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Tianfeng Securities Subsidiary Plans Joint Capital Increase with Controlling Shareholder to Boost Hongtai Qihang to 5 Billion Yuan
Tianfeng Securities announced that its wholly-owned subsidiary Tianfeng Innovation plans to sign a Capital Increase Agreement and Partnership Agreement Amendment Agreement with its controlling shareholder Hongtai Group and its subordinate subsidiary Hongtai Capital to jointly increase capital in Hongtai Qihang. Hongtai Qihang was originally established by Tianfeng Innovation and Hongtai Capital with a total subscribed capital of 50 million yuan. After this capital increase, the total subscribed capital will not exceed 5 billion yuan. Among this, Tianfeng Innovation plans to contribute no more than 2.4251 billion yuan, bringing its cumulative contribution after the increase to no more than 2.45 billion yuan. Tianfeng Securities stated that the implementation of this related-party transaction is conducive to enriching its alternative investment asset portfolio, expanding its equity investment business layout, empowering the real economy and technology innovation industries within the province, and achieving investment returns through project investment exits.
601162.CG · Capital · Positive Tianfeng Securities' subsidiary Tianfeng Innovation will contribute up to 2.4251 billion yuan to jointly increase capital in Hongtai Qihang, expanding its alternative investment and equity investment business.
Hongtai Qihang · Capital · Positive Hongtai Qihang's total subscribed capital will rise from 50 million yuan to no more than 5 billion yuan via the joint capital increase.
Hongtai Capital · Capital · Positive Hongtai Capital is a party to the capital increase agreement, jointly raising Hongtai Qihang's subscribed capital alongside Tianfeng Innovation.
Wall Street Banks Face Rate Test as Q3 Earnings Season Opens
Wall Street's biggest banks are heading into third quarter earnings after one of their most profitable six-month runs in at least a decade, but sharply rising interest rates now threaten that boom. JPMorgan Chase, Goldman Sachs, and Citigroup report on Tuesday, followed by Bank of America and Morgan Stanley on Wednesday, with investors hunting for clues on whether higher rates are beginning to spoil the first-half surge. Profits at these giants are expected to fall from last quarter as trading, dealmaking, and financing revenues retreat from the standout second quarter levels, according to analyst estimates compiled by Bloomberg, though most are still expected to show profits up from a year ago, with Bank of America and Morgan Stanley the exceptions. Collectively, the five banks have shed about $270 billion in market value from their respective summer highs through Friday's close, even as the S&P 500 remains up roughly 14% this year, and a Truist Securities survey earlier this month found just 35% of institutional investors expect bank stocks to outperform the broader market, down from 68% in July and 82% in December. The key focus is less on what higher borrowing costs mean for third quarter profits than on whether the rapid repricing of money will undermine the unusually strong activity that defined 2026's first half, with trading results expected to bring the most immediate evidence of a slowdown after bank executives telegraphed softer September activity, particularly in fixed income. Higher financing costs also raise the stakes for whether this year's investment banking surge can continue into 2027, as several companies including smart ring maker Oura have postponed public listings and Nvidia-backed Firmus Grid abruptly shelved its listing plans this week after investors balked at its proposed valuation, while global merger and acquisition deal announcements slowed sharply during the third quarter.
BAC · Capital · Negative Bank of America is one of the five banks expected to report lower Q3 profits and is an exception to year-over-year profit growth, with trading and financing revenues retreating.
C · Capital · Negative Citigroup reports Tuesday amid expectations that higher rates are spoiling the first-half profit surge, with trading, dealmaking, and financing revenues retreating.
GS · Capital · Negative Goldman Sachs reports Tuesday with profits expected to fall from last quarter as trading and dealmaking revenues retreat from standout Q2 levels.
JPM · Capital · Negative JPMorgan reports Tuesday as sharply rising rates threaten the bank's most profitable six-month run in a decade, with trading and financing revenues expected to decline.
MS · Capital · Negative Morgan Stanley reports Wednesday and is one of the exceptions expected to show profits down from a year ago, with dealmaking and financing activity at risk.
Morgan Stanley Named Lead Underwriter for Solidigm's $10 Billion IPO
Morgan Stanley has been named a lead underwriter for Solidigm's planned US initial public offering, which could raise about US$10.00 billion, and is also participating in merger interest discussions around UBS AG. The bank is preparing to report earnings on 14 October 2026, with consensus pointing to a 7.7% year over year revenue increase to US$19.63 billion and modest EPS growth. Morgan Stanley's own narrative projects $89.6 billion in revenue and $20.2 billion in earnings by 2029, requiring 4.8% yearly revenue growth and about a $0.7 billion earnings increase from $19.5 billion today, while some of the lowest estimate analysts see revenue growth closer to 3.9% annually and earnings dipping toward about US$17.4 billion. The developments come alongside a planned Dallas expansion and upcoming presentations on digital assets and tokenization, as fee compression from passive products and evolving regulation remain key risks.
MS · Capital · Positive Named lead underwriter for Solidigm's ~$10B IPO, a fee-generating mandate for Morgan Stanley.
UBSG.SW · Capital · Neutral UBS AG is only mentioned as part of merger interest discussions Morgan Stanley is participating in, with no concrete development.
Two DWF Labs Subsidiaries Sue BitGo for About 22.3 Billion Yen
Two subsidiaries of crypto firm DWF Labs have sued crypto custody service BitGo in London's High Court, the Financial Times and other outlets reported on October 9. The claim amounts to 141 million dollars, or roughly 22.3 billion yen, alleging breach of contract over token sale restrictions. The subsidiaries claim that BitGo sold tokens it had bought at a discount before the sale-restriction deadline, causing market prices to fall and the value of the tokens they continued to hold to decline as well. The lawsuit concerns Falcon Finance's token FF and the gaming-related token ESPORTS. The sale contracts initially included a three-month sale restriction followed by a phased release, but the subsidiaries argue the tokens were moved to exchanges about two months before the first restriction was lifted. DWF Labs is a company that invested in World Liberty Financial, which is backed by U.S. President Donald Trump and his family, and it reportedly purchased 25 million dollars' worth of WLFI tokens in 2025.
