All posts tagged: Goldman

Goldman: Office Mortgages Are Living On Borrowed Time

Goldman: Office Mortgages Are Living On Borrowed Time

Published by skeptic

At the start of the week, a lawyer specializing in advisory services for lenders and servicers of commercial mortgage-backed securities (CMBS) in the United States told us that the office segment of the commercial real estate market has been surprisingly quiet in the first quarter, despite the countless news headlines about towers being dumped on the market for hefty discounts.  The reason for this recent calm in the CRE space might be explained in a note by Vinay Viswanathan of Goldman Sachs on Tuesday. Viswanathan explained that the total amount of outstanding commercial mortgages set to mature by year-end has exploded from $658 billion at the start of last year to $929 billion in mid-March.  He said this high amount of debt that has been extended and modified rather than refinanced “helped mitigate a default wave and a sharp pick-up in losses on CRE loan portfolios.” He noted the main driver of this has been the “willingness of lenders and borrowers to modify and extend maturing loans rather than refinancing or forcing a foreclosure.” In …

There Goes The Fed’s Inflation Target: Goldman Sees Terminal Rate 100bps Higher At 3.5%

There Goes The Fed’s Inflation Target: Goldman Sees Terminal Rate 100bps Higher At 3.5%

Published by skeptic

Two years ago, we first said that it’s only a matter of time before the Fed admits it is unable to rsolve the so-called “last mile” of inflation and that as a result, the old inflation target of 2% is no longer viable. At some point Fed will concede it has no control over supply. That’s when we will start getting leaks of raising the inflation target — zerohedge (@zerohedge) June 21, 2022 Then one year ago, we correctly said that while everyone was paying attention elsewhere, the inflation target had already been hiked to 2.8%… on the way to even more increases. The new inflation target has been set to 2.8%. The rest is just narrative fill for the next 2 years. https://t.co/X1xYkecyPy — zerohedge (@zerohedge) February 21, 2023 And while the Fed still pretends it can one day lower inflation to 2% even as it prepares to cut rates as soon as June, moments ago Goldman published a note from its economics team which had to balls to finally call a spade a …

Drugs like Ozempic and Wegovy could boost the US economy by a trillion dollars, Goldman Sachs says

Drugs like Ozempic and Wegovy could boost the US economy by a trillion dollars, Goldman Sachs says

Published by skeptic

More Americans taking popular medications used for weight loss, including Ozempic and Wegovy, could benefit the national economy in the future, Goldman Sachs analysts predicted in a recent research report. Both Ozempic and Wegovy are classified as GLP-1 agonists, a diabetes medication that gained popularity online and among celebrities as an anti-obesity drug. According to a 2023 analysis reported by NBC News, U.S. health care providers wrote more than nine million prescriptions for Ozempic, Wegovy and similar diabetes and obesity drugs during the last three months of 2022. Quarterly prescriptions for those drugs increased 300% between early 2020 and the end of 2022. Ozempic is not approved for weight loss by regulators. However, semaglutide is approved for weight loss under the brand name Wegovy. Goldman Sachs estimated that GLP-1s could add 0.4% to America’s gross domestic product — a monetary measure of the market value of all the goods and services produced by a country — “in a baseline scenario where 30 million users take the drugs and 70% experience benefits,” and as much as …

Goldman Sachs bets on Simetrik’s payments infrastructure tech

Goldman Sachs bets on Simetrik’s payments infrastructure tech

Published by skeptic

Nearly two years after securing $20 million in Series A capital, B2B financial solutions startup Simetrik is back with additional investment to the tune of $55 million in Series B funding. The Colombia-based company is developing financial automation technology around record centralization, reconciliations, controls, reporting and accounting. Where it is differentiating itself is through its Simetrik Building Blocks, or SBBs, which are scalable and adaptable concepts based on no-code development and generative AI technologies. “There are a number of controls and automations that need to be done in the CFO’s office, including financial flows, and many others that are currently run manually,” Santiago Gómez, co-founder and COO of Simetrik, told TechCrunch. “Never before has there been this approach. We had an orchestration platform, which we left behind, and are now dedicated to software for CFOs.” Goldman Sachs Asset Management led the investment and was joined by Series A lead FinTech Collective, and Cometa, a seed investor, Falabella Ventures, Endeavor Catalyst, Actyus, Moore Strategic Ventures, Mercado Libre Fund and the co-founders of Vtex. The new capital …

Ethereum Outperforms As Bitcoin Soars; Goldman Notes ETFs Dominating Flows As Liquidity Improves

Ethereum Outperforms As Bitcoin Soars; Goldman Notes ETFs Dominating Flows As Liquidity Improves

Published by skeptic

The total market cap of cryptocurrencies topped $2 trillion overnight for the first time since April 2022… Source: CoinMarketCap Bitcoin has extended recent gains this morning, within pennies of touching $53,000 for the first time since Dec 2021… Source: Bloomberg …as ETF inflows continue to dominate price action… Source: Bloomberg And while, Bitcoin is now the 10th largest asset in the world, Ethereum is rapidly catching up (now 33rd), having overtaken Tencent, Oracle, and Chevron in recent days as ETH comes with inches of $3,000 (erasing all of 2022’s ‘existential’ threat losses)… Source: Bloomberg Anticipation of an ETH spot ETF is likely driving some of this action (as we saw into the BTC ETF launch)… Source: Bloomberg Additionally, as Coindesk predicted in December, the U.S.-based spot bitcoin ETFs approved in January are impacting not only the cryptocurrency’s price, but also order book liquidity, or the ability to trade at stable prices. These effects are increasingly evident a month after the nearly a dozen ETFs began trading. Early Tuesday, bitcoin’s 2% market depth across 33 centralized …

