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Goldman Sachs forecasts that increased oil supplies from Iran and rising inventories could lead to lower oil prices by 2026, with Brent and WTI averaging $56 and $52 per barrel, respectively. A potential US-Iran nuclear deal may boost Iranian output to 3.6 million barrels per day, impacting global supply dynamics. Despite slightly raised demand growth forecasts, a slowdown in global GDP or OPEC reversing cuts could see Brent prices plummet to $40 a barrel by late 2026, prompting volatility in oil markets and necessitating a reevaluation of energy strategies worldwide.
Goldman Sachs maintains a cautious outlook on oil prices, forecasting Brent at $60 and WTI at $56 for 2025, amid expectations of increased Iranian supply and higher OECD inventories. The bank has raised its Iran crude supply forecast to 3.6 million barrels per day for late 2025 through 2026, influenced by potential progress on a U.S.-Iran nuclear deal. In a less likely scenario of a global GDP slowdown and OPEC cuts unwinding, Brent could drop to $40 by late 2026.
Goldman Sachs reported a 30% drop in net income for its Japan unit, totaling 27.6 billion yen, amid a challenging year for foreign banks in the country. While Barclays and Deutsche Bank also saw declines, Bank of America returned to profit, and UBS experienced an 82% increase in net income. Despite the profit fall, Goldman Sachs remained the most profitable foreign bank in Japan, earning three times more than its nearest competitor.
Goldman Sachs has agreed to pay a $1.45 million civil penalty to settle allegations from FINRA regarding inaccurate trade reporting. The bank misreported data for 36.6 billion trades due to coding errors and a technological malfunction in late 2021, which also led to the erroneous preparation of 90.8 million order memoranda and 372,000 trade confirmations. The settlement addresses both the reporting inaccuracies and supervisory shortcomings related to these failures.
Anthropic, the AI research firm behind the large language model Claude, has secured a $2.5 billion line of credit from major banks including JPMorgan Chase, Goldman Sachs, and Citibank. This funding will enhance their balance sheet and support their commitment to responsible AI development, as they experience significant growth in their customer base. The firm previously raised $3.5 billion in a Series E funding round, achieving a post-money valuation of $61.5 billion.
German second-line stocks lead with a 20.62% increase, followed by commodity stocks at 10.11% and automotive sectors at 6.96%. In banking, Goldman Sachs and UBS show strong performance, with year-to-date gains of 79.8% for Societe Generale, while Sberbank faces a significant decline of 67.53%. The average performance of BSN-Group Banks stands at 23.19%.
Goldman Sachs leads the weekly performance among banks with a 9.16% increase, followed by UBS at 6.9%. Year-to-date, Societe Generale shows the highest growth at 79.8%, while Sberbank has plummeted by 67.53%. The average performance of BSN-Group Banks stands at 23.19%.
UBS Asset Management has launched Europe’s lowest-fee S&P 500 ETF, reducing its total expense ratio to 0.03%, matching State Street's offering. Meanwhile, Coinbase's shares surged 20% following its inclusion in the S&P 500, marking a significant milestone for the cryptocurrency sector. Additionally, Allfunds is set to debut its first ETF on a new white-label platform, while Citigroup emphasizes the growing necessity for ETFs in asset management.
JPMorgan Chase has upgraded its US economic growth forecast, now predicting a 0.6% growth in 2025, up from 0.2%, following a temporary trade deal with China that eases tariffs. The likelihood of a recession has decreased to less than 50%, while China’s growth is projected at 4.8%. Other banks, including Goldman Sachs and ING, have also raised their forecasts for China's economy, reflecting improved trade relations.
Goldman Sachs has increased its forecast for China's yuan, highlighting its undervalued status, particularly against the dollar. This suggests a potential for a stronger onshore yuan, which could serve as a counterbalance to tariff reductions.
The Goldman Sachs Group, Inc.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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