2025 Outlook_ Brightening up – cycle bottom to outweigh potential US tariffs
Bridgewater·2024-12-19 16:37
From a long-term perspective, we see several factors that could support trading activity in the capital markets. Source: Company data, Morgan Stanley Research (E) estimates On the other hand, a few challenges persist and could pose risks to HKEx's revenue: 3. Geopolitical uncertainties could rise as a result of the new US administration's potential policies and tariff hikes. Our higher ADV assumptions drive our higher forecasts of trading fees and tariffs as well as clearing & settlement. Our revenue expect ...