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ES +0.3% NQ +0.8% RTY +0.1%
GS +0.4%: Profit beat, but rev. missed; raised Q div. to $4.50/shr (prev. 4)MS +1.5%: EPS & rev. toppedTSM +6.7%: Reported a 35% jump in Q4 profit to a record, driven by surging AI chip demand; Net profit & rev. beat w/ strong next Q guidanceBLK +2%: EPS & rev. topped alongside lifting Q div. 10%SPOT +1.5%: Increasing prices for Premium subs. in various regionsPEN +14%: BSX agrees to acquire Co. for $374/shr; PEN closed Wed. at $313.43/shr(Newsquawk)
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Revenue breakdown
Wealth Management 8.43bln (exp. 8.34bln).Investment Management 1.72bln (prev. 1.64bln Y/Y)FICC 1.76bln (exp. 1.92bln).Equities sales and trading revenue 3.67bln (exp. 3.55bln).Institutional Investment Banking revenue 2.41bln (exp. 2bln).Other metrics
Non-interest expenses 12.11bln (exp. 12.27bln).Provision for credit losses 18mln (exp. 81.1mln).Compensation expenses 7.06bln (exp. 7.24bln).Total deposits 415.52bln (exp. 411.36bln).(Morgan Stanley)
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Key Metrics:
Provision for credit losses was net benefit USD 2.12bln.FICC sales and trading revenue 3.11bln (exp. 2.95bln).Equities trading revenue 4.31bln (exp. 3.65bln).Commentary:
Continue to see high levels of client Engagement across franchise and expect momentum to accelerate in 2026(GS IR)
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Q4 AUM USD 14.04tln (exp. 13.94tln)Q4 Net Inflows USD 341.7bln (exp. 287.5bln)Q4 base fees and securities lending sales USD 5.3bln (Exp. 5.31bln)Q4 long-term inflows USD 267.8blnQ4 equity inflows USD 126.1blnQ4 fixed income net inflows USD 83.8blnCOMMENTARY:
CEO says it enters 2026 with accelerating momentum across the entire platform, coming off the strongest year and quarter of net inflows in its history.DIVIDEND:
Raises quarterly dividend +10% to USD 5.73/shr(Newswires)
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European bourses are broadly firmer, with US equity futures also in the green; NQ outperforms after strong earnings from TSMC (+5.7% pre-market).China is said to be drafting purchase rules for NVIDIA's (NVDA) H200 chips, Nikkei reported, as it seeks to balance support for domestic chip development with the needs of Chinese technology firms.DXY is flat; USD/JPY briefly slipped on reports that the BoJ is to keep rates steady in January.USTs are steady awaiting data & Fed speak, Gilts opened lower after a GDP beat.Crude remains near Wednesday's lows after Trump said Iran has "no plan" to kill protestors, XAU also moves...
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A contained start for fixed benchmarks. Haven allure that was helping on Wednesday has been removed by the updates around Iran (see the feed for details).That aside, newsflow has been a little light and largely focused on nation-specifics rather than broader macro drivers; though, TSMC earnings are the exception, again, see the feed for details.USTs have spent the morning in a narrow 112-11 to 112-17+ band, Bunds in equally slim 128.23 to 128.46 confines with both benchmarks flat overall. However, a modest bullish bias is beginning to emerge, more so for EGBs than USTs, potentially as the morning's supply from...
