Core Viewpoint - BNY Mellon has launched a tokenized deposits service that allows clients to transfer funds via blockchain, enhancing payment efficiency and enabling the use of deposits as collateral and for margin trading [1] Group 1 - The tokenized deposits service maps client deposits onto a blockchain network [1] - This service aims to improve payment efficiency for clients [1] - The deposits can be utilized for collateral and margin trading purposes [1]

Global Economic Outlook - The BNY Investments team anticipates that the global economy is "primed for a steady advance" through 2026, but emphasizes the importance of being aware of subtle changes that can impact the economic landscape [5] United States - Economic headwinds in the U.S. are expected to "lessen," driven by lower tariff uncertainty, Federal Reserve policy, and favorable fiscal policy [2] - U.S. growth is projected to be fueled by consumer spending, supported by disposable income and tax refunds [2] Europe - The outlook for Europe indicates "only gradual growth" in 2026, influenced by capacity constraints in construction and defense procurement, along with political uncertainties in France [3] - Despite challenges, there are positive indicators in specific countries, such as Germany [3] China - China's economic performance is bolstered by diversified exports and advancements in AI, although growth is beginning to wane [4] - Further fiscal stimulus is anticipated in the first half of 2026, which could enhance stock positions in the country [4] Investment Strategies - The BNY Mellon Concentrated Growth ETF (BKCG) focuses on a concentrated approach to growth investing, targeting 25-35 companies expected to expand over the next three to five years [6][7] - The BNY Mellon Concentrated International ETF (BKCI) offers a concentrated portfolio of international stocks, utilizing a fundamental, bottom-up approach without specific focus on geographic or sector allocations [8]

Earnings Results - The Bank of New York Mellon Corporation is set to release its fourth-quarter earnings results on January 13, 2025, before the market opens [1] - Analysts predict earnings of $1.98 per share, an increase from $1.72 per share in the same quarter last year [1] - The consensus estimate for quarterly revenue is $5.14 billion, up from $4.85 billion a year earlier [1] Collaboration and Stock Performance - On December 8, Bank of New York Mellon announced a collaboration with Google Cloud to enhance its Eliza AI platform with Gemini Enterprise [2] - Following the announcement, Bank of New York Mellon shares fell by 0.7%, closing at $120.45 [2] Analyst Ratings and Price Targets - TD Cowen analyst Steven Alexopoulos maintained a Buy rating and raised the price target from $133 to $145 [3] - Truist Securities analyst David Smith upgraded the stock from Hold to Buy and increased the price target from $119 to $134 [3] - Barclays analyst Jason Goldberg maintained an Overweight rating and raised the price target from $120 to $143 [3] - Morgan Stanley analyst Betsy Graseck maintained an Overweight rating and increased the price target from $118 to $124 [3] - Wells Fargo analyst Mike Mayo maintained an Equal-Weight rating and raised the price target from $100 to $109 [3]

Earnings Results - The Bank of New York Mellon Corporation is set to release its fourth-quarter earnings results on January 13, 2025, before the market opens [1] - Analysts predict earnings of $1.98 per share, an increase from $1.72 per share in the same quarter last year [1] - The consensus estimate for quarterly revenue is $5.14 billion, up from $4.85 billion a year earlier [1] Collaboration and Stock Performance - On December 8, Bank of New York Mellon announced a collaboration with Google Cloud to enhance its Eliza AI platform with Gemini Enterprise [2] - Following the announcement, Bank of New York Mellon shares fell by 0.7%, closing at $120.45 [2] Analyst Ratings and Price Targets - TD Cowen analyst Steven Alexopoulos maintained a Buy rating and raised the price target from $133 to $145 [3] - Truist Securities analyst David Smith upgraded the stock from Hold to Buy and increased the price target from $119 to $134 [3] - Barclays analyst Jason Goldberg maintained an Overweight rating and raised the price target from $120 to $143 [3] - Morgan Stanley analyst Betsy Graseck maintained an Overweight rating and increased the price target from $118 to $124 [3] - Wells Fargo analyst Mike Mayo maintained an Equal-Weight rating and raised the price target from $100 to $109 [3]