BOCOM International Issues RMB1.1 Billion and USD134 Million Dual-Currency Subordinated Perpetual Bonds
BOCOM International has successfully issued RMB1.1 billion and USD134 million in subordinated perpetual bonds, becoming the first offshore Chinese securities firm to issue dual-currency RMB and US dollar subordinated perpetual bonds. The issuance attracted subscriptions from 20 domestic and overseas investors, including central state-owned enterprises, bank wealth management subsidiaries, securities firms, Hong Kong local family offices, and foreign institutions. The net proceeds will be used to repay existing liabilities or deploy incremental assets. The bonds feature both RMB and US dollar tranches, with initial distribution rates of 2.50% and 5.50% respectively for the first three years, after which the rates will be reset every three years. Fitch Ratings' Dan Qing pointed out that the dual-currency issuance can effectively control interest expenses. Li Weifeng of Lianhe Ratings Global noted that the bond has opened a channel for Chinese securities firms to replenish offshore equity-type capital and validated market demand for dual-currency capital instruments. Wind data shows that as of the end of September, domestic Chinese securities firms' perpetual subordinated bond issuance in 2026 exceeded RMB150 billion, up more than 2.35 times compared with the same period in 2025, with the top five issuing firms accounting for over 60% of the share. DM data shows that as of the end of September, Chinese securities firms' offshore bond issuance reached USD9.305 billion, up 28.99% year-on-year, already surpassing the USD8.568 billion for all of 2025.
3329.HK · Capital · Positive BOCOM International issued RMB1.1bn and USD134m dual-currency subordinated perpetual bonds, replenishing capital and refinancing existing liabilities.
Goldman Sachs Shares Close Up 1.44% as Earnings Preview Points to EPS of $12.9
Goldman Sachs closed the most recent trading day at $895.32, up 1.44% and ahead of the S&P 500's 0.6% gain, though the stock has lost 13.45% over the past month. The investment bank is slated to report earnings on October 13, 2026, with analysts anticipating EPS of $12.9, a 5.31% rise from the same quarter a year earlier, and revenue of $16.87 billion, up 11.08%. For the full fiscal year, the Zacks Consensus Estimates project earnings of $67.48 per share and revenue of $71.46 billion, representing changes of +31.49% and +22.62% from the prior year. Over the last 30 days the Zacks Consensus EPS estimate has moved 2.04% lower, and Goldman Sachs currently holds a Zacks Rank of #3 (Hold). The stock trades at a Forward P/E ratio of 13.08, in line with its industry, and a PEG ratio of 0.97 versus an industry average of 0.87.
Goldman Sachs May Be 17% Undervalued on Excess Returns Model
Goldman Sachs Group may be 17% undervalued following talk of CEO succession, according to an Excess Returns valuation model. The stock last closed at US$882.59, and the model's projections put Goldman Sachs Group's estimated intrinsic value meaningfully above that price, with a bull case seeing the shares 21% undervalued. The model starts from book value of $362.05 per share and a stable book value estimate of $406.03, with analysts pointing to stable EPS around $75.58 per share, a cost of equity of $38.02 per share, an excess return of $37.57 per share, and an average return on equity of 18.62%. Dividend assumptions of $20.70 per share in annual payouts and long run dividend growth of 3.7% point to cash distributions the model treats as reasonably supported by expected earnings. The stock has returned about 204.5% over the past 3 years, and recent news around leadership succession, executive equity awards tied partly to stock performance, and moves into tokenized trading and asset and wealth management has kept focus on how efficiently Goldman Sachs can deploy capital. A bear case holds that rising digitization and fintech disruptors will erode margins across investment banking, trading, and wealth management, leaving the stock roughly fairly valued.
Goldman Sachs Q3 Earnings Due Oct. 13 With $16.87 Billion Revenue Expected
Goldman Sachs is scheduled to report third-quarter 2026 earnings on Oct. 13 before the opening bell, with the Zacks Consensus Estimate pegging revenues at $16.87 billion, an 11.1% rise from the year-ago quarter, and earnings revised down over the past seven days to $12.90 per share, up 5.3% year over year. Within that total, the consensus estimate for investment banking revenues is $2.76 billion, a 3.8% increase, and the estimate for net interest income is $3.89 billion, a 1.1% increase. CEO David Solomon said at the Barclays 24th Annual Global Financial Services Conference that fixed income, currencies and commodities trading had softened in the quarter after a strong first half, while equity trading remained strong. Management expects non-compensation expenses to rise by more than $500 million sequentially, and Goldman carries a Zacks Rank #3 with an Earnings ESP of -5.88%. The company has beaten the Zacks Consensus Estimate in each of the trailing four quarters, with an average earnings surprise of 20.42%, and its shares lost 12.2% in the third quarter versus a 6.8% industry decline.
GS · Capital · Neutral Q3 earnings preview with revenue estimate up 11.1% but EPS revised down and FICC trading softened; mixed setup ahead of the Oct. 13 report.
Morgan Stanley Q3 Earnings Due Oct. 14 With Estimates Cut 4.7%
Morgan Stanley is set to report third-quarter 2026 earnings on Oct. 14 before market open, with the Zacks Consensus Estimate for revenues at $19.63 billion, up 7.7% year over year, and earnings per share revised 4.7% lower over the past seven days to $2.83, a rise of just 1.1% from the prior-year quarter. Within the investment banking business, the consensus estimate for total underwriting fees of $1.33 billion implies a decline of 6.3%, comprising equity underwriting fees of $663.8 million, up 1.8%, and fixed-income underwriting fees of $669.8 million, down 13.2%, while advisory fees are pegged at $798 million, up 16.7%, and total IB income is estimated at $2.27 billion, flat year over year. Trading is expected to have been solid, with equity trading revenues estimated at $4.51 billion, up 9.6%, and fixed-income trading revenues at $2.16 billion, a marginal decline, while net interest revenues are seen at $2.63 billion, up 5.4%. The quantitative model does not predict an earnings beat, as Morgan Stanley carries a Zacks Rank #3 and an Earnings ESP of -0.20%. The stock trades at a forward 12-month P/E of 14.45X, above the industry's 12.61X and at a premium to JPMorgan at 13.28X and Goldman Sachs at 12.30X.
