The dollar’s slide to a four-year low lent fresh momentum to the precious metals complex on Wednesday, pushing prices further , even as geopolitical tensions continued to support it. Reactions to the latest rally were mixed with some analysts forecasting further surge in the precious metals, but some cautioned saying they are in the over-bought category. At 1915 hours IST, gold zoomed to $5,295 an ounce. Gold April futures soared to $5,344 an ounce before easing. In India, the yellow precious ended at a fre ...

Core Viewpoint - Citigroup Inc. is undergoing a significant restructuring under CEO Jane Fraser, aiming to reduce its workforce by 20,000 by the end of 2026, which has positively influenced market reactions despite a recent drop in net income [2][5]. Financial Performance - For Q4 2025, Citigroup reported total revenues of $19.87 billion, a 2% increase year-over-year, driven by growth in various segments [5]. - The net income for Q4 dropped 13% year-over-year to $2.47 billion, while the full-year profit increased by 13% to $14.31 billion [5]. - Analysts expect Citigroup's EPS to grow 32.1% year-over-year to $2.59 for the current quarter and anticipate further growth to $10.17 in fiscal 2026 and $12 in fiscal 2027 [6]. Stock Performance - Over the past 52 weeks, Citigroup's stock has gained 41.6%, outperforming the S&P 500 Index, which gained 16.1% in the same period [3]. - The stock reached a 52-week high of $124.17 on January 6 but has since declined by 7.6% from that level [3]. - The stock has also outperformed the State Street Financial Select Sector SPDR ETF, which is up 3.1% over the past 52 weeks [4]. Analyst Ratings - Among 25 Wall Street analysts covering Citigroup, the consensus rating is a "Moderate Buy," with 15 "Strong Buy" ratings, four "Moderate Buys," and six "Holds" [6]. - The ratings configuration has become more bullish compared to a month ago, with an increase in "Strong Buy" ratings from 14 to 15 [7].

Hardman Johnston Global Advisors, an investment management company, released its “Hardman Johnston Global Equity Strategy” investor letter for the fourth quarter of 2025. A copy of the letter can be downloaded here. Global equity markets delivered robust results in the quarter, backed by easing inflation trends and strong economic data. The Hardman Johnston Global Equity Strategy returned 2.91%, net of fees, compared to the MSCI AC World Net Index’s 3.29% gain. The Financials and Consumer Staples sectors c ...

Core Viewpoint - Silver prices surged over 50% in January, reaching a historical high, with Citigroup predicting prices could hit $150 per ounce in the next three months due to strong demand from China and tightening supply [1]. Group 1: Price Movements and Predictions - Citigroup analysts expect silver prices to reach $150 per ounce in the next three months, continuing the historical upward trend that saw silver rise nearly 50% in January [1]. - On a single day, silver prices increased by 14%, marking the largest intraday gain since the 2008 financial crisis, reaching a peak of $117.71 [1]. - If the gold-silver ratio falls to the 2011 low of 32:1, silver prices could potentially rise to $170 per ounce [4]. Group 2: Market Dynamics - The recent surge in silver prices is supported by strong physical demand and increased speculative interest in a relatively illiquid market, with indications that Chinese buyers are leading the trend [1]. - Despite the price increase, there are several bearish factors, including outflows from silver-backed ETFs, futures market sell-offs, and declining U.S. warehouse inventories, which enhance supply availability in other regions [4]. - The rapid pace and volatility of the price increase have raised alarms among traders and analysts, suggesting that the current rally may be closer to its end than its beginning [4].

