HSBC Holdings plc provides banking and financial services worldwide. The company operates through Wealth and Personal Banking, Commercial Banking, and Global Banking and Markets segments. The Wealth and Personal Banking segment offers retail banking and wealth products, including current and savings accounts, mortgages and personal loans, credit and debit cards, and local and international payment services; and wealth management services comprising insurance and investment products, global asset management services, investment management, and private wealth solutions. This segment serves personal banking and high net worth individuals. The Commercial Banking segment provides credit and lending, treasury management, payment, cash management, commercial insurance, and investment services; commercial cards; international trade and receivables finance services; foreign exchange products; capital raising services on debt and equity markets; and advisory services. It serves small and medium sized enterprises, mid-market enterprises, and corporates. The Global Banking and Markets segment offers financing, advisory, and transaction services; and credit, rates, foreign exchange, equities, money markets, and securities services; and engages in principal investment activities. It serves government, corporate and institutional clients, and private investors. HSBC Holdings plc was founded in 1865 and is headquartered in London, the United Kingdom.

HSBC выглядит как крупный и устойчивый банк, но текущая оценка уже учитывает значительную часть его качества. По мультипликаторам картина неоднородная: P/E, P/B и особенно P/S заметно выше медианы отрасли, что ограничивает потенциал переоценки и говорит о более дорогой оценке относительно сектора. При этом P/FCF выглядит привлекательнее рынка, поэтому по денежному потоку акция не выглядит откровенно перегретой. Рентабельность — главный слабый блок: ROE, ROA, ROI и return on tangible equity ниже отраслевых ориентиров, а их динамика за год ухудшилась по сравнению с более сильными уровнями ранее. Маржа чистой прибыли остаётся очень высокой, но операционная маржа в последнем периоде просела до нуля, что делает качество текущей прибыли менее убедительным. Долговая нагрузка в целом умеренная: debt/equity близок к отраслевой норме, а большой объём активов и капитала поддерживает устойчивость баланса. Ликвидность не вызывает тревоги на уровне current ratio, но quick ratio формально слабый, что для банка частично объяснимо структурой баланса и не должно трактоваться как классический риск промышленной компании. Дивидендная доходность снизилась по сравнению с более ранними периодами, поэтому дивидендный аргумент сейчас слабее, чем был ранее. Выручка и чистая прибыль остаются очень крупными в абсолютном выражении, а активы и капитал сохраняют масштаб и стабильность, что поддерживает инвестиционный профиль. Однако динамика ключевой эффективности и дорогие мультипликаторы противостоят сильному балансу и не дают оснований для агрессивного повышения оценки. В итоге фундаментал скорее поддерживает умеренно осторожный взгляд: банк качественный и системно значимый, но текущая цена уже близка к справедливой с учётом замедления рентабельности и не самой дешёвой оценки.

HSBC Holdings, plc.

HSBC остаётся финансово устойчивым банком, но дорогие мультипликаторы и ослабление рентабельности перевешивают сильный баланс и масштаб бизнеса.