Goldman Sachs Expected to Lead Wall Street's $19B Q3 Stock Trading Revenue
Goldman Sachs is expected to lead Wall Street's stock trading desks with $5.1B in Q3 revenue, part of an almost $19B total across the top banks, according to a Bloomberg News report citing analyst estimates. Morgan Stanley is close behind at $4.9B, while JPMorgan Chase is estimated at $4.5B and Bank of America's trading desk at $2.6B. At fixed-income desks, higher interest rates are pressuring trading, with the fixed-income businesses at five of the largest U.S. banks expected to bring in more than $19B in Q3, down from the more than $21B they recorded in Q2 2026. Investment banks are also seeing signs of slower Q3 activity, as the value of announced M&A deals in Q3 fell about 10% from a year earlier, according to data compiled by Bloomberg. In premarket trading, Goldman Sachs rose 0.6%, JPMorgan Chase increased 0.5%, Morgan Stanley gained 0.6%, and Bank of America added 0.3%.
GS · Capital · Positive Goldman Sachs expected to lead Wall Street with $5.1B in Q3 stock trading revenue, per analyst estimates.
MS · Capital · Positive Morgan Stanley close behind Goldman at $4.9B in estimated Q3 stock trading revenue.
BAC · Capital · Neutral Bank of America's trading desk estimated at $2.6B in Q3 stock trading revenue, lowest of the top banks, with fixed-income also pressured by higher rates.
JPM · Capital · Neutral JPMorgan's trading desk estimated at $4.5B in Q3 stock trading revenue, with fixed-income pressured by higher rates.
Virtu Financial Expands POSIT Network to 245 Saudi Exchange Securities
Virtu Financial has expanded its POSIT block trading indications network to include 245 of the most liquid securities on the Saudi Exchange, working with regional partner Al Rajhi Capital to route and complete large equity trades. The expansion comes as Virtu shares have fallen 8.27% over 30 days and 12.14% over 90 days, though the stock has returned 77.33% year to date and 77.71% on a one-year total shareholder return basis. Analysts see Virtu trading below an estimated fair value of $69.57, compared with a last close of $57.81, a gap they link to potential earnings support from product expansion and capital flexibility. The company's investments in trading technology, cross-asset platform integration, and digital asset capabilities including crypto, stablecoins, and tokenized assets are cited as positioning it to capture new wallet share. Risks to the story include rising technology costs squeezing trading economics and regulatory shifts in digital assets restricting newer revenue streams.
VIRT · Demand · Positive Virtu expanded its POSIT block trading network to 245 Saudi Exchange securities with Al Rajhi Capital, adding new trading volume/wallet share.
VIRT · Capital · Positive Analysts see Virtu trading below an estimated fair value of $69.57 versus $57.81, citing earnings support from product expansion and capital flexibility.
Al Rajhi Capital · Demand · Positive Al Rajhi Capital is the regional partner routing and completing large equity trades on the expanded POSIT network.
Gold.com Amends CIBC Credit Facility and Expands Wine Storage Via Wine Cellar Club Deal
Gold.com, Inc. has amended its credit arrangements with CIBC Bank USA, converting its facility into a US$250,000,000 uncommitted revolving line of credit payable on demand and loosening multiple restrictions on dividends, buybacks, acquisitions, investments, and metals-related activities. The amendment also increases inventory and counterparty limits under the facility. Separately, Gold.com's majority-owned subsidiary Spectrum Wine Auctions LLC has acquired Wine Cellar Club, materially expanding its wine storage capacity and cementing its position as one of the largest professionally managed wine-storage operators in the United States. Gold.com's narrative projects $24.3 billion revenue and $171.3 million earnings by 2029, implying a 1.6% yearly revenue decline and an $89.0 million earnings increase from $82.3 million today, with a $64.40 fair value. Some of the lowest analysts were already baking in falling revenue of about 4.9 percent a year and US$133.2 million of earnings by 2029.
GOLD · Capital · Positive Gold.com amended its CIBC facility into a $250M uncommitted revolver with looser dividend/buyback/acquisition restrictions and higher inventory and counterparty limits.
Wine Cellar Club · · Neutral Wine Cellar Club is being acquired by Spectrum Wine Auctions; the article gives no standalone financial detail on the target.
CM · Capital · Neutral CIBC amended Gold.com's credit facility, loosening restrictions and increasing limits — a credit arrangement involving the bank but no clear positive/negative for CIBC itself.
Maybank keeps Buy on AOT with 75 baht target, sees travel tax as an accumulation opportunity
Maybank Securities (Thailand) said in an analysis dated October 9, 2026, that concerns over an outbound travel tax are weighing on Airports of Thailand, or AOT, but are instead creating an opportunity to buy, as it maintained its Buy recommendation and a target price of 75 baht per share. The research team said it had met with AOT's senior executives to discuss business trends, and that there was no material new information, though the tourism tax and outbound travel tax became the main topics of discussion. Executives viewed that the 450 baht tourism tax on inbound tourists is unlikely to affect demand, while the proposal to levy a 1,000 baht outbound travel tax on international air travel is unlikely to materialize, as it could have a broad impact on the private sector, especially low-cost airlines. Departures by land and by water would still be exempt in the initial phase, and the public consultation process will run until October 29, 2026. The measure would take effect 180 days after its announcement. Based on a sensitivity analysis, the research team estimated that for every 1% decline in the number of international outbound passengers, AOT's profit in fiscal year 2027 would fall 1.6% and its target price would drop 0.60 baht per share. As for the tourism tax, the government plans to introduce a 450 baht levy, higher than the 300 baht level the Ministry of Tourism and Sports had previously proposed. The research team expects the impact to be limited, as it accounts for less than 1% of average spending per tourist per trip, and revenue from the tax will be used to improve tourism infrastructure and provide insurance for tourists.
AOT.BK · Regulation · Neutral Proposed 450 baht inbound tourism tax and 1,000 baht outbound travel tax create regulatory uncertainty for AOT, though Maybank sees limited demand impact and the outbound levy unlikely to materialize.
