新冠肺炎疫情造成的停工停產(chǎn),可以說對美國經(jīng)濟(jì)已經(jīng)造成了毀滅性的打擊。然而就在美股進(jìn)入史上最動(dòng)蕩的時(shí)期之際,華爾街各大銀行的交易收入?yún)s實(shí)現(xiàn)了逆勢上漲,狠狠發(fā)了一筆“國難財(cái)”。
惠譽(yù)評級在本周一的一份報(bào)告中指出,今年第一季度,由于市場調(diào)整導(dǎo)致了市場的“波動(dòng)性激增”,美國“五大行”——即美國銀行、花旗集團(tuán)、高盛、摩根大通和摩根士丹利的交易收入因此猛增了30%。
受疫情影響,上個(gè)月美國股市上演了歷史罕見的劇烈震蕩,投資者們拼命地想把自己的錢轉(zhuǎn)移到安全的地方,而各大交易機(jī)構(gòu)也很樂意幫助他們。事實(shí)證明,市場的劇烈波動(dòng)也的確為一些人提供了賺錢的機(jī)會(huì)。
惠譽(yù)公司在報(bào)告中指出,總體來看,美國五大銀行第一季度的資本市場業(yè)績同比增長23%,達(dá)到了近十年來的最高水平。這一方面得益于交易活動(dòng)的活躍,另一方面則是由于各大企業(yè)面臨停工停產(chǎn)的困境,不得不通過大量發(fā)債來增加流動(dòng)性。
惠譽(yù)公司的報(bào)告還指出,高盛的固定收益、外匯和大宗商品交易收入(FICC)創(chuàng)下了近五年來的紀(jì)錄。與此同時(shí),美銀的證券交易業(yè)績和摩根大通的債券承銷收入也創(chuàng)下了歷史紀(jì)錄。
不過,惠譽(yù)的常務(wù)董事克里斯托弗·沃爾夫認(rèn)為,盡管從目前來看,客戶活動(dòng)的增加對于各大銀行來說是一件好事,但降息和經(jīng)濟(jì)活動(dòng)的下降“很有可能在今年晚些時(shí)候?qū)︺y行造成不利影響”。今年3月,美國的IPO、收并購活動(dòng)也相對陷入停滯,未來幾個(gè)月能否恢復(fù)到正常水平,現(xiàn)在還很難說。
有鑒于此,惠譽(yù)在上個(gè)月已經(jīng)將美國銀行業(yè)的評級展望下調(diào)至“負(fù)面”,并且強(qiáng)調(diào):“在不久的將來,大多數(shù)美國銀行將在盈利問題上面臨重大挑戰(zhàn)?!倍迪t將損害“好幾個(gè)季度”的利差收入。另外,隨著企業(yè)和機(jī)構(gòu)客戶不斷撤出市場,銀行的各種費(fèi)用收入也會(huì)受到影響。
這也解釋了為什么銀行板塊跟整體金融板塊一樣,在今年的疫情發(fā)生以來也遭遇了重創(chuàng)——在雪崩的時(shí)候,沒有一片雪花是無辜的。據(jù)惠譽(yù)指出,從年初至今,美國五大銀行的市值分別損失了21%到45%不等。與此同時(shí),標(biāo)普500指數(shù)的金融板塊也整體下跌了29%。(財(cái)富中文網(wǎng))
譯者:隋遠(yuǎn)洙
新冠肺炎疫情造成的停工停產(chǎn),可以說對美國經(jīng)濟(jì)已經(jīng)造成了毀滅性的打擊。然而就在美股進(jìn)入史上最動(dòng)蕩的時(shí)期之際,華爾街各大銀行的交易收入?yún)s實(shí)現(xiàn)了逆勢上漲,狠狠發(fā)了一筆“國難財(cái)”。
惠譽(yù)評級在本周一的一份報(bào)告中指出,今年第一季度,由于市場調(diào)整導(dǎo)致了市場的“波動(dòng)性激增”,美國“五大行”——即美國銀行、花旗集團(tuán)、高盛、摩根大通和摩根士丹利的交易收入因此猛增了30%。
受疫情影響,上個(gè)月美國股市上演了歷史罕見的劇烈震蕩,投資者們拼命地想把自己的錢轉(zhuǎn)移到安全的地方,而各大交易機(jī)構(gòu)也很樂意幫助他們。事實(shí)證明,市場的劇烈波動(dòng)也的確為一些人提供了賺錢的機(jī)會(huì)。
惠譽(yù)公司在報(bào)告中指出,總體來看,美國五大銀行第一季度的資本市場業(yè)績同比增長23%,達(dá)到了近十年來的最高水平。這一方面得益于交易活動(dòng)的活躍,另一方面則是由于各大企業(yè)面臨停工停產(chǎn)的困境,不得不通過大量發(fā)債來增加流動(dòng)性。
惠譽(yù)公司的報(bào)告還指出,高盛的固定收益、外匯和大宗商品交易收入(FICC)創(chuàng)下了近五年來的紀(jì)錄。與此同時(shí),美銀的證券交易業(yè)績和摩根大通的債券承銷收入也創(chuàng)下了歷史紀(jì)錄。
不過,惠譽(yù)的常務(wù)董事克里斯托弗·沃爾夫認(rèn)為,盡管從目前來看,客戶活動(dòng)的增加對于各大銀行來說是一件好事,但降息和經(jīng)濟(jì)活動(dòng)的下降“很有可能在今年晚些時(shí)候?qū)︺y行造成不利影響”。今年3月,美國的IPO、收并購活動(dòng)也相對陷入停滯,未來幾個(gè)月能否恢復(fù)到正常水平,現(xiàn)在還很難說。
有鑒于此,惠譽(yù)在上個(gè)月已經(jīng)將美國銀行業(yè)的評級展望下調(diào)至“負(fù)面”,并且強(qiáng)調(diào):“在不久的將來,大多數(shù)美國銀行將在盈利問題上面臨重大挑戰(zhàn)?!倍迪t將損害“好幾個(gè)季度”的利差收入。另外,隨著企業(yè)和機(jī)構(gòu)客戶不斷撤出市場,銀行的各種費(fèi)用收入也會(huì)受到影響。
這也解釋了為什么銀行板塊跟整體金融板塊一樣,在今年的疫情發(fā)生以來也遭遇了重創(chuàng)——在雪崩的時(shí)候,沒有一片雪花是無辜的。據(jù)惠譽(yù)指出,從年初至今,美國五大銀行的市值分別損失了21%到45%不等。與此同時(shí),標(biāo)普500指數(shù)的金融板塊也整體下跌了29%。(財(cái)富中文網(wǎng))
