Saudi Arabia’s Public Investment Fund, which has about $930bn worth of assets, said it intended to cut the proportion of funds invested overseas to between 18 and 20%, down from 30%.
Yasir Al Rumayyan, governor of PIF and chairman of Saudi Aramco and the FII Institute, speaking at the start of FII8 in Riyadh on Tuesday said there needs to be a global shift in focus from short term gains to sustainable growth supported by Artificial Intelligence (AI) that could benefit both economies and societies. The head of the kingdom’s sovereign wealth fund added that in a world marred by uncertainty, countries which can bridge gaps between East and West are essential. He said Saudi Arabia is a “super connector” thanks to its unique resources and strategic geographic location, which enables it to drive investments in infrastructure and technology. Source: FT, Zawya
🥉 Swiss bank UBS smashes third-quarter expectations with $1.4 billion in profit (vs. $667.5 million expected)
👉 Group revenue was $12.33 billion, above analyst expectations near $11.78 billion. Q3 highlights included: - Operating profit before tax of $1.93 billion, up from a loss of 184 million in the same quarter last year. - Return on tangible equity hit 7.3%, compared with 5.9% over the second quarter. - CET 1 capital ratio, a measure of bank solvency, was 14.3%, down from 14.9% in the second quarter. The lender said it expects to complete its planned $1 billion share buyback program in the fourth quarter and intends to continue repurchases in 2025. 💪 UBS Sees Uninterrupted Client Momentum: Switzerland's largest bank reports strong transactional activity in its core business and expects to achieve its objective of $100 billion in net new assets by the end of the year. Source: CNBC
GOLD RALLY HAS BEEN TRULY UNSTOPPABLE
Gold prices have hit 40 all-time highs so far in 2024, marking the best year this century. The so-called barbarous relic has rallied 33% year-to-date and is on track for the best annual performance since 1979. Source: Global Markets Investor, The Daily Shot
ETF launches have been going vertical over past few years…
700+ new ETFs have been launched just over the trailing 12 months. Source: Nate Geraci @NateGeraci via Todd Sohn
#donothing
Source: Anthony Pompliano
The last time the S&P 500 rose more than 40% over 12 months was in 1987.
Source: The Great Martis @great_martis
👎 BIG BREAKING >>> Super Micro Computer stock, $SMCI, falls 27% after Ernst & Young announces they refuse to audit the company going forward.
EY is "unwilling to be associated with the financial statements prepared by management," the statement said. 🚨 $SMCI stock is imploding Source: CNBC
$META is developing an AI search engine to lessen reliance on Google and Microsoft.
#meta #nvda #googl