MST.BK · Capital · Positive Maybank Securities maintains Buy on AOT with a 75 baht target price, calling the travel-tax concern an accumulation opportunity.
GF Securities Dalian Zhongshan Road Branch Receives Warning Letter for Inadequate Compliance Management
On October 9, according to an announcement issued by the Dalian Regulatory Bureau of the China Securities Regulatory Commission, GF Securities Dalian Zhongshan Road Securities Branch was issued a warning letter for inadequate compliance management and for submitting materials containing misleading statements and material omissions.
000776.CS · Regulation · Negative GF Securities' Dalian Zhongshan Road branch received a CSRC warning letter for inadequate compliance management and misleading/missing materials.
Holly Futures' controlling shareholder's concert party Soho Holly plans to reduce stake by no more than 4.4 million shares
Holly Futures announced on October 9 that Soho Holly, a concert party of its controlling shareholder Soho Holdings, plans to reduce its stake by no more than 4.4 million shares, approximately 0.44% of the company's total share capital, through centralized bidding within three months starting from November 2, 2026. In the first half of 2026, Holly Futures achieved revenue of 166 million yuan and net profit attributable to the parent of 24.41 million yuan.
Suhao Hongye to sell up to 4.4 million Holly Futures A-shares at an opportune time
Suhao Hongye announced that, after approval by the shareholders' meeting and within three months from the expiry of the pre-disclosure period, the company plans to sell up to 4.4 million Holly Futures A-shares through the Shenzhen Stock Exchange trading system by centralized bidding at an opportune time. The estimated transaction amount is approximately 34.76 million yuan, based on the closing price on October 9.
Caitong Securities Qingdao Branch Receives Warning Letter for Three Violations; Former Head and Employee Also Warned
The Qingdao bureau of the China Securities Regulatory Commission issued a notice on October 9, giving warning letters to the Qingdao branch of Caitong Securities Co., Ltd., its former head Pang Xiangfei, and employee Zhang Yubo. An investigation found three violations at the Qingdao branch: returning part of clients' securities trading commissions to interested parties, inadequate management of investor account real-name registration and insufficient handling of alerts such as abnormal trading, and inadequate investor suitability management. These issues reflect imperfect internal controls and inadequate compliance management. During his tenure at the Qingdao branch, Zhang Yubo directly or through others returned client trading commissions to interested parties, violating integrity requirements; Pang Xiangfei, as the former head of the Qingdao branch, bears responsibility for the above issues.
601108.CG · Regulation · Negative CSRC Qingdao bureau issued warning letters to Caitong Securities' Qingdao branch and staff over three compliance violations including improper commission rebates and inadequate account/suitability management.
Moomoo launches 24/7 Apple Pay and Google Pay deposits with Visa and Checkout.com
Moomoo, the trading platform owned by Nasdaq-listed Futu Holdings, is rolling out real-time account deposits through Apple Pay and Google Pay in partnership with Visa and Checkout.com. The service lets users deposit money 24 hours a day, seven days a week using an eligible debit card linked to their digital wallet, rather than relying on bank transfers limited to business hours. Funds can be used to invest in stocks, cryptocurrencies, ETFs, options and event contracts, though access is subject to funding availability and depends on region and compliance processes. The service runs on Visa's payments network and Checkout.com's payment infrastructure. Neil McDonald, chief executive of Moomoo U.S., said expanding funding capabilities through Visa and Checkout.com makes it easier for users to quickly move money into their Moomoo accounts when they are ready to invest. The move comes as retail brokers compete to keep customers active beyond regular market hours; Moomoo already offers 24/5 trading in eligible U.S. stocks and ETFs and says it serves more than 30 million investors worldwide.
FUTU · Demand · Positive Moomoo, owned by Futu, launches 24/7 Apple Pay/Google Pay deposits to make it easier for users to fund and invest, supporting customer activity.
V · Demand · Positive Visa's payments network powers Moomoo's new 24/7 real-time deposit service, expanding Visa transaction volume.
Houlihan Lokey Names Two Managing Directors, Board Member Todd J. Carter Resigns
Houlihan Lokey has recast its senior leadership with two Managing Director hires and a board departure. Jane Ma joined as Managing Director in the firm's Financial Services Group, focusing on alternative asset management, while Chris McMillan joined as Managing Director in the FinTech Group with added focus on digital assets and related advisory work. Board member Todd J. Carter resigned from Houlihan Lokey's board, creating an opening in the firm's governance structure; the filing explicitly states there was no disagreement with policies or practices. The moves align with the investment bank's push into Capital Solutions, private markets and data-heavy advisory work, as it aims to hold a 61.5% compensation ratio while competing with peers such as Lazard and PJT for sponsor and private credit flows.
HLI · Capital · Neutral Houlihan Lokey hired two Managing Directors and saw a board member resign, a leadership/governance change with no stated financial impact.
Webull Rebuts House Committee Report on China Links, Says Facts Wrong
Webull pushed back on a House Select Committee report linking the online trading platform to the Chinese government, telling CNBC the report "gets important facts wrong." The bipartisan House Select Committee on China said Webull's ownership architecture, technical workforce, technology infrastructure, cross-border data routing, corporate financing, and compliance frameworks are tied in structural ways to the People's Republic of China, and that national security concerns around Webull have escalated since October 2025. Webull said it supports the Committee's recommended actions for improving U.S. financial regulatory frameworks but takes issue with the Committee's process, arguing the report draws sweeping conclusions from an incomplete record. The company, whose ownership lies in China, said data from its American customers is kept in the U.S. Webull shares were 2.21% lower at $5.76 around noon trading on Thursday, after slumping yesterday on the CNBC report.
BULL · Regulation · Negative House Select Committee report alleges structural ties to the Chinese government and escalating national security concerns, drawing a regulatory/legal spotlight on Webull.
