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Here’s where Goldman Sachs says to put your money as trade tensions heat up
Trade-related headlines put the stock market at risk of more volatility.
To help its clients navigate these swings, Goldman Sachs has reiterated four of its top strategies that should keep investors on track for strong returns this year.
The recommendations are not hedges against specific risks that trade disputes create for certain companies and industries. Instead, David Kostin, the chief US equity strategist, is reiterating some of his top ideas at a time when markets are vulnerable to swings based on trade-related headlines.
One of Tesla’s largest shareholders is urging Elon Musk to simmer down
One of Tesla’s most influential shareholders is giving Elon Musk an earful about the turmoil surrounding him and the electric automaker in recent weeks.
James Anderson, partner and portfolio manager at the asset management firm, Baillie Gifford, pointed to the turmoil surrounding Musk – including the CEO’s recent public rants.
Musk has lashed out at reporters and news outlets over troubling news about Tesla Model 3 production and internal struggles at the company. Those rants have prompted some fallout, causing both Musk’s fans and his critics to get overheated.
Wall Street’s equity derivatives hiring binge continues
Citigroup has hired a quant trading and derivatives exec from Credit Suisse, the latest in the rash of equity derivatives moves across Wall Street.
Jeff Berton, formerly the head of Quantitative Investment Solutions (QIS) in the Americas at Credit Suisse, is joining Citi to run a similarly focused unit on a global scale, according to people familiar with the matter.
Berton will lead Citi Investment Strategies (CIS), a global team within the bank’s Markets & Securities Services division focused on quantitative index strategies, and he’ll also be the head of exotics trading in North America, the people said.
Broadcom will acquire CA Technologies for $US18.9 billion
Broadcom announced on Wednesday its intent to acquire CA Technologies, an American software company, for $US18.9 billion in cash.
If the deal clears every hurdle and goes through, the $US108 billion semiconductor company will pay $US44.50 a share for CA in a deal that could go public on Wednesday, the companies say. The news represents Broadcom expanding beyond processors
News of this deal comes just four months after President Trump blocked Broadcom from acquiring Qualcomm in a $US103 billion hostile takeover on national security ground
Citi is deploying robots to help the world’s biggest companies collect cash from customers
Citigroup is deploying robots to help massive corporations collect payments from customers, the latest enhancement to the bank’s bread-and-butter business of managing the nitty gritty tasks for companies’ daily cash and transactions.
Citi on Thursday announced a partnership with Houston-based financial technology company HighRadius to roll out a new feature called Citi Smart Match that applies artificial intelligence and machine learning to the process of matching open invoices to received payments – automating and streamlining the otherwise painstaking and costly task.
It also further bolsters Citi’s crucial and highly lucrative Treasury and Trade Solutions (TTS) business, which provides daily financing and cash management services to thousands of multinational corporations in nearly 100 countries and pulled in $US8.5 billion in revenues in 2017.
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