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’Goldman helps a frenemy in need
Can olive branches stem bleeding?
Goldman Sachs Options Research made a bold recommendation Friday to buy $16 calls on Morgan Stanley and to sell short-dated CDS. MS reports earnings on October 17 and Goldman argues that they will surprise on the upside,
Goldman predicts a fire sale of USD assets by French banks
There were a few cheeky titbits in an otherwise workmanlike Goldman Sachs note published Wednesday on US banks.
First up for a teasing: French banks. As we know, US banks are sitting ducklings in the middle of the European maelstrom.
Not even breaking even at Goldman Sachs
Credit Suisse bank analysts have gone one further than their Nomura counterparts by forecasting Goldman Sachs to register its second quarterly loss since going public in 1999.
It’s the second cut that the CS analysts have made to their estimates in a month.
Breaking even at Goldman Sachs
Thought the recent pick-up in trading volumes would be good news for the big investment and universal banks?
Think again.
Nomura’s US banks analyst Glenn Schorr has just taken the red pen to forecasts for the second time in a month.
Goldman: European banks are killing US
Correlation is to financial journalists what patriotism is to scoundrels. Nevertheless, this chart from a Goldman Sachs note published on Wednesday still suggests just how quickly US and European banks have begun to move in lockstep:
Do traders dream of defaulting Greeks? [updated]
Update: 12.30pm (London time) — We’re not sure how to put this… but lots of people seem to believe that Mr Rastani is a hoax perpetrated by the Yes Man.
Compare the video below with this recent Yes Men hit on the BBC:
Wheel comes off Webvan 2.0
No wonder analysts have been slashing forecasts. Monday’s trading update from the internet grocer — or Waitrose distribution arm as it is also known — reveals there has been no improvement in sales in the last quarter.
Some friendly advice from Goldman Sachs
Oswald Grübel — shrink your investment bank!
UBS’s investment bank produced outsized losses in 2008 and 2009; consequential perception of UBS’s riskiness substantially impacted its private banking business,
Goldman says let’s Twist again
Found.
Someone who thinks a change in the composition of the Federal Reserve’s balance sheet (a new Operation Twist) would be a good idea.
Guess who? (Obviously it’s not Bill Gross).
Give up?
OK then,
The clairvoyant Jim O’Neill
Full marks to Goldman’s Jim O’Neill who over the weekend called the SNB’s decision to set a direct policy target for the Swissy.
(Emphasis ours):
The Swiss authorities face a huge challenge. If they are serious about trying to prevent the devastating damage that could result from the Franc’s strength,
A return to asset purchases (in the UK)
We are a bit late to this, but here are selected highlights from Goldman Sachs prediction on Friday of further asset purchases by the Bank of England.
But this time Goldman economist Kevin Daly reckons there’s a good case for the BoE focusing on credit easing rather than the purchase of more gilts.
Fannie and Freddie’s revenge — the details [updated]
– By John McDermott and Cardiff Garcia
The details of the US government’s attempted bank raid are coming in on Friday afternoon.
The Federal Housing Finance Agency has filed 17 lawsuits against banks operating in the US.
Goldman’s doom-mongering eye-bleeding slide deck
On Thursday the Wall Street Journal reported on a doom-laden research note by Goldman Sachs strategist Alan Brazil sent on August 16 to hedge fund clients.
Unfortunately it didn’t share the report, but Zero Hedge has acquired a copy and it makes for interesting reading,
US government attempts bank raid
Friday promises to be an ugly day for US financials:
Stories in the New York Times the Wall Street Journal on Friday suggest that a grand mortgage settlement is farther away than ever and that banks — or at least one bank (guess which!) — are coming under increasing pressure to prepare for the worst.
Goldman’s Q(E3)&A
There was no press conference with Ben Bernanke after the August 9 FOMC statement or following his Jackson Hole speech — and there won’t be another until after Congress pays attention and starts pulling its weight around here November 2.
The diminishing returns of QE
The hypothetical QE3, whatever its format, might not work so well because the last two rounds were so successful.
That’s what Goldman analysts Sven Jari Stehn and colleagues say.
They’ve measured previous QEs by their effect on Goldman’s Financial Conditions Index,
Goldman delivers another Ocado downgrade
And now for something a little lighter than all this sovereign debt, bank funding stuff.
It’s Webvan 2.0, or Ocado as its sometimes know.
Joint house broker Goldman Sachs has lowered its forecasts for the internet grocer by a third with just a couple of months to run to the end of its fiscal year.
Goldman: cutting, repoing, provisioning, losing
Goldman’s 10Q was released this morning and it adds some interesting detail to its mixed Q2 earnings.
There were 15 days when it posted a trading loss in daily trading revenues, compared to just one day in Q1.
Goldman: this is not 2008
US financials are melting on Monday:
As at pixel time, we’re facing a broad-based sell-off but the banks are among the hardest hit.
However, Goldman Sachs, appropriately enough, reckons this will be a short-term soft patch.
Goldman says ‘it’s got riskier’ (but we still ♥ commodities)
For anyone wondering how commodities will do out of the USA(A+) downgrade, Goldman Sachs takes a stab at predicting the course of events in its Monday commodities research note.
In a nutshell, it’s going to get riskier out there,
What’s inside Pandora’s box?
Not all of the world’s evils but from an investor perspective something just as bad — a seriously huge profit warning.
A warning so large that’s it’s knocked almost 70 per cent from the share price of the eponymous charm bracelet maker.
Goldman: debt ceiling debacle already hurting economy
We’ve all heard of the bad things that await should the debt ceiling not be raised or if the US’s sovereign rating is downgraded.
But any impact of the Washington quarrel on the US economy now is harder to spot.
US financials still lagging
US stocks are up slightly today, and the rally is happening entirely in the so-called “real” economy.
As per the norm since earnings season kicked off last week, financials are underperforming — here’s a look at the S&P vs the KBW bank index:
Are USDA crop stats unreliable?
It’s almost like a scene from “Trading Places”, in which traders conspire to use and abuse the release of the US Department of Agriculture’s crop report.
Except this time it’s the reliability of the report which is being questioned.
Goldman Sachs is hot for soybeans
The latest ‘Commodity Watch’ note from Goldman Sachs continues to paint a bullish picture for most of the commodities complex in 2011 and 2012.
The usual Goldman arguments about how global growth, fueled by Asia,
Goldman’s on top of the Dodd-Frank talks
A list of financial entities most panicked about upcoming Dodd-Frank rules.
Whoops! We mean a list of financial entities who are most concerned about educating regulators.
Goldman Sachs tops the list,
Stall speed
FT blogger (and Markets Live contributor) Gavyn Davies recently raised the question of whether the growth rate of the US economy had dropped below stall-speed and was heading back to recession.
He concluded it wasn’t,
WGO – What’s going on in Brent-WTI? [updated]
First there was Cushing syndrome. Then there were Brent market antics. Now, nobody knows what’s going on in the Brent-WTI spread.
The difference between the two contracts has (once again) reached record levels.
Dynamic indexing — a contradiction in terms?
Clive Capital is jumping on board the dynamic commodity indexing bus alongside Goldman Sachs.
As the FT reported on Monday:
Goldman Sachs, the bank that popularised commodities investing among pension funds and other conservative money managers,