Goldman Sachs Top Executives Set for Special Bonus Exceeding $500 Million
Goldman Sachs Group Inc.'s most senior leaders are set to unlock a special bonus that will rank among the biggest such payouts the firm has ever awarded, with about 20 executives in line for equity awards that will be finalized later this month and exceed $500 million at the current share price. Chief Executive Officer David Solomon is in line for more than $100 million of that total. The awards were first announced in 2021 and were originally intended only for Solomon and his deputy, President John Waldron, but after pushback from shareholders and employees, the board broadened the package to the management committee, bringing in roughly 20 to 25 people, about 20 of whom remain at the bank. Solomon also has a separate incentive award of roughly $80 million on standby that carries no performance threshold and only requires him to stay at Goldman Sachs for another five years. The bank hit the maximum triggers on the awards, with the stock rising from around $400 when the awards were put in place to around $900 a share, and its five-year returns of about 150% placing it near the top of a six-peer group, behind only Bank of New York Mellon at 175%.
GS · Capital · Positive Goldman's top executives, including CEO Solomon, are set to unlock special equity bonus awards exceeding $500 million after the bank hit maximum performance triggers.
Goldman Sachs Shares Shed 2026 Gains as Bond Yields Climb
Goldman Sachs stock has fallen in 10 of the past 12 weeks, erasing nearly all of its 2026 gains just days before its third quarter earnings release. Shares were up less than 1% for the year as of Thursday morning, down more than 20% from their July peak. The retreat comes as a sharp rise in government bond yields over the past month has pushed up borrowing costs, threatening to complicate major deals and cool demand for corporate financing. CEO David Solomon said at a September Barclays conference in New York that Goldman's fixed income, currencies, and commodities trading and financing operations have been a little bit softer on a relative basis, and announced mergers and acquisitions deals globally slowed sharply during the third quarter. The pressure extends beyond Goldman, with US bank stocks broadly retreating as investors reassess the outlook for lending, trading, and the overall economy amid a new era of interest rate hikes. Third quarter bank earnings begin on Tuesday.
GS · Capital · Negative CEO Solomon said FICC trading and financing were softer and global M&A deals slowed sharply in Q3, ahead of earnings.
GS · Monetary · Negative Rising government bond yields push up borrowing costs, threatening to complicate deals and cool corporate financing demand, pressuring Goldman shares.
Charles Schwab Expected to Post $1.66 EPS as Analysts Turn Bearish
Charles Schwab is expected to report quarterly earnings of $1.66 per share when it releases results for the quarter ended September 2026 on October 15, a year-over-year increase of 26.7%, on revenues of $7.19 billion, up 17.3% from the year-ago quarter. The consensus EPS estimate has been revised 0% lower over the last 30 days, and the Most Accurate Estimate sits below the Zacks Consensus Estimate, producing an Earnings ESP of -0.08% alongside a Zacks Rank of #3. That combination makes it difficult to conclusively predict an earnings beat, though the company beat consensus EPS estimates in each of the last four quarters, including a surprise of +5.88% in the last reported quarter when it posted $1.62 against an expected $1.53. Separately, Wells Fargo, another stock in the Zacks Financial - Investment Bank industry, is expected to post earnings of $1.85 per share for the quarter ended September 2026, a year-over-year change of +6.9%, on revenues of $22.15 billion, up 3.3%; its consensus EPS estimate has been revised 1% up over the last 30 days, but it carries an Earnings ESP of -0.15% and a Zacks Rank of #3, and it surpassed consensus EPS estimates three times over the last four quarters.
SCHW · Capital · Neutral Schwab is the subject; earnings preview with EPS estimate revised 0% lower, negative ESP, and Zacks Rank #3 makes an earnings beat inconclusive.
WFC · Capital · Neutral Wells Fargo is only mentioned as a peer earnings preview with a negative ESP and Zacks Rank #3, no company-specific development.
Interactive Brokers Expected to Post Higher Earnings and Revenue on October 15
Interactive Brokers Group is expected to report a year-over-year increase in earnings on higher revenues when it releases results for the quarter ended September 2026 on October 15. The Zacks Consensus Estimate calls for quarterly earnings of $0.66 per share, a year-over-year change of +15.8%, on revenues of $1.83 billion, up 13.5% from the year-ago quarter. The consensus EPS estimate has been revised 2.94% higher over the last 30 days, and the Most Accurate Estimate sits above the consensus, producing an Earnings ESP of +1.52% alongside a Zacks Rank of #2, a combination that suggests Interactive Brokers will most likely beat the consensus EPS estimate. In the last reported quarter, the company was expected to post earnings of $0.64 per share and actually produced $0.69, a surprise of +7.81%, and it has beaten consensus EPS estimates three times over the last four quarters. Among the stocks in the Zacks Financial - Investment Bank industry, JPMorgan Chase & Co. is soon expected to post earnings of $5.94 per share for the quarter ended September 2026, a year-over-year change of +17.2%, on revenue of $52.21 billion, up 12.5% from the year-ago quarter, with an Earnings ESP of +1.19% and a Zacks Rank of #3.
IBKR · Capital · Positive Interactive Brokers is expected to report higher year-over-year earnings and revenue, with consensus EPS revised up and an Earnings ESP suggesting a likely beat.
Tom Lee Says BitMine Will Stop Stacking Ethereum Once It Secures 5% of Supply
Tom Lee, the chairman of BitMine Immersion Technologies, addressed the company's Ethereum accumulation strategy at the crypto event Token2049, saying the company will stop stacking Ethereum upon securing 5% of the token's supply. The remarks set a defined target for BitMine's ongoing accumulation of the asset. Lee spoke at the renowned crypto event Token2049, where he laid out the strategy behind the company's buying. The 5% supply threshold marks the point at which BitMine would halt further purchases.
BMNR · Demand · Positive BitMine's chairman confirmed the company will keep accumulating Ethereum until it holds 5% of supply, signaling continued large-scale buying of the asset.
ETH · Demand · Positive BitMine's stated plan to keep stacking ETH up to 5% of supply implies sustained large-scale demand for Ethereum.