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The first sailing in the structural change of the MECL service will be the Cornelia Maersk on the westbound trans-Suez route voyage 603W, departing Jebel Ali on 15 January 2026. The Maersk Detroit voyage 602E, departing North Charleston on 10 January 2026, will be the first eastbound sailing to use the Trans-Suez route, with all subsequent sailings following this routing.(Maersk )
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From 1 March larger firms will begin to move to this two-year cycle, while maintaining a regular cadence for discussion of important matters, alongside ad hoc supervisory meetings. This will result in firms having a more proportionate and efficient set of engagements with the PRA.(BoE)
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Agree on US President Trump's assessment of Ukrainian President Zelensky delaying peace deal.However they do agree on continued dialogue.(Market Source )
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DXY is flat and trades within a very thin 99.08-23 range; currently trading just above its 50 DMA at 99.02. Focus overnight has been on geopols, whereby President Trump said Iran has “no plan” to execute protestors. Back in the US, Trump said he has no plans to remove Fed Chair Powell, whilst also speaking highly of the prospective new Fed Chairs Hassett and Warsh.GBP currently trades flat, within a 1.3423-1.3446 range; the peak for today is a handful of pips short of its 21 DMA at 1.3452. Some strength was seen in Cable following the region’s GDP series, which...
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Both sides committed to resolving outstanding agricultural trade issues by maintaining open channels of communication. (Market Source)
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European equities opened mixed to higher. The AEX (+1.1%) and SMI (+0.4%) are outperforming. AEX lifted by strong gains in ASML (+5.5%) following robust TSMC earnings, which showed a 35% jump in Q4 profit, while the SMI is supported by gains in Partners Group (+6.3%) on strong results.European sectors are mixed. Tech (+1.7%) leads, driven by strength in ASML (+5.5%), while Financial Services (+1.2%) follows gains in Partners Group (+6.3%). Autos (-1.2%), Consumer Products & Services (-0.9%) and Retail (-0.6%) lag. Consumer Product & Services has been weighed down by luxury giant Richemont (-1.8%), though, despite being firmer during the...
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1.45% 2071: b/c 3.52x (prev. 1.26x) & average yield 4.042% (prev. 3.874%)3.50% 2041: b/c 2.03x (prev. 2.05x) & average yield 3.616% (prev. 3.616%)2.35% 2029: b/c 1.51x & average yield 2.342%(Market Source )
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Precious metals are broadly in the red this morning, following on from the subdued action seen overnight. Negative action this morning due to some unwinding of recent geopolitical risk premia after US President Trump said that he had been told the killing in Iran is stopping and that there is no plan for executions. As a reminder, the President had repeatedly threatened action against the Iranian regime, if they killed protestors.As it stands spot gold trades at the lower end of a USD 4,580.98-4,632.45/oz range; currently oscillating on either side of the USD 4.6k/oz mark. A little bit of a...
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Crude benchmarks are on the back foot and remain near lows of USD 59.68/bbl and US 64.15/bbl for WTI and Brent after some of the pressure was let out of the US-Iran situation.A move driven in late US hours by President Trump saying he had been told that the killing within Iran was stopping. However, we then saw some reports of explosions in Tehran, an update that sparked a short-lived spike of c. USD 0.50/bbl, before paring amid some uncertainty around the validity of that report.Thereafter, updates around Iran continued, but the narrative that the US does not appear to...
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TODAY'S AGENDA:DAY AHEAD: The US Day sees the release of weekly jobless claims (initial claims expected to rise to 215k from 208k, continuing claims seen easing to 1.89mln from 1.91mln), import prices (seen rising +0.1% M/M) and export prices (also seen rising +0.1% M/M), Empire Fed (analysts expect the headline to improve to 1 from -3.9) and Philly Fed manufacturing surveys. On the speakers' slate, remarks are due from: Fed's Barr (voter, neutral; no text expected, Q&A expected) will speak on Stablecoins, Fed hawkish dissenter Schmid (2028 voter; text and Q&A are expected), Fed's Bostic (2027 voter, hawk; no text...
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Within the overall figure, demand for credit card lending increased in Q4, and was expected to be unchanged in Q1.Demand for corporate lending in Q1 was expected to be unchanged for small, medium-sized, and large businesses.(BoE)
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If the JPY continues to weaken, then the pace of future rate hikes could be accelerated. But, policy will remain on hold in January.Possible that the negative aspects such as a further JPY depreciation and the impact on personal consumption, will become a point of concern.(Market Source/Bloomberg)
