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CIO advises investors to maintain a full strategic allocation to US stocks, despite downgrading equities to Neutral from Attractive due to ongoing uncertainty in trade negotiations. The recent market rally, driven by reduced trade fears, suggests a balanced risk-reward scenario, with a positive outlook for sectors like communications, technology, and healthcare. Investors are encouraged to phase into stocks and seek opportunities amid recent volatility, while also considering currency adjustments in light of anticipated dollar weakness.
Raiffeisen Bank has partnered with Wise Platform to enhance cross-border payment services for clients in Central and Eastern Europe. This collaboration aims to provide fast, secure, and cost-effective international transactions, allowing customers to transfer money conveniently from their Raiffeisen accounts. The integration of Wise’s infrastructure will facilitate instant and transparent payments across over 160 countries and in more than 40 currencies, while both institutions remain committed to meeting regulatory requirements and evolving client needs.
UBS analyst Tom Bodor has upgraded Goodman Group from Neutral to Buy, setting a new price target of AUD 36.00, down from AUD 36.80. This decision follows an analysis of the company's development pipeline and financing strategies, particularly after a recent $4 billion equity raise.Bodor addressed concerns regarding the capital needed for Goodman Group's ambitious data center strategy, suggesting that development joint ventures could significantly reduce financing needs. Despite a slight reduction in operating earnings per share and price target, he remains optimistic about the company's potential for medium-term growth, estimating a possible upside of 44% if demand for data centers continues to rise.
AUD/USD declined 0.33% to 0.6411, ending a four-week winning streak, as the US dollar strengthened amid positive trade news and the Federal Reserve's stance on interest rates. Australian superannuation funds, facing potential US recession risks, may consider increasing FX hedging, which could support the AUD/USD rate. Upcoming economic data, including employment figures, will be crucial for the currency's direction, with expectations of a possible interest rate cut by the Reserve Bank of Australia if job growth remains weak.
Goodman Group shares rose by 2.5% to A$32.13, reaching their highest level since March 25, following UBS's upgrade to "buy" from "neutral." This upgrade reflects increased confidence in a A$100 billion data centre project after a recent A$4 billion equity raise. However, UBS has reduced the price target by 2% to A$36 due to concerns over potential further capital needs for the data centre strategy. The average rating from 10 analysts remains "buy," with a median price target of A$37.5.
The Fed Chair highlighted increased risks to both unemployment and inflation, with expectations for a 0.3% rise in headline inflation for May. Meanwhile, Australia's job growth fell short of expectations, prompting speculation of a potential rate cut by the RBA. Japan's economy is projected to contract by 0.2% in Q1 2025, driven by a negative trade balance amid rising imports. Consumer sentiment in the US continues to decline, reflecting trade policy uncertainties, although a slight rebound is anticipated for May.
Barclays PLC has updated its AUD Debt Issuance Programme with a Supplemental Information Memorandum submitted to the International Securities Market on May 8, 2025. This update enhances stakeholder insights by providing additional details to the original memorandum from March 2025. Analysts rate GB:BARC as an Outperform, citing strong financial health and strategic actions that enhance shareholder value, though caution is advised due to potential overbought conditions and operational challenges.
The Australian dollar has strengthened above $0.65, buoyed by a weakening US dollar and potential US-China trade talks, with a target of around 0.6770. The ASX 200 has shown resilience, rebounding above its 200-day moving average, while the Nasdaq 100 tests a crucial resistance level. Commodities like Brent crude and gold are experiencing upward momentum amid global tensions, and Bitcoin is consolidating around $93,000, eyeing a breakout above $100,000.
Westpac's financial results revealed a 3 basis point decline in net interest margins year-on-year, despite a 3% increase in total loans and a 7% rise in customer deposits to $697 billion. Operating expenses rose 6% due to technology investments, while credit impairments decreased. The bank's $3 billion digital transformation aims to modernize operations amid branch closures, but analysts suggest a 'hold' rating for shares, citing limited upside potential and concerns over market liquidity and economic conditions.
JPMorgan Chase has become a significant holder of Droneshield (DRO), a company specializing in drone defense technologies, controlling at least 5.31% of its shares. DRO has surged 134% this year and 1,475% since its 2020 low, currently trading at $1.34 AUD ($0.87). Meanwhile, CEO Jamie Dimon has been selling his JPMorgan shares, offloading over a million since February 2024.
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