譯者:隋遠(yuǎn)洙
The coronavirus pandemic and the related economic shutdown may be devastating for the American economy at large, but Wall Street trading desks have raked it in amid one of the most volatile periods in the stock market’s history.
Trading revenues at the “big five” U.S. banks—Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley—swelled 30% in the first quarter of the year on the back of a market correction that resulted in “a spike in volatility,” Fitch Ratings said in a report Monday.
As the pandemic sent the stock market into historic, topsy-turvy fluctuations last month, investors desperately sought to move their money around and traders were more than happy to assist them—with the market’s wild swings proving an opportunity for some.
Overall, capital markets results at the five major banks grew 23% in the first quarter—hitting their strongest level in nearly a decade, per Fitch—thanks not only to heightened trading activity, but also an uptick in debt issuances by companies seeking liquidity to ride out the economic shutdown.
Goldman Sachs experienced its strongest fixed income, currencies and commodities (FICC) trading revenues in five years, while Bank of America registered its best-ever equities trading results and JPMorgan saw record debt underwriting revenues, the ratings agency noted.
But while the increase in client activity is proving a boon for banks at the moment, lower interest rates and declining economic activity “could prove to be a headwind for banks later this year,” according to Fitch managing director Christopher Wolfe. Activity on the IPO underwriting and mergers and acquisitions fronts also came to a relative standstill in March, and will likely remain a challenge in the months to come.
As such, Fitch—which revised its ratings outlook for the U.S. banking sector to negative last month—reiterated that “most U.S. banks will face meaningful profitability challenges” in the near future, with the drop in interest rates hampering spread revenues “for a number of quarters.” Fee income will also be hurt as corporate and institutional clients continue to pull back from the market.
Those dynamics explain why bank stocks—like financial sector stocks at large—have taken a pounding this year as the economic impact of coronavirus pandemic became apparent. The five major banks cited by Fitch have lost anywhere from 21% to 45% of their market value this year to date, while the S&P 500’s financials sector is down 29% in 2020 so far.