TOP Financial Group Files $1.47 Billion Shelf Registration
TOP Financial Group has filed a new shelf registration covering up to US$1.47 billion of Class A ordinary shares, totaling 98,179,613 securities, giving the brokerage greater flexibility for future capital raising and potential equity issuance. The filing comes after a sharp rebound in the shares, which closed at US$15.50, with a 90 day share price return of 49.04% and a year to date share price return of 206.93%, though the 3 year total shareholder return is down 34.87%. The stock trades on a price-to-book ratio of 52.2x, far above the average P/B of 3x for peers in the US Capital Markets industry and around 1.3x for the broader industry, against a business reporting only $4.5m of revenue and a net loss of $1.4m. The central question, according to the analysis, is whether the current price still compensates investors for the dilution risk from the fresh shelf, or whether the small, loss-making Hong Kong brokerage can scale its US$4.5m revenue base.
TOP · Capital · Negative TOP Financial Group (Zhong Yang Financial Group) filed a $1.47B shelf registration, raising dilution risk for the small, loss-making brokerage.
KGI partners with Thammasat for third annual Algo Trading competition with 150,000 baht in prizes
KGI Securities (Thailand) Public Company Limited, or KGI, has joined with the Faculty of Science and Technology at Thammasat University to launch the KGI Algo Trading Bootcamp & Competition 2026, now in its third consecutive year, aimed at developing students' algorithmic trading skills by combining capital market knowledge, data analysis, and programming. The program gives students the chance to compete in building trading instructions and developing securities trading strategies for a total of 150,000 baht in scholarships. The launch event was held recently at Room S-106, Lecture Building 5, Faculty of Science and Technology, Thammasat University, Rangsit Campus, with Nantarat Surakkhaka, Deputy Managing Director of the Office of the Executive Committee Support at KGI, along with Associate Professor Dr. Supet Jirakajohnkool, Dean of the Faculty of Science and Technology, and Associate Professor Dr. Wuttiphol Sinthunavarat, Head of the Department of Mathematics and Statistics, officially opening the event.
KGI.BK · · Neutral KGI sponsors an algo trading bootcamp/competition with Thammasat University; a CSR/branding initiative with no clear financial driver.
Moody's, Fitch, and S&P Intensively Upgrade Chinese Broker Ratings This Year
Moody's, Fitch, and S&P, the three major international rating agencies, have this year upgraded the ratings and outlooks of Chinese securities firms at a rare, synchronized pace. Moody's raised the long-term issuer ratings of CICC, CITIC Securities, and Guotai Haitong from Baa1 to A3, with CICC International also upgraded to A3, and Guotai Junan International raised from Baa2 to Baa1. Earlier, on September 16, S&P raised the industry anchor rating for Chinese securities companies from bb to bb+, upgraded GF Securities from BBB with a stable outlook and A-2 short-term rating to BBB+ with a stable outlook and A-2 short-term rating, and revised the outlooks of CITIC Securities, Guotai Haitong, Galaxy Securities, and Orient Securities from stable to positive. Fitch, on June 10, assigned first-time long-term issuer ratings of A- to CITIC Securities and CITIC Securities International, making CITIC Securities the first domestic securities firm to receive an A- rating from Fitch, and on June 26 upgraded CICC and CICC International from BBB+ to A-. A key driver behind this round of adjustments is the substantial acceleration of Chinese brokers' overseas expansion. In the first half of this year, the overseas business revenues of five brokers—CITIC Securities, Guotai Haitong, Huatai Securities, GF Securities, and China Merchants Securities—grew by more than 70 percent year on year. At the same time, small and mid-sized brokers are showing increased demand for capital replenishment of their international subsidiaries. On September 30, Guolian Minsheng Securities announced that the China Securities Regulatory Commission had no objection to the company using its own funds to increase the capital of its wholly owned subsidiary Guolian Hong Kong by no more than 2 billion yuan.
600030.CG · Capital · Positive Moody's raised CITIC Securities' long-term issuer rating from Baa1 to A3, S&P revised its outlook to positive, and Fitch assigned a first-time A- rating.
17 brokerages step up overseas expansion this year, cross-border revenue becomes new growth engine
Listed brokerages are accelerating their overseas expansion, with 17 firms announcing increased investment in overseas business so far in 2025. Guolian Minsheng recently announced that it has received a reply from the China Securities Regulatory Commission raising no objection to its plan to inject no more than 2 billion yuan into its wholly owned subsidiary Guolian Securities Hong Kong Limited. The capital increase still needs to complete filing procedures for the overseas investment project before it can be implemented. According to a tally by Yicai, 13 brokerages including Huaan Securities and Sinolink Securities announced capital increases for overseas subsidiaries or the establishment of new overseas subsidiaries in 2025, and the expansion has continued into 2026. Guotai Haitong's non-bank team estimates that the business space for brokerages in Hong Kong is expected to exceed 350 billion Hong Kong dollars by 2028. Data from a Guosen Securities research report shows that in the first half of 2026, 15 listed brokerages with comparable data achieved overseas business revenue of 34.161 billion yuan, with international business contributing 18.9 percent of their combined revenue, up about 69.9 percent year on year. Cross-border business has become a core growth curve for brokerages after proprietary trading and wealth management.
601456.CG · Capital · Positive Guolian Minsheng received CSRC no-objection to inject up to 2 billion yuan into its wholly owned Guolian Securities Hong Kong subsidiary.
600109.CG · Capital · Positive Sinolink Securities announced a capital increase for an overseas subsidiary or establishment of a new overseas subsidiary in 2025, part of the overseas expansion wave.
600909.CG · Capital · Positive Huaan Securities announced a capital increase for an overseas subsidiary or establishment of a new overseas subsidiary in 2025, part of the overseas expansion wave.
002736.CS · Capital · Positive Guosen Securities research report data is cited showing overseas business revenue growth across 15 listed brokerages, positioning cross-border business as a core growth curve.