Core Viewpoint - Citigroup Inc. has reduced its stake in Jinshun Resources (03636) by selling 32,200 shares at a price of HKD 45.9888 per share, totaling approximately HKD 1.4808 million, resulting in a new holding of 2.1781 million shares, which represents 5.92% of the company [1] Group 1 - Citigroup Inc. sold 32,200 shares of Jinshun Resources on January 22 [1] - The sale price per share was HKD 45.9888, leading to a total transaction value of approximately HKD 1.4808 million [1] - After the reduction, Citigroup's remaining shares in Jinshun Resources amount to 2.1781 million, equating to a 5.92% ownership stake [1]

周三，国际现货黄金价格一路上扬，首次突破5300美元/盎司，周内已连破四个整百关口，本周累计涨超300美元，截至发稿又向上触及5310美元/盎司，日 内涨超2.5%。 当下持有黄金和白银的成本已升至历史峰值，但这丝毫未能阻挡投资者的买入步伐。 摩根士丹利本周表示，黄金或在今年下半年攀升至每盎司5700美元；高盛则将12月黄金目标价从此前的每盎司4900美元上调至5400美元。 以马克西米利安・莱顿（Maximilian Layton）为首的花旗银行分析师团队在周二的报告中称，白银的涨势由资本配置驱动，其表现"堪比'平方黄金'，或是打 了兴奋剂的黄金"。 价格回调不仅未引发市场对涨势终结的担忧，反而被视作逢低布局的良机。这一现象充分彰显了投资者的坚定信心，以及贵金属在长期风险管理中占据的核 心地位，同时也印证了投行对其给出的超高价格目标。 英国贵金属交易商GoldCore市场主管简・斯科尔斯（Jan Skoyles）表示："倘若你问任何人，要满足何种条件黄金才会突破每盎司5100美元、白银突破每盎 司100美元，更不用说110美元，大多数人或许都会认为需要发生金融大崩盘。" 斯科尔斯在接受《市场观察》采访时称： ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 文章来源：金十数据 花旗集团预计现货白银价格将在三个月内创下每盎司150美元的历史新高，延续其在一月份已飙升近 50%的历史性涨势。 包括马克斯·莱顿（Max Layton）在内的该行分析师认为，中国的强劲买盘势头将持续，并表示需要更 高的价格才能鼓励现有持有者出售。 "白银的表现就像是'黄金的平方'或'打了兴奋剂的黄金'，"分析师们在周二的一份报告中写道。"我们认 为，这种情况很可能会持续下去，直到白银相对于黄金而言，按历史标准看起来变得昂贵为止。" 白银价格周一在跳涨高达14%后触及每盎司117.71美元的新纪录，这是自2008年全球金融危机以来最大 的单日涨幅。强劲的实物需求和对一个相对缺乏流动性的市场的投机兴趣支撑了这轮涨势，且有迹象表 明中国的买家正在引领这一走势。 花旗分析师表示，如果金价与银价比值回到2011年32：1的低点，那将意味着白银价格可能高达每盎司 170美元。 花旗补充道，白银的价格上涨是在面对一系列利空因素的情况下实现的，包括白银支持交易所交易基金 （ETF）的资金外流、期货市场投机者的抛售，以及美国仓库库存下降（这 ...

(截图来源：彭博社) 美国彭博社周二(1月27日)发布独家报道称，日元自2024年8月以来的最强三日反弹，尚不足以让花旗集 团(Citigroup Inc.)策略师Daniel Tobon转变为日元多头。他表示，要想保持这种涨势，日本买家需要重新 将资金转回日本债券市场。 Tobon在接受采访时表示："最大的交易机会在于等待那个转折点，等待我们看到拐点的那一刻。一旦 你看到了那种确认信号，在那之后日元可能还有超过15%的上涨空间。" (截图来源：彭博社) 日元近期的涨势源于市场猜测，日本和美国正在准备出手支撑日元，此前日元一度跌至接近1美元兑160 日元，这一水平曾促使日本官员在2024年干预市场。 周二，日元再次上涨1%，升至1美元兑153日元下方。 日元走势急剧反转发生在日本债券市场上周遭遇沉重抛售之后，当时投资者担忧日本首相高市早苗 (Sanae Takaichi)的财政计划将加重政府已经庞大的债务负担。 这场抛售大幅推高了日本债券收益率，可能激励投资者将资金从海外撤回，并重新投资于国内市场。这 也提高了对冲基金可能会解除套息交易的前景，套息交易涉及在日本借款，然后将所得资金再投资于利 率较高的国家。 ...