Core Viewpoint - Analysts project that The Bank of New York Mellon Corporation (BK) will report quarterly earnings of $1.96 per share, reflecting a 14% year-over-year increase, with revenues expected to reach $5.1 billion, a 5.2% increase from the same quarter last year [1]. Earnings Estimates - The consensus EPS estimate for the quarter has been revised upward by 1% over the past 30 days, indicating a collective reassessment by analysts [2]. - Revisions to earnings estimates are crucial indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock price performance [3]. Revenue Projections - Analysts forecast 'Revenue- Market and Wealth Services- Total revenue' to reach $1.77 billion, indicating a 6.1% increase from the prior-year quarter [5]. - The estimate for 'Revenue- Securities Services- Total fee and other revenue' is projected at $1.76 billion, reflecting a 7.4% increase from the prior-year quarter [5]. - The consensus for 'Revenue- Securities Services- Net interest income' stands at $693.25 million, showing a year-over-year change of 1.8% [6]. - 'Revenue- Securities Services- Total revenue' is expected to reach $2.46 billion, indicating a 5.8% increase from the year-ago quarter [6]. - 'Revenue- Market and Wealth Services- Net interest income' is projected at $525.13 million, reflecting a year-over-year change of 10.8% [6]. Key Financial Metrics - The 'Tier 1 Leverage Ratio' is estimated to be 6.0%, up from 5.7% a year ago [7]. - 'Total interest-earning assets - Average balance' is projected to be $380.01 billion, compared to $357.77 billion in the same quarter last year [7]. - The consensus estimate for 'Book value per common share' is $56.52, up from $51.52 in the same quarter of the previous year [8]. - The estimated 'Tier 1 Capital Ratio (Standardized Approach)' is 14.3%, compared to 13.7% a year ago [8]. - 'Assets under management - Total' is expected to reach $2155.08 billion, up from $2030.00 billion a year ago [9]. - 'Nonperforming Assets' are projected to reach $247.61 million, compared to $179.00 million in the same quarter last year [9]. - The 'Total Capital Ratio (Standardized Approach)' is likely to reach 15.3%, up from 14.8% a year ago [10]. Stock Performance - Shares of The Bank of New York Mellon have returned +1.8% over the past month, outperforming the Zacks S&P 500 composite's +0.9% change, with a Zacks Rank 2 (Buy) indicating expected outperformance in the near future [11].

Group 1: Insurance Sector - The insurance sector continues to rise, with China Ping An (02318) up 5.17%, New China Life (01336) up 4.14%, China Life (02628) up 4.83%, and China Pacific Insurance (02601) up 3.29%. The National Financial Regulatory Administration reported that the insurance industry achieved a total premium income of 57,629 billion yuan, a year-on-year increase of 7.6% for the first 11 months of 2025 [1][2]. Group 2: Hydrogen Energy - Guofu Hydrogen Energy (02582) saw a rise of over 7.2% after announcing the delivery of a total of 424 sets of vehicle-mounted high-pressure hydrogen supply systems to clients, which will be used in fuel cell buses in Guangzhou [1]. Group 3: Coal Sector - Coal stocks collectively rose, with China Coal Energy (01898) up 4.33%, Yanzhou Coal Mining (01171) up 3.18%, and China Shenhua Energy (01088) up 2.31%. Since late November, port thermal coal prices have been on a downward trend, dropping from a high of 834 yuan/ton to a low of 670 yuan/ton, before rebounding on December 31, increasing by 8 yuan/ton to 678 yuan/ton [1]. Group 4: Solar Energy and AI - Junda Co., Ltd. (02865) increased by over 6.1% following a report from Guotai Junan that Elon Musk proposed a plan to deploy 100GW of solar AI satellites annually, driving demand for space photovoltaic technology [1]. Group 5: Lithium Mining - Lithium stocks were active, with Ganfeng Lithium (01772) up 4.22% and Tianqi Lithium (09696) up 2.85%. After breaking through the 130,000 yuan/ton mark, lithium carbonate futures surged over 8%, reaching a high of 137,760 yuan/ton [2]. Group 6: Real Estate Sector - Domestic real estate stocks continued to rise, with Beike-W (02423) up 3.44%, Longfor Group (00960) up 5.24%, China Jinmao (00817) up 5.34%, and China Resources Land (01109) up 3.64%. An article published in "Qiushi" magazine emphasized the need to improve and stabilize expectations in the real estate market [2]. Group 7: Baby Products - Different Group (06090) rebounded by over 34.99%. According to a report from China Merchants Securities, the company is positioned as a mid-to-high-end baby products brand with strong product development and channel expansion capabilities, targeting middle-class and high-net-worth consumers [3]. Group 8: Mining Sector - Zijin Mining (02899) rose nearly 6%, reaching a historical high. The company recently announced an annual profit forecast of 51 to 52 billion yuan, an increase of approximately 18.9 to 19.9 billion yuan compared to the previous year's profit of 32.051 billion yuan, representing a year-on-year growth of about 59% to 62% [3]. Group 9: U.S. Stock Market - The Dow Jones Industrial Average broke through 49,000 points, rising 1.3%, with major U.S. bank stocks reaching historical highs. Goldman Sachs (GS.US) rose 3.73%, JPMorgan Chase (JPM.US) rose 2.63%, and Morgan Stanley (MS.US) rose 2.55%. The U.S. ISM reported that the manufacturing PMI fell to 47.9 in December, below the expected 48.4 [4]. Group 10: Precious Metals - U.S. precious metal stocks collectively strengthened, with Hecla Mining (HL.US) up 4.56% and Barrick Gold (B.US) up 3.77%. Spot gold surged 2.5%, reclaiming the $4,400 mark, while spot silver rose 5%, surpassing $76 [4]. Group 11: AI and Technology - Datavault AI (DVLT.US) surged 42.57%, with a cumulative increase of 180% over three trading days after signing a procurement agreement with AP Global Holdings LLC for infrastructure and cybersecurity services [5]. Group 12: Bitcoin and Related Stocks - Bitcoin briefly reached the $93,000 mark, with related stocks rising, including Strategy (MSTR.US) up 4.81% and Coinbase (COIN.US) up 7.77% [6]. Group 13: Oil Sector - Oil stocks saw significant pre-market gains, with Chevron (CVX.US) up 5.1% and ConocoPhillips (COP.US) up 2.59%. Reports indicated that the U.S. had captured Venezuelan President Maduro through military action, leading to a strong performance in oil and gas services [7].