Star Market co-investment principal of 3.1 billion yuan yields floating profit of 15.1 billion yuan; Northeast Securities obtains asset management qualification
Since the beginning of this year, brokerage co-investment floating profits on the Star Market have approached five times. Wind data shows that as of the close on September 30, among the 19 new stocks listed on the Star Market this year, 20 sponsor co-investments injected a total of 3.134 billion yuan, with corresponding latest combined floating gains already reaching 15.119 billion yuan. None of these 20 co-investments fell below their issue price on the first day of trading, and their combined first-day floating profit was 13.852 billion yuan. Among them, Changxin Technology alone gave CICC and China Securities each a floating profit of 5.327 billion yuan on their respective 1 billion yuan co-investments, with the two deals together exceeding 10.6 billion yuan in floating profit, accounting for 70 percent of all co-investment floating gains. The floating profit of these 20 co-investments once surged to 21.012 billion yuan and has now pulled back by nearly 5.9 billion yuan, while still locked in a 24-month lock-up period. On the same day, Northeast Securities announced that it had received approval from the Jilin Regulatory Bureau of the China Securities Regulatory Commission, granting the company securities asset management business qualification, limited to engaging in asset securitization business.
Goldman Sachs Shares Slip 1.11% as Analysts Trim EPS Estimate Ahead of October 13 Earnings
Goldman Sachs closed at $887.21, down 1.11% on the day, a steeper decline than the S&P 500's 0.22% loss. Ahead of its October 13, 2026 earnings release, analysts expect earnings of $13.35 per share, up 8.98% year over year, on revenue of $16.87 billion, an 11.08% increase. For the full year, the Zacks Consensus Estimates project earnings of $67.92 per share and revenue of $71.46 billion, changes of +32.35% and +22.62% respectively from last year. Over the past 30 days the consensus EPS projection has moved 1.41% lower, and Goldman Sachs currently carries a Zacks Rank #3 (Hold). The stock trades at a Forward P/E of 13.21, a premium to its industry average of 13.14, and a PEG ratio of 0.98 versus the Financial - Investment Bank industry average of 0.89.
GS · Capital · Negative Analysts trimmed the consensus EPS estimate by 1.41% over the past 30 days ahead of the October 13 earnings release, pressuring Goldman Sachs shares.
Morgan Stanley Seeks Buyers for $3 Billion Royal Caribbean Loan
Morgan Stanley has asked other banks to purchase portions of a $3 billion loan financing Royal Caribbean Cruises' acquisition of a 50% stake in Sandals Resort International, according to Bloomberg. The 364-day loan carries an interest rate of 1.125 percentage points above the Secured Overnight Financing Rate, and Morgan Stanley originally provided the financing, which is expected to be replaced later with longer-term debt such as bonds. The deal is one of several recent short-term buyout loans from Morgan Stanley as the investment bank capitalizes on increased merger and acquisition activity. This week, Morgan Stanley was listed alongside Société Générale as a provider of a €22 billion, or $24.6 billion, bridge loan to Schneider Electric SE for its acquisition of PTC Inc. The bank also supplied a $4.5 billion short-term loan supporting CH Robinson's proposed $5.8 billion purchase of RXO, and on Wednesday Morgan Stanley and CIBC were named as providers of acquisition financing for Wittington Investments, which agreed to buy UK drugstore chain Boots for $8.9 billion. Morgan Stanley additionally supplied a £2.4 billion, or $3.17 billion, bridge financing commitment to Informa for its planned acquisition of Clarion, announced on Tuesday, with a one-year term and two six-month extension options available.
MS · Capital · Positive Morgan Stanley is arranging and syndicating multiple acquisition bridge loans, capitalizing on increased M&A activity.
RCL · Capital · Positive Morgan Stanley is seeking buyers for a $3 billion loan financing Royal Caribbean's acquisition of a 50% stake in Sandals Resort International.
PTC · Capital · Neutral PTC is the target of Schneider Electric's acquisition, which Morgan Stanley is helping finance with a bridge loan.
SU.PA · Capital · Neutral Schneider Electric is acquiring PTC Inc. with a €22 billion bridge loan provided by Morgan Stanley and Société Générale.
Webull Plunges 20% After Congressional Panel Flags China Ties as Security Risk
Webull shares tumbled 20% after CNBC reported that a congressional panel found the brokerage's ties to the Chinese government create a national security risk. Banks also fell as longer-dated Treasury yields rose to levels not seen in 24 years, with Citigroup, Wells Fargo and Goldman Sachs each down nearly 2%, while JPMorgan Chase, Bank of America and Morgan Stanley each slipped around 1%. Worthington Steel dropped 10% after first-quarter adjusted earnings of 57 cents per share came in sharply below the 77 cents a share reported a year earlier, results that reflect the impact of its acquisition of a majority interest in Klöckner & Co. Penguin Solutions jumped 15% on fourth-quarter adjusted earnings of $1 per share and revenue of $566.7 million, beating the 77 cents per share and $521 million analysts polled by FactSet expected. Constellation Brands added 2% on better-than-expected fiscal second-quarter results, earning $3.74 per share on revenue of $2.63 billion versus FactSet consensus of $3.55 per share and $2.54 billion, while Micron rose 3% after D.A. Davidson said it expects the chipmaker to triple, and NetApp gained 3% on an Evercore ISI upgrade to outperform from in line.
BULL · Regulation · Negative Congressional panel flagged Webull's China ties as a national security risk, sending shares down 20%.
PENG · Capital · Positive Penguin Solutions beat Q4 earnings and revenue estimates, jumping 15%.
STZ · Capital · Positive Constellation Brands beat fiscal Q2 earnings and revenue expectations, adding 2%.
WS · Capital · Negative First-quarter adjusted earnings of 57 cents per share came in sharply below the 77 cents a year earlier, reflecting the Klöckner acquisition.
MU · Capital · Positive D.A. Davidson said it expects Micron to triple, lifting shares 3%.
NTAP · Capital · Positive Evercore ISI upgraded NetApp to outperform from in line, sending shares up 3%.
