Alarmist? Trump's second son claims that the traditional banking system is outdated and will disappear within 10 years if it does not change.
Eric Trump, the second son of former USA President Donald Trump and a supporter of Cryptos, warned traditional Banks: either change their Operation methods or face extinction. The executive vice president of the Trump Organization said in an interview in Dubai on Wednesday, "The modern financial system has collapsed, slowly and at a high cost." He also discussed the development of the UAE as a center for Cryptos. He said, "On the blockchain, there is nothing that can perform better than the current Financial Institutions' mode of Operation. SWIFT is an absolute disaster," referring to the international information network for global financial transactions.
J.P. Morgan: Maintains HSBC Holdings 'Shareholding' rating; market expectations may be downgraded in the coming weeks.
JPMorgan released a Research Report stating that HSBC Holdings (00005) has recovered its losses since the announcement of equal tariffs on "Liberation Day", but believes that the downward scenario has yet to be reflected in HSBC's stock price. Therefore, the stock price may fluctuate in the short term. JPMorgan maintains a "Shareholding" rating on HSBC. The report mentions that HSBC Holdings' first-quarter performance exceeded expectations. Among them, revenue surpassed market and JPMorgan expectations by 6% and 8% respectively, primarily due to strong growth in non-interest income driven by wealth management and trade banking; net interest income was roughly in line with expectations; operating expenses were 4% and 3% lower than market and JPMorgan forecasts; and impairment expenses matched market predictions.
J.P. Morgan: Maintains CHOW TAI FOOK "Shareholding" rating, raises Target Price to HKD 11.4.
JPMorgan released a Research Report stating that CHOW TAI FOOK (01929) has a Target Price increased by 35.7%, raised from 8.4 HKD to 11.4 HKD, maintaining a 'Shareholding' rating. The bank has raised its profit forecast for CHOW TAI FOOK for the fiscal years 2025-2027 by 1-5%. The profit forecast for CHOW TAI FOOK for the fiscal years 2026-2027 is 7-9% above market consensus, driven mainly by: 1) The optimization of the store network may continue into the fiscal year 2026, with a slowdown in net store closures in fiscal year 2025; 2) The contribution of fixed-price products continues to increase. CHOW TAI FOOK's performance in the fourth quarter of fiscal year 2025 indicates that retail sales value (RSV)
Overview of international financial hotspots from last night and this morning _ April 30, 2025 _ Financial news.
For more global financial News, please move to the 7×24 hours real-time financial news. Market closing: The Dow Jones and S&P indices have risen for six consecutive days, with the market focusing on trade negotiation progress. On April 29, the top 20 trading volumes in US stocks: Amazon exposed tariff costs and was criticized by the White House. On Tuesday, China Concept Stocks were mixed, with New Oriental up 4.07% and Xpeng Autos down 6.32%. The shadow of the trade war looms, with international oil prices hitting a two-week low. Spot Gold fell over 0.7%, momentarily dropping below $3,300. Major European stock indices closed with gains, with the German DAX30 Index initially rising by 0.76%. Macro Goldman Sachs significantly lowered the GDP growth rate for the USA in the first quarter to -.
Summary of opinions: HSBC lowers the target for the S&P 500 Index, and Saudi Arabia may push OPEC+ to increase production again.
HSBC strategists have lowered the year-end target for the S&P 500 Index from 6,700 points to 5,600 points, stating that tariffs and slower-than-expected economic growth in the USA will pressure corporate profits. JPMorgan expects that Saudi Arabia may push OPEC+ to increase production again in June. Morgan Stanley believes that betting on a weaker dollar through Call options on the euro and yen is the best strategy. HSBC lowers the S&P 500 Index target, stating that tariffs and economic factors will put pressure on corporate profits.
On April 29th, the top 20 US stock transaction amounts: Amazon reveals tariff costs and faces anger from the White House.
On Tuesday, Tesla ranked first in US stock trading volume, rising by 2.15% with a transaction of 30.765 billion US dollars. As such, Tesla's stock price has increased for six consecutive trading days, with a total rise of over 28%. US Energy storage project manufacturers and developers stated that this Industry will invest 100 billion US dollars in this decade to establish a fully localized Battery supply chain. The US Clean Energy Association noted that this 100 billion US dollars investment will create 0.35 million jobs, including 10 billion to 15 billion US dollars in ongoing projects. Projects include Tesla's Battery factory located in Sparks, Nevada. According to media reports on Tuesday,