AI图片 在贵金属市场一片沸腾之际，花旗将对白银的短期判断直接"拉满"。 据追风交易台，1月27日，花旗研究在最新发布的《MetalMatters》报告中，将未来0–3个月白银目标价从100美 元/盎司大幅上调至150美元/盎司。在此之前，这一100美元目标仅在两周前刚刚给出，而当前银价已快速突破 110美元关口。 花旗直言，在当前阶段，白银的表现已不再是"跟随黄金"，而更像是"打了兴奋剂的黄金（goldonsteroids）"。 从"贵金属"到"资本配置资产"，白银正在复制黄金的定价逻辑 花旗认为，当前这轮白银行情的核心驱动力，并非传统意义上的工业需求或供给收缩，而是资本配置逻辑的全面 激活。 与黄金类似，白银正在被全球资金视为一种：对冲宏观不确定性的资产、对冲地缘政治风险的工具、对"美联储 独立性受损"风险的定价载体。 但与黄金不同的是，白银具备更高的弹性与更强的价格加速度。 过去两周，金价上涨约10%，而白银涨幅超过30%。花旗形象地将其描述为：白银不是黄金的"影子"，而是黄金 的"平方项"。 本轮白银牛市的"发动机"：中国主导、印度跟买 花旗明确指出，本轮自12月以来、白银价格"翻倍式上涨"的行情，呈 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1][6] Core Views - The major U.S. banks maintain good performance growth supported by credit expansion and resilient net interest margins, but deteriorating asset quality and rising provisioning pressures pose significant future concerns [3][50] - The overall performance of the four major U.S. banks shows good growth, with JPMorgan Chase experiencing a slight decline in net profit primarily due to a provision of $2.2 billion related to the acquisition of Goldman Sachs' Apple credit card business [2][4][48] Summary by Relevant Sections Performance Overview - In 2025, JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo reported net profits of $57 billion, $30.5 billion, $14.3 billion, and $21.3 billion respectively, with year-on-year changes of -2.4%, +13.1%, +12.8%, and +8.2% [2] - JPMorgan Chase's revenue reached $182.4 billion, a 2.6% increase year-on-year, while its net profit declined by 2.4% [4] - Bank of America achieved revenue of $113.1 billion, a 6.8% increase, and net profit of $30.5 billion, a 13.1% increase [4] - Citigroup's revenue was $85.2 billion, a 5.6% increase, with net profit of $14.3 billion, a 12.8% increase [5] - Wells Fargo reported revenue of $83.7 billion, a 1.7% increase, and net profit of $21.3 billion, an 8.2% increase [5] Credit Expansion and Asset Quality - The total loan amounts for the four major banks in 2025 were $1.49 trillion, $1.19 trillion, $0.81 trillion, and $0.99 trillion, reflecting growth rates of 10.8%, 7.7%, 9.3%, and 7.3% respectively [14] - Asset quality pressures are evident, with non-performing loan rates, net charge-off rates, and non-performing loan generation rates rising to levels comparable to those during the pandemic [22][30] Net Interest Margin and Income - Despite the Federal Reserve's cumulative rate cuts of 175 basis points in 2024-2025, the net interest margin for 2025 showed signs of stabilization or slight recovery, attributed to a greater decline in funding costs compared to asset yields [3][36] - Bank of America and Citigroup reported net interest margins of 2.08% and 2.49%, respectively, with year-on-year increases of 11 basis points and 7 basis points [36] - Fee income grew significantly due to recovering consumer confidence and a favorable capital market environment, while other non-interest income remained subdued [45]