Group 1 - The Dow Jones Industrial Average (DJIA) has surpassed 49,000 points for the first time, currently up by 1.3% [1] - Major U.S. bank stocks have risen, with Goldman Sachs (GS.US) increasing nearly 5%, JPMorgan Chase (JPM.US), Morgan Stanley (MS.US), and Bank of New York Mellon (BK.US) rising over 3%, and Wells Fargo (WFC.US) and Bank of America (BAC.US) up over 2% [1] - The Institute for Supply Management (ISM) reported that the U.S. Manufacturing Purchasing Managers' Index (PMI) fell to 47.9 in December 2025, down from 48.2 in November, marking the lowest level since October 2024 and significantly below the economists' expectation of 48.4 [1] Group 2 - Despite the ongoing contraction in manufacturing, ISM noted that the PMI remains above 42.3, which is consistent with overall economic expansion in the long term [1] - The U.S. economy grew at an annualized rate of 4.3% in the third quarter, exceeding trend growth levels [1] - Although a record-length government shutdown is expected to negatively impact economic activity in the fourth quarter, most economists anticipate that the U.S. economy could accelerate again by 2026 due to the effects of tax cuts and ongoing investments in artificial intelligence [1]

Core Viewpoint - U.S. financial markets are experiencing a pause for the New Year's Day holiday, with trading set to resume on January 2nd, 2026. Despite a recent pullback, 2025 was a strong year for major stock indexes, which posted significant gains. Market Performance - On December 31st, 2025, major U.S. stock indexes closed lower, continuing a four-session losing streak. The Dow Jones Industrial Average fell 0.6% to 48,063.29, the S&P 500 declined 0.7% to 6,845.50, and the Nasdaq Composite dropped 0.8% to 23,241.99. Trading volume was light as many institutional investors had closed their books for the year [2][3]. - Sector performance was predominantly negative, with technology stocks being a major drag. The Energy Select Sector SPDR rose 0.8%, while the Information Technology Select Sector SPDR, Financials Select Sector SPDR, and Industrials Select Sector SPDR all declined by 0.3% [4]. Notable Stock Movements - Ares Management Corporation saw a share decline of 3.4%. Micron Technology and Western Digital experienced drops of 2.5% and 2.2%, respectively. Corcept Therapeutics shares plunged significantly after the FDA did not approve its treatment. Conversely, Nike shares rose 4.1% following the CEO's purchase of approximately $1 million in company stock [5]. Year-End Market Drivers - The strong performance in 2025 was largely driven by optimism surrounding artificial intelligence, with companies like Micron Technology, Palantir, Advanced Micro Devices, Alphabet, and Nvidia being significant contributors. The S&P 500 finished 2025 up approximately 16.4%, the Nasdaq Composite surged around 20.4%, and the Dow Jones Industrial Average added roughly 13% [6]. Upcoming Economic Data - Key economic data releases are scheduled for early January, including Initial Claims data and Construction PDF on January 2nd, ISM Manufacturing index on January 5th, and various employment reports on January 7th. Important inflation indicators like the Consumer Price Index and Producer Price Index will be released on January 13th and 14th, respectively [8]. Federal Reserve Meeting - The U.S. Federal Reserve's Federal Open Market Committee meeting is set for January 28th, where market participants will seek guidance on monetary policy for 2026, particularly regarding inflation and potential interest rate adjustments [9]. Upcoming Earnings Releases - The earnings season for Q4 2025 will begin to gain momentum later in January, with notable companies like BHP Group, JPMorgan Chase, and Bank of America expected to report. These earnings will provide critical insights into corporate performance and outlooks for the new year [10].

Group 1 - The banking sector was viewed as a strong investment opportunity leading into 2025, driven by deregulation and positive market sentiment associated with Trump 2.0 [1] - Despite the focus on tariffs from January to April, the year has seen solid activity in mergers and acquisitions (M&A) [1] Group 2 - The article emphasizes the importance of creating engaging financial content that is accessible and relevant to various audiences [1] - It highlights the role of empirical data and charts in communicating financial narratives effectively [1]

Group 1 - The banking sector was viewed as a favorable long-term investment leading into 2025, driven by expectations of deregulation and positive market sentiment during the anticipated Trump administration [1] - Despite the initial optimism, tariffs became a significant focus from January to April, impacting market dynamics [1] - The year has still shown strong activity in mergers and acquisitions (M&A), indicating resilience in the financial sector [1]