Results for: Bank of America

Bank of America (BofA) has forecasted a rise in the USD/CNY exchange rate, projecting a peak of 7.45 by the third quarter of 2024. This outlook is attributed to persistent rate differentials and unbalanced policy measures. BofA has also revised its stance on various Asian currencies. The bank has turned bearish on the Korean won (KRW), neutral on the Indian rupee (INR), and remained neutral on several other Asian currencies, including the Hong Kong dollar (HKD), Indonesian rupiah (IDR), and Singapore dollar (SGD). This cautious approach reflects the strength of the US dollar and its potential impact on exchange rates and regional economic dynamics.

Major banks such as JPMorgan, Goldman Sachs, Morgan Stanley, and Bank of America are offering competitive yields on brokered certificates of deposit (CDs). Brokered CDs purchased through brokerage firms like Fidelity provide a wider range of issuer options and potential for higher yields. However, key differences exist, including callable features, which allow banks to redeem the CD early, and secondary market trading requirements, which carry potential penalties and transaction fees. Investors should carefully consider their time frame and risk tolerance before choosing between brokered and traditional CDs.

Bank of America predicts the Bank of Japan (BoJ) will maintain its current interest rate target range at 0-0.1% at its upcoming monetary policy meeting on April 26, 2024. The BoJ recently exited its negative interest rate policy and overhauled its monetary framework, and is now assessing the impact of these changes. Governor Ueda has indicated that the bank’s focus is on evaluating the effects of the recent policy modifications on the economy and inflation. The quarterly Outlook Report, Governor Ueda’s post-meeting press conference, and the Summary of Opinions are expected to provide clues about future rate hikes and adjustments to JGB purchases.

Despite a recent stock price pullback, Bank of America remains optimistic about Apple’s long-term prospects and names it its top pick for 2024. BofA cites a strong catalyst path ahead, including capital return, generative artificial intelligence announcements, new iPhone launches, and reacceleration in gross profit dollar growth.

CNH Industrial (NYSE: CNHI) has been downgraded to Neutral from Buy by analysts at Bank of America, citing uncertainty following the appointment of a new CEO. The move prompted a 4.3% premarket stock decline. Gerrit Marx will take over as CEO on July 1, succeeding Scott Wine. BofA noted that Wine’s strategy had recently improved cost-cutting, inventory management, and product simplification. The new price target for CNH is $13.20 per share, reflecting a reduced price-to-earnings multiple.