Page 6 - Bank Of America
Ukraine crisis: Fund managers now see equity bear market in 2008-like gloom
This is the takeaway of the latest Bank of America Corporation monthly global fund manager survey conducted in the week through March 10
 "Ukraine crisis: Fund managers now see equity bear market in 2008-like gloom")
BofA revises Nifty target from 19,100 to 17,000 citing rate hike risks
Note says market valuation shrinks if it is above long-term averages before the start of the hike cycle
 "BofA revises Nifty target from 19,100 to 17,000 citing rate hike risks")
Goldman Sachs predicts Fed will raise rates five times this year
Bank of America Corp. now predicts seven rate hikes in 2022 and BNP Paribas SA forecasts six, while JPMorgan Chase & Co. and Deutsche Bank AG see five
 "Goldman Sachs predicts Fed will raise rates five times this year")
Nifty to hover around 19,100 by December 2022, says Bank of America
India is expected to incur a capital expenditure of $395 billion towards de-carbonisation from 2020-2030
BofA expects 8.2% GDP growth for India in FY23 with more downside risks
The biggest risk to the projection is a derailed consumption demand that has been the main growth driver in the past many years, said the Bank of America Securities India house economists
 "BofA expects 8.2% GDP growth for India in FY23 with more downside risks")
India's GDP to grow 8.2% in FY23, RBI to hike rates by 100 bps: BofA
The low vaccination rates and the emergence of the Omicron variant were flagged as factors by the brokerage that are creating 'considerable uncertainty' for India's growth
 "India's GDP to grow 8.2% in FY23, RBI to hike rates by 100 bps: BofA")
BofA fund manager survey least bullish since Oct 2020, cash at 12-mth high
Finds investors are increasingly worried about global growth expectations, stagflation and China
 "BofA fund manager survey least bullish since Oct 2020, cash at 12-mth high")
US banks beat profit estimates on economic rebound, deals bonanza
JPMorgan Chase & Co, Citigroup, Wells Fargo & Co and Bank of America Corp reported a combined profit of $28.7 billion for the third quarter, beating analyst estimates
 "US banks beat profit estimates on economic rebound, deals bonanza")
Bank of America-backed ACRE buys 32% stake in Jayaswal Neco Industries
The ARC is backed by other global distressed funds and investors like Davidson Kempner Capital Management, Oaktree Capital and Ares SSG
 "Bank of America-backed ACRE buys 32% stake in Jayaswal Neco Industries")
Investors turn bearish on global economy though positioning upbeat: BofA
Rare disconnect between asset prices, fundamentals; liquidity conditions viewed as best since before 2008 crisis
 "Investors turn bearish on global economy though positioning upbeat: BofA")
Bank of America taps new CFO, promotes three women to top roles
Alastair Borthwick, president of global commercial banking, will replace CFO Paul Donofrio next quarter, the company said Friday in an internal memo.
 "Bank of America taps new CFO, promotes three women to top roles")
The cost of saving global economy: $834 million an hour for 18 months
"Stimulus has caused immense inflation of Wall Street assets," wrote strategists led by Michael Hartnett
The cost of saving global economy: $834 million an hour for 18 months
"Stimulus has caused immense inflation of Wall Street assets," wrote strategists led by Michael Hartnett
 "The cost of saving global economy: $834 million an hour for 18 months")
Bank of America 2Q profit more than doubles to $9.22 bn, tops forecast
Bank of America 2Q profit more than doubles, tops forecast Bank of America Corp. said Wednesday that second-quarter net income more than doubled to USD9.22 billion from USD3.53 billion a year ago. The Charlotte, North Carolina-based bank said it had earnings of USD1.03 per share for the quarter ended June 30, up from 37 cents in the year-ago quarter. The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share. The nation's second-largest bank posted revenue of USD22.62 billion in the period. Its revenue net of interest expense was USD21.47 billion, missing Street forecasts. Four analysts surveyed by Zacks expected USD21.77 billion. Year-ago revenue was USD22.33 billion. Bank of America shares have increased 32per cent since the beginning of the year, while the S&P 500 index has risen 16per cent. The stock has climbed 65per cent in the last 12 months.
 "Bank of America 2Q profit more than doubles to $9.22 bn, tops forecast")
BankAm's i-bankers continue to pull off deals for India Inc amid Covid-19
BankAm topped Dealogic's league tables for equities at $2.8 billion in deals (followed by ICICI Securities at $2.4 billion and JP Morgan, or JPM, at $2.4 billion) for FY21
 "BankAm's i-bankers continue to pull off deals for India Inc amid Covid-19")
Wall Street banks hike shareholder payouts after Fed gives the green light
Morgan Stanley, JPMorgan, Bank of America, Goldman Sachs and Wells Fargo said they were hiking their capital payouts after the US Federal Reserve gave them a clean bill of health
 "Wall Street banks hike shareholder payouts after Fed gives the green light")
Bank of America profit more than doubles on reserve release boost
The second-largest U.S. bank by assets unlocked $2.7 billion from its reserves
Indian outsourcing outshone world in pandemic; BofA added 3k jobs: Official
Bank of America (BofA) has added around 3,000 more jobs in India during the pandemic, and the country has outshone the world because of its ability to thrive in chaos, a top official said
 "Indian outsourcing outshone world in pandemic; BofA added 3k jobs: Official")
 "Akhil Turai and His Entry into the Billion-Dollar Space Industry")
L&T, ABB India: Analysts bet on capex-related plays amid economic revival
"Valuations for consumption stocks now appear stretched while the industrials sector still trades at historical averages," wrote Amish Shah of BofA Securities
 "L&T, ABB India: Analysts bet on capex-related plays amid economic revival")
