JPMorgan Financial News

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Morgan Stanley has pushed back against Treasury bears, saying investors should buy US sovereign debt as markets may be too optimistic over the prospect of a soft-landing for the economy.

“The steep increase in stock prices simply reflects the irrational exuberance of investors in the mid-cap and small-cap parts of the market,” Sanjeev Prasad, co-head of institutional equities at the brokerage, wrote in a note. “There is no meaningful change in the fundamentals of most companies; in fact, they have worsened in many cases,” he said.Indian shares have surged on expectations for growth in the economy and corporate earnings, with a boom in retail investing particularly helping smaller stocks outperform.

As the cryptocurrency market witnesses unprecedented shifts, Bitcoin's trading volume has notably dropped below the $5 billion mark, raising questions and speculations. As of Sunday, Bitcoin stands at $25,878, reflecting a minor dip of less than 0.10%. Several contributing factors come into play. 

By Svea Herbst-Bayliss and Nupur Anand

By Pete Schroeder

A consortium of investors including Blackstone Inc. and Thomson Reuters Corp. raised about £2 billion ($3.4 billion) by offloading shares in London Stock Exchange Group PLC (LSEG) via an overnight placing.

The recent reports about potential restrictions on government officials using Apple’s iPhones in China have caused a selloff in shares in recent days.

Deerpath Capital, a US-based lender, has tapped Australian superannuation funds and family offices for a potential $US2 billion ($3.1 billion) fundraising effort.

By David Shepardson

By Pete Schroeder

Stroeer is considering possible options for the sale of Statista in 2024, in a process which could value the data gathering business at up to 1.5 billion euros ($1.6 billion), four sources familiar with the matter said. Private equity firms are looking at Statista ahead of a formal sale process, which is likely to kick off later next year, the sources told Reuters.

The slide in the yen isn’t over, despite expectations the dollar may not be quite so strong in coming months, said the top forecaster for the currency. 

Gold investment has risen over the past year, driven by central bank purchases, with overall implied allocations by non-bank investors at the highest since end-2012, JPMorgan Chase & Co.

Vedanta Resources is planning to meet bondholders in Singapore and Hong Kong as the next year deadline of debt repayment is coming closer. The owner of publicly listed Vedanta Ltd, is currently facing next year's deadline for the repayment of about $2 billion of notes next year. The non-deal roadshow is expected to take place as soon as next week, reported Bloomberg citing sources.

TCS and upgraded Infosys to neutral from reduce. Goldman Sachs maintained a buy rating on Indigo while Macquarie maintained an outperform rating on HDFC Bank and CLSA initiated a buy on Amber Enterprises.We have collated a list of recommendations from top brokerage firms from ETNow and other sources: JPMorgan on TCS: Underweight| Target Rs 2650 JPMorgan maintained an underweight rating on TCS with a target price of Rs 2650. The IT company announced a large deal win from JLR worth $1bn TCV over five years. Net new deal that will add $200mn annually to revenues and could potentially add 0.35% each to FY24 and FY25 growth. JLR deal along with the BSNL and Nest deals could together potentially add 3.5% to Q3 growth and 1.8% each to FY24 and FY25 growth. Nomura on IT sector: TCS maintain reduce| Infosys upgraded to neutral Nomura remained cautious on the IT sector given limited visibility on a significant turnaround in discretionary demand for IT services. The revenue growth is likely to pick up in FY25F, aided by large deals.

India is among the first in the world to regulate ESG rating providers and the country’s minimum requirement for funds to invest — according to their stated strategy — is “a high bar,” said Hannah Lee, JPMorgan’s head of ESG equity research for the Asia-Pacific region. “Where India stands out in terms of being trailblazing is probably its level of ambition and some of the thresholds that it has,” she said in an interview. India rolled out several measures over the past two years to regulate its market for green and other assets, most recently allowing domestic fund managers to launch plans under six types of ESG strategies.

(Reuters) — U.S.-listed shares of Enbridge (NYSE:ENB) Inc tumbled nearly 7% in premarket trading on Wednesday after the Canadian pipeline operator announced a surprise $14 billion bid to buy three utilities from Dominion Energy (NYSE:D).

Less than a year since returning to banking, Julian Peck, JPMorgan’s head of investment banking for Australia and New Zealand, has hit the ground running with large deals, but admitted there is work to do for the US bank to claw market share away from rivals like Goldman Sachs and Morgan Stanley.

ChatGPT alternative Ernie bot last week, reigniting a rally that has increased the company's valuation by $23 billion from last year. Baidu along with other Chinese companies like SenseTime, Baichuan Intelligent Technology, Zhipu AI, and MiniMax had launched their AI chatbot in China after securing regulatory approval for mass release.

By Matt Tracy and Davide Barbuscia