Nomura Securities on U.S. Brokers and Universal Banks: Capital Markets - What to Watch: C, JPM, GS, IVZ, BLK, UBS
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Price: $129.67 --0%
Rating Summary:
31 Buy, 11 Hold, 2 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 5 | Down: 4 | New: 11
Rating Summary:
31 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 5 | Down: 4 | New: 11
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Nomura Securities on U.S. Brokers and Universal Banks: Capital Markets - What to Watch
Analyst, Glenn Schorr, said, "Capital markets stocks lost ground in July as trading and investment banking trends remain sluggish. U.S. cash equity volumes in July were -14% y/y and CME interest rate futures volumes were -37% y/y. Despite this backdrop, expectations for further Fed stimulus and continued low rates helped to keep risk asset prices in the black. Trends were mixed, but mostly negative, in July. We think the macro overhang will be here for a while and although there could be some catalysts for activity in the near term, we don’t think investors will feel a need to rush back into the stocks in the short term. Among the U.S. investment banks we favor Citi (NYSE: C), JPMorgan (NYSE: JPM), and Goldman Sachs (NYSE: GS). Among the asset managers we like Invesco (NYSE: IVZ) and BlackRock (NYSE: BLK). In Europe, we prefer UBS (NYSE: UBS) given its franchise strength and strong capital position."
Analyst, Glenn Schorr, said, "Capital markets stocks lost ground in July as trading and investment banking trends remain sluggish. U.S. cash equity volumes in July were -14% y/y and CME interest rate futures volumes were -37% y/y. Despite this backdrop, expectations for further Fed stimulus and continued low rates helped to keep risk asset prices in the black. Trends were mixed, but mostly negative, in July. We think the macro overhang will be here for a while and although there could be some catalysts for activity in the near term, we don’t think investors will feel a need to rush back into the stocks in the short term. Among the U.S. investment banks we favor Citi (NYSE: C), JPMorgan (NYSE: JPM), and Goldman Sachs (NYSE: GS). Among the asset managers we like Invesco (NYSE: IVZ) and BlackRock (NYSE: BLK). In Europe, we prefer UBS (NYSE: UBS) given its franchise strength and strong capital position."
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