Goldman Is Stumped By the Plunge In Retail Sales: Here’s What Happened

Goldman Is Stumped By the Plunge In Retail Sales: Here’s What Happened

Published by skeptic

Late yesterday, we warned our premium subscribers, and this morning, moments before the report, we warned everyone else… Real-time card data indicates a big miss in retail sales https://t.co/V8YwJsw22W — zerohedge (@zerohedge) February 15, 2024 … that retail sales would be a “jarring” miss, and that’s precisely what happened: in fact, it was so bad the January plunge in retail sales was the worst sequential decline since March 2023 and the biggest annual decline since May 2020! Yet while we were spot on – and those who subscribe hopefully traded on the data and made good $ – there was a distinct group that was very surprised by the result. We are of course talking about Wall Street’s erudite research economists who were gloriously wrong about today’s retail sales number as shown in the histogram below. Then again, admitting it was dead wrong without offering some reason why is grounds for immediate termination among economists (the same reasons that apparently nobody could anticipate when making the original prediction, but whatever) and sure enough, shortly after …

Food Network’s Duff Goldman Details His Painful Hand Injury After Driver Crashed Into Him (Exclusive)

Food Network’s Duff Goldman Details His Painful Hand Injury After Driver Crashed Into Him (Exclusive)

Published by Sam

Duff Goldman is opening up about the scary car crash that’s led to a painful right hand injury that may or may not need surgery, depending on how his hand recovers in the coming days and weeks. The 49-year-old Food Network star and Kids Baking Championship host sat down with ET’s Denny Directo to share the severity of his hand injury and the physical and emotional pain he’s currently going through.  Goldman told ET several of his fingers bent in all kinds of directions. He said his middle finger, index and thumb twisted in ways they’re not meant to twist. During his sit-down with ET, Goldman experienced “pretty bad” pain and some swelling. “It’s really purple, so now it’s starting to hurt,” he said. At the moment, he has virtually zero mobility in his right hand. In fact, just shaving proved to be an insurmountable task (“It was hard!” he said), adding that it’s unclear if his hand will require surgery. “I’ll be able to get these stitches out in about a week and then I can start …

Goldman Trading Desk: Theme Of The Week Was Increased Appetite For Stocks Ex Mag 7

Goldman Trading Desk: Theme Of The Week Was Increased Appetite For Stocks Ex Mag 7

Published by skeptic

According to the most comprehensive recap of relevant recent market flows, last week hedge funds were subdued with buying driven almost entirely by short covers in Macro Products while flow in Single Stocks ended flat, as trading activities pointed to increased dispersion and sector rotation. Perhaps more importantly, Goldman’s Sales Trading desk notes that the theme of the week was an increased appetite for equities ex mega cap tech, as markets digested better economic growth, benign inflation data, and mixed tech earnings. SPX finished the week with 328 names up on the week vs 175 down. Compare that to the first 2 weeks of the year where SPX showed 197 up, and 305 names down – aka investors are rotating away from defensive tech, and into other names. Finally, the Goldman trading desk saw $4bn of net supply from the LO community, largely driven by Info Tech and Comm Services selling throughout the week. Energy and Industrials were the only net bought sectors on the pad. HFs finished the week balanced. All this and much …

Trump win would boost FTSE 100, says Goldman Sachs

Trump win would boost FTSE 100, says Goldman Sachs

Published by skeptic

Thanks for joining me. Germany’s economy will grow less than expected this year, a closely-watched report has suggested, as the eurozone economy teeters on the brink of recession. Europe’s largest economy will expand by only 0.7pc in 2024, according to the Ifo Institute, down from 0.9pc growth in GDP it predicted in December. It comes after Germany’s highest court blocked Olaf Scholz’s plan to spend €60bn (£52.4bn) of emergency borrowing on green initiatives. The climate spending package was found to be in breach of the country’s debt laws in November, forcing the chancellor to overhaul his budget. Germany’s economy shrank by 0.3pc last year after it was hit by higher interest rates and elevated energy costs, with its finance minister Christian Lindner admitting in Davos this month that the country had become the “tired man” of Europe. Meanwhile, the eurozone is on the brink of recession after data indicated business activity shrank in the fourth quarter, which follows a  0.1pc contraction in the third quarter of 2023. Ifo head of forecasts Timo Wollmershäuser said: “Now …

Goldman Beats Estimates Despite Dire FICC, Investment Banking And Net Interest Income Results

Goldman Beats Estimates Despite Dire FICC, Investment Banking And Net Interest Income Results

Published by skeptic

Goldman reported Q4 results that topped expectations (thanks to a jump in Equity sales and trading which however was offset by a miss and slump in the all-important FICC group), yet the bank also reported its lowest annual profits in four years, as losses caused by its pullback from retail banking compounded a slowdown in its core business. But while net income for the full-year 2023 fell 24% to $8.5BN, the lowest level since 2019, as full-year revenue dipped 2% to $46.3BN “reflecting lower net revenues in Global Banking & Markets, largely offset by higher net revenues in Platform Solutions and Asset & Wealth Management”, net earnings in the 4th quarter climbed a solid 51% from a year earlier to $2bn, resulting in EPS of $5.48 which handily beat estimates of a $3.51 print (and up 65% from the $3.32 year prior); Q4 revenue of $11.318BN rose 7% YoY and also came in stronger than the $10.8BN expected. Some more highlights on the quarter: 4Q23 net revenues were higher YoY reflecting higher net revenues in …