Key Points
The iShares Core MSCI Total International Stock ETF has outperformed the S&P 500 index in the past year (as of June 7).
The iShares Core MSCI EAFE ETF has delivered a trailing 12-month dividend yield of 3.30%.
Since it owns more stocks from a wider range of markets, the iShares Core MSCI Total International Stock ETF could be a better choice for long-term investors.
Buying international exchange-traded funds (ETFs) is an easy way to tap into the growth potential of stock markets beyond America. There's no guarantee that other countries' stock markets will outperform the S&P 500 index. But owning shares in international companies can be a way to protect against a downturn in U.S. tech stocks or hedge against the risk of a weaker U.S. dollar.
Two iShares ETFs offer slightly different approaches to buying global stocks, and one is more diversified than the other. The iShares Core MSCI Total International Stock ETF (NASDAQ: IXUS) offers exposure to more than 4,000 global stocks from a wide range of markets, while the iShares Core MSCI EAFE ETF (NYSEMKT: IEFA) holds about 2,600 stocks with a focus on developed markets.
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In the past year, the more-diversified fund (IXUS) has slightly outperformed the S&P 500, with a total return of 25.8%:
Understanding each international ETF's past performance and current holdings can help you decide which fund might be a better fit for your goals. Let's take a closer look.
IXUS vs. IEFA: Head-to-head comparison
These two iShares international ETFs have some similarities. Both funds have low fees (expense ratios of 0.07%), and both are well diversified, with thousands of international stocks.
Here's a quick high-level comparison of these two ETFs:
Metric
iShares Core MSCI Total International Stock ETF (IXUS)
iShares Core MSCI EAFE ETF (IEFA)
Number of stocks
4,344
2,625
Top 5 countries
1. Japan : 14.99% of fund
2. Taiwan: 9.01%
3. United Kingdom: 8.29%
4. Canada: 8.09%
5. South Korea: 7.15%
1. Japan: 25.49% of fund
2. United Kingdom: 14.08%
3. France: 9.01%
4. Switzerland: 8.51%
5. Germany: 8.17%
Year-to-date return (by net asset value)
14.6%
9.5%
10-year average annual total returns
9.9%
9.4%
Dividend yield (TTM)
2.9%
3.3%
Expense ratio
0.07%
0.07%
Price-to-earnings (P/E) ratio
18.97
18.27
In general, buying a diversified portfolio of stocks is better than putting too many eggs in one basket. That holds true when comparing these two international ETFs. The iShares Core MSCI Total International Stock ETF holds more stocks than the other fund, and it has outperformed year to date and in the past 10 years.
Both of these international ETFs offer strong dividend yields, but the iShares Core MSCI EAFE ETF has delivered a higher yield (3.3%). Both ETFs are priced more cheaply than the S&P 500 according to their price-to-earnings (P/E) ratios -- the S&P 500 has a P/E ratio of 31.83. Based on that valuation metric, international stocks might have more room to run.
What stocks are in IXUS and IEFA?
The different performance and dividend yields of these two international ETFs can be explained by what types of stocks and sectors are held by each fund. Each of these iShares funds invests in a slightly different mix of stocks, countries, and industries.
Here's a quick breakdown of the top five sector holdings of these two iShares ETFs:
iShares Core MSCI Total International Stock ETF (IXUS)
iShares Core MSCI EAFE ETF (IEFA)
Financials: 21.8%
Financials: 22.6%
Information technology: 20.9%
Industrials: 19.7%
Industrials: 15.0%
Information technology: 11.3%
Consumer discretionary: 8.2%
Healthcare: 9.4%
Materials: 7.5%
Consumer discretionary: 8.7%
Here's the biggest high-level difference between these two funds: the iShares Core MSCI Total International Stock ETF is more tech-heavy. About 21% its assets are invested in tech stocks, compared with only 11.3% for the other fund.
For example, if you look at the top five stock holdings, you see the iShares Core MSCI Total International Stock ETF is all tech stocks:
iShares Core MSCI Total International Stock ETF (IXUS)
iShares Core MSCI EAFE ETF (IEFA)
Taiwan Semiconductor Manufacturing: 4.35% of the fund
ASML Holding: 2.62%
Samsung Electronics: 2.35%
HSBC Holdings: 1.25%
SK Hynix: 1.75%
Roche Holding: 1.15%
ASML Holding: 1.55%
AstraZeneca: 1.13%
Tencent Holdings: 0.84%
Novartis: 1.09%
The top four holdings in the iShares Core MSCI Total International Stock ETF are all semiconductor stocks. They have performed well during the artificial intelligence (AI) boom, but what if the AI boom turns into a bust? The iShares Core MSCI EAFE ETF top five holdings include one semiconductor stock (ASML Holding), but the other top holdings are financial (HSBC, a major international bank) and pharmaceutical giants.
Both funds are well-diversified, but one fund has a little more exposure to AI stocks. If you want to diversify your portfolio away from the U.S. tech boom (in case of a future tech downturn), the iShares Core MSCI EAFE ETF could be a better choice.
Why buy IXUS instead of IEFA?
Both of these iShares funds can be good choices for investors who are internationally minded and want to diversify beyond the U.S. market. They're both low-cost index funds. The iShares Core MSCI EAFE ETF ranks among the best international ETFs.
But I believe that diversification is valuable in the long run. If you look at the past 10 years of performance, the more diversified fund, the iShares Core MSCI Total International Stock ETF, has slightly outperformed:
This fund owns more than 4,300 stocks across a wide range of countries, including emerging markets such as South Korea and Taiwan. That might make it more volatile in the short run. But as a long-term investor, I'd rather have exposure to the growth potential of the world's up-and-coming economies.
Should you buy stock in iShares Trust - iShares Core Msci Total International Stock ETF right now?
Before you buy stock in iShares Trust - iShares Core Msci Total International Stock ETF, consider this:
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HSBC Holdings is an advertising partner of Motley Fool Money. Ben Gran has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ASML, AstraZeneca Plc, Taiwan Semiconductor Manufacturing, and Tencent. The Motley Fool recommends HSBC Holdings and Roche Holding AG. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

IXUS vs. IEFA: Which International ETF Is Better for Most Investors?

