent order regarding risk compliance and controls - Management reported significant progress, with over two-thirds of programs at or near target state, and emphasized improvements in automation and preventive controls [40][41] Question: Thoughts on the Banamex transaction and IPO timing - Management highlighted the 25% stake purchase as a significant step towards de-consolidation, with regulatory approval expected to take 9 to 12 months [46][49] Question: Pace of stablecoin adoption and its importance - Management noted that tokenized deposits are preferred for client needs, with ongoing investments in digital assets and stablecoin solutions [53][55] Question: Efficiency path for next year and potential for lower expenses - Management indicated a path for lower expenses in 2026, driven by reduced transformation spend and stranded costs, while maintaining strong revenue growth [60][62]

Core Viewpoint - The price of gold is experiencing its best performance in decades, driven by economic uncertainty, geopolitical factors, and the risks of inflation and currency devaluation [1][2]. Group 1: Price Performance - Gold prices surged to an all-time high of over $4,000 per ounce for the first time, indicating strong demand for the precious metal [3][7]. - Since the beginning of 2024, gold prices have approximately doubled from around $2,000 to $4,000 [5]. Group 2: Market Analysis - Bank of America analysts noted that gold has been on a steady rise for seven consecutive weeks, a pattern that historically precedes a potential price correction [4]. - The current price of gold is 20% above the 200-day simple moving average, suggesting it may be nearing the peak of the latest rally [5]. - Previous rallies have shown that gold typically peaks when trading 25% above the simple moving average, indicating a possible tipping point for the current cycle [6]. Group 3: Investor Behavior - Investors are increasingly turning to gold as a safe haven amid ongoing political and economic instability [7].