Schwab to Sell Forge Trust to Alto in Private-Market Streamlining
The Charles Schwab Corporation has agreed to sell Forge Trust Co. and its parent company, Forge Services Inc., to Alto, a technology-led platform connecting retirement capital with private markets, in a deal whose financial terms were not disclosed and which is subject to approval by the South Dakota Division of Banking. Forge Trust is a South Dakota-based chartered self-directed Individual Retirement Account custodian with more than 40 years of operating history, specializing in custody of alternative assets including private stock, private equity, real estate, private placements, promissory notes and precious metals, and is a subsidiary of Forge Global, which Schwab acquired in March 2026. Under the deal, Alto will add Forge Trust's alternative asset capabilities, account types and established client and partner relationships to its existing custody and investment infrastructure, while the divestiture lets Schwab focus on the parts of the Forge Global business that complement its broader private-market strategy. The broader private-markets opportunity remains significant, with global alternative assets under management expected to approach $32 trillion by 2030, according to the Preqin Releases Private Markets in 2030 Report released last October, while more than $19.9 trillion currently sits in IRAs, per a statistical report from the Investment Company Institute. For Schwab, the Forge Trust sale represents a portfolio adjustment rather than a retreat from the private markets business, as the company will maintain its private market exposure through Forge Global while avoiding the need to operate a specialized self-directed IRA custody platform.
SCHW · Capital · Neutral Schwab agrees to sell Forge Trust and Forge Services to Alto, a portfolio adjustment letting it focus on parts of Forge Global that complement its private-market strategy.
Marex board chair Robert Pickering steps down, John Pietrowicz succeeds him
Marex Group said Wednesday that its board chair Robert Pickering has stepped down. Pickering is succeeded by John Pietrowicz, a current board member and chair of the Mergers and Acquisitions Committee. Pickering joined the board in September 2021 and became board chair in October 2023. Pietrowicz joined the board in April 2024, having previously served as CFO of CME Group from 2014 until 2023.
MRX · · Neutral Marex board chair Robert Pickering steps down, succeeded by John Pietrowicz; a leadership change with no clear positive or negative driver.
Marex Chair Robert Pickering Steps Down, John Pietrowicz Succeeds Him
Marex Group Limited announced that Chair of the Board Robert Pickering has stepped down from the Group Board after his appointed three-year term, and has been succeeded as Chair by John Pietrowicz, a current Board member and Chair of the Group's Mergers and Acquisitions Committee. Robert joined the Group Board in September 2021, became Senior Independent Director in March 2022 and Chair of the Board in October 2023, overseeing a period that included the company's successful IPO in April 2024 and its development into a leading diversified global financial services platform. John joined the Group Board in April 2024, having previously served as Chief Financial Officer of CME Group from 2014 until 2023, and will work closely with Robert to ensure a smooth transition. Robert Pickering said Marex has evolved from a small private company into a Nasdaq-listed business with a market capitalization in excess of $5 billion. Group CEO Ian Lowitt thanked Robert for his outstanding contribution and said he is excited to work with John as the new Chair.
Citi Overtakes Goldman Sachs in Global IPO Underwriting Rankings
Citi has moved ahead of Goldman Sachs Group in global IPO underwriting rankings after securing several marquee listings, including IPOs for SpaceX, SK Hynix, and the National Stock Exchange of India. The shift challenges Goldman Sachs' long-established position in equity capital markets and may influence how future IPO mandates are allocated. The development speaks to competitive pressure in one slice of Goldman Sachs' Global Banking & Markets franchise, but does not overturn the core narrative built around advisory, financing, and asset and wealth management. Key variables to watch are where the next wave of large mandates lands and how Goldman Sachs discloses its advisory and underwriting fee share over the next several quarterly updates.
C · Competition · Positive Citi overtook Goldman in global IPO underwriting rankings after securing marquee listings like SpaceX, SK Hynix, and NSE India.
GS · Competition · Negative Goldman lost its top global IPO underwriting position to Citi, signaling competitive pressure in its equity capital markets franchise.
Trinity Upgrades DR Terminal with Comprehensive Overseas Stock Data
Trinity Securities Company Limited, or TNITY, has launched an upgraded function for its DR Terminal platform, turning it into a comprehensive service that combines fundamental and technical data on overseas stocks in one place. Dechathana Fangsaaad, Assistant Managing Director of the Securities Analysis Department, noted that the depositary receipt market, or DR, offers more than 500 securities, exceeding the number of stocks on the main board of the Thai stock exchange. The new platform links databases from TradingView, Bloomberg, and Investing in real time. It divides usage into a Basic mode for beginners, which pulls consensus data from analysts worldwide for free, along with forward earnings guidance through 2026 and 2027, and an Advance mode featuring a Valuation Screener that filters stocks by in-depth criteria, such as finding stocks with more than 10% upside or selecting only the New York stock market. At the same time, the platform has a function to compare DRs from each issuer to check premiums, discounts, and liquidity, and recommends choosing to invest with issuers that are financial institutions or large banks, such as issuers number 80 and 01, SCB, or BBL. It also adds a Trinity Underlying Scanner function to capture investment timing from technical data on the underlying stocks directly. All functions are now open for investors to try out in real use.
TNITY.BK · Technology · Positive Trinity launched an upgraded DR Terminal combining TradingView, Bloomberg and Investing data with new screening and scanner functions.
Hongta Securities' Controlling Shareholder Pledges Not to Reduce Stake for 36 Months
Hongta Securities announced on October 7 that its controlling shareholder, Yunnan Hehe Group Co., Ltd., and its concert parties have pledged not to reduce their holdings in Hongta Securities in any way for 36 months starting from September 30, 2026.
601236.CG · Capital · Positive Controlling shareholder and concert parties pledged not to reduce their Hongta Securities holdings for 36 months, removing overhang and signaling confidence.
Hongta Securities' controlling shareholder and concert parties pledge no share reduction for 36 months
Hongta Securities announced that it has received commitment letters from its controlling shareholder Hehe Group and concert parties China Shuangwei, Yunnan Huaye, Zhejiang Tobacco, and Kunming Wanxing. Based on confidence in the company's future development prospects, the above shareholders pledge not to reduce their holdings of Hongta Securities shares in any way for 36 months starting from September 30, 2026. As of the announcement date, Hehe Group holds 30.32%, China Shuangwei holds 14.77%, Yunnan Huaye holds 7.39%, Zhejiang Tobacco holds 6.65%, and Kunming Wanxing holds 0.66%.
601236.CG · Capital · Positive Controlling shareholder and concert parties pledge no share reduction for 36 months, signaling confidence and removing overhang on Hongta Securities shares.
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