For Immediate Release
Chicago, IL – June 8, 2026 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Caterpillar Inc. CAT, The Coca-Cola Co. KO, HSBC Holdings plc HSBC, SandRidge Energy, Inc. SD and NVE Corp. NVEC.
Here are highlights from Friday’s Analyst Blog:
Top Research Reports for Caterpillar, Coca-Cola and HSBC
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Caterpillar Inc., The Coca-Cola Co. and HSBC Holdings plc, as well as two micro-cap stocks SandRidge Energy, Inc. and NVE Corp.. The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
Ahead of Wall Street
The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.
You can read today's AWS here >>> What Labor Problem? BLS Jobs Jump to +172K
Today's Featured Research Reports
Caterpillar's shares have outperformed the Zacks Manufacturing - Construction and Mining industry over the past six months (+58.4% vs. +46.3%). The company posted strong revenue and earnings growth in the first quarter of 2026, supported by higher volumes across all segments. Backlog reached a record $63 billion, and management lifted its full-year outlook to low double-digit sales growth.
Construction demand remains solid, driven by infrastructure activity, rental fleet expansion and nonresidential projects. The Power & Energy segment is gaining from rising data-center-related power demand. Resource Industries stands to benefit from mining investments and aging equipment fleet, though timing and product mix may add volatility.
Recent tariff reductions may help ease cost pressures and support demand as customers have been delaying equipment purchases amid higher costs and trade uncertainty. A continued focus on high-margin aftermarket parts and services should further support growth.
(You can read the full research report on Caterpillar here >>>)
Shares of Coca-Cola have outperformed the Zacks Beverages - Soft drinks industry over the past six months (+10.1% vs. +9.4%). The company is benefiting from the strength of its portfolio breadth, consistent share gains and improving margins driven by pricing and productivity efforts. Innovation, marketing and digital initiatives are enhancing consumer engagement and execution, while diversified categories reduce risk.
Coca-Cola projects steady organic revenue and EPS growth, backed by a durable global distribution moat. Our model predicts organic revenue growth of 4.8% and comparable EPS to grow 8.8% for 2026. Robust cash generation supports reinvestments and sustainable shareholder returns, including continued dividend growth.
However, Coca-Cola has underperformed the industry year-to-date. The company faces headwinds from uneven demand and unfavorable mix as consumers shift toward smaller packs and value options, diluting revenue quality and limiting margin.
(You can read the full research report on Coca-Cola here >>>)
HSBC'sshares have outperformed the Zacks Banks - Foreign industry over the past six months (+35% vs. +13.1%). The company's wealth momentum in Asia continues to benefit from higher customer activity, rising balances and net new money, while the completed Hang Seng Bank privatization and ongoing business divestitures, including the agreed Indonesia sale, will simplify the company's operations and support medium-term efficiency.
Also, a robust capital position and global footprint are expected to support its financials. However, the company has guided for higher expected credit losses (ECL) this year because of overlays tied to Middle East events and absorption of an idiosyncratic fraud-related charge.
Operating expenses are expected to remain elevated as the company invests in technology and distribution capabilities. Revenue visibility will depend on volatile rates and activity.
(You can read the full research report on HSBC here >>>)
Shares of SandRidge Energy have outperformed the Zacks Oil and Gas - Integrated - United States industry over the past year (+54.2% vs. +32%). This microcap company with a market capitalization of $577.77 million is driven by its scalable Cherokee development program, which supports production growth through consistent well performance and disciplined execution. A debt-free balance sheet and strong liquidity provide flexibility to fund development, navigate commodity cycles.
Continued development activity is enhancing reserve visibility and extending the company's growth runway. Operational focus on safety, reliability, and emissions management helps support stable cash flows and lower execution risk.
Additionally, a diversified asset base and extensive owned infrastructure improve cost efficiency, strengthen resilience across market conditions, and provide optionality for future growth opportunities. Overall, SandRidge combines financial strength, disciplined capital allocation, and a long-duration development inventory to support long-term value creation.
(You can read the full research report on SandRidge Energy here >>>)
NVE's shares have gained +59.5% over the past year against the Zacks Electronics - Semiconductors industry's gain of +115.4%. This microcap company with a market capitalization of $532.18 million presents a differentiated profile, driven by scalable manufacturing, specialized spintronic technology and strong profitability. Expanded in-house capacity enhances yields and supports growth without significantly increasing fixed costs.
Demand is rising in medical, industrial and automation markets, where miniaturized, low-power sensors enable high-value, repeat design wins. A diversified mix across defense and non-defense markets improves revenue durability, while robust cash generation supports dividends and self-funded growth. Additional upside comes from optionality in spintronic memory and security IP.
However, key risks include margin sensitivity from channel mix, defense revenue volatility, declining contract R&D visibility, scalability limits of a high-touch sales model, exposure to securities portfolio fluctuations and long commercialization cycles for new products.
(You can read the full research report on NVE here >>>)
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800-767-3771 ext. 9339
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The Zacks Analyst Blog Highlights Caterpillar, Coca-Cola, HSBC, SandRidge Energy and NVE

Friday, June 5, 2026
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Caterpillar Inc. (CAT), The Coca-Cola Co. (KO) and HSBC Holdings plc (HSBC), as well as two micro-cap stocks SandRidge Energy, Inc. (SD) and NVE Corp. (NVEC). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Ahead of Wall Street
The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.
You can read today's AWS here >>> What Labor Problem? BLS Jobs Jump to +172K
Today's Featured Research Reports
Caterpillar’s shares have outperformed the Zacks Manufacturing - Construction and Mining industry over the past six months (+58.4% vs. +46.3%). The company posted strong revenue and earnings growth in the first quarter of 2026, supported by higher volumes across all segments. Backlog reached a record $63 billion, and management lifted its full-year outlook to low double-digit sales growth.
Construction demand remains solid, driven by infrastructure activity, rental fleet expansion and nonresidential projects. The Power & Energy segment is gaining from rising data-center-related power demand. Resource Industries stands to benefit from mining investments and aging equipment fleet, though timing and product mix may add volatility.
Recent tariff reductions may help ease cost pressures and support demand as customers have been delaying equipment purchases amid higher costs and trade uncertainty. A continued focus on high-margin aftermarket parts and services should further support growth.
(You can read the full research report on Caterpillar here >>>)
Shares of Coca-Cola have outperformed the Zacks Beverages - Soft drinks industry over the past six months (+10.1% vs. +9.4%). The company is benefiting from the strength of its portfolio breadth, consistent share gains and improving margins driven by pricing and productivity efforts. Innovation, marketing and digital initiatives are enhancing consumer engagement and execution, while diversified categories reduce risk.
Coca-Cola projects steady organic revenue and EPS growth, backed by a durable global distribution moat. Our model predicts organic revenue growth of 4.8% and comparable EPS to grow 8.8% for 2026. Robust cash generation supports reinvestments and sustainable shareholder returns, including continued dividend growth.
However, Coca-Cola has underperformed the industry year-to-date. The company faces headwinds from uneven demand and unfavorable mix as consumers shift toward smaller packs and value options, diluting revenue quality and limiting margin.
(You can read the full research report on Coca-Cola here >>>)
HSBC’s shares have outperformed the Zacks Banks - Foreign industry over the past six months (+35% vs. +13.1%). The company’s wealth momentum in Asia continues to benefit from higher customer activity, rising balances and net new money, while the completed Hang Seng Bank privatization and ongoing business divestitures, including the agreed Indonesia sale, will simplify the company’s operations and support medium-term efficiency.
Also, a robust capital position and global footprint are expected to support its financials. However, the company has guided for higher expected credit losses (ECL) this year because of overlays tied to Middle East events and absorption of an idiosyncratic fraud-related charge.
Operating expenses are expected to remain elevated as the company invests in technology and distribution capabilities. Revenue visibility will depend on volatile rates and activity.
(You can read the full research report on HSBC here >>>)
Shares of SandRidge Energy have outperformed the Zacks Oil and Gas - Integrated - United States industry over the past year (+54.2% vs. +32%). This microcap company with a market capitalization of $577.77 million is driven by its scalable Cherokee development program, which supports production growth through consistent well performance and disciplined execution. A debt-free balance sheet and strong liquidity provide flexibility to fund development, navigate commodity cycles.
Continued development activity is enhancing reserve visibility and extending the company’s growth runway. Operational focus on safety, reliability, and emissions management helps support stable cash flows and lower execution risk.
Additionally, a diversified asset base and extensive owned infrastructure improve cost efficiency, strengthen resilience across market conditions, and provide optionality for future growth opportunities. Overall, SandRidge combines financial strength, disciplined capital allocation, and a long-duration development inventory to support long-term value creation.
(You can read the full research report on SandRidge Energy here >>>)
NVE’s shares have gained +59.5% over the past year against the Zacks Electronics - Semiconductors industry’s gain of +115.4%. This microcap company with a market capitalization of $532.18 million presents a differentiated profile, driven by scalable manufacturing, specialized spintronic technology and strong profitability. Expanded in-house capacity enhances yields and supports growth without significantly increasing fixed costs.
Demand is rising in medical, industrial and automation markets, where miniaturized, low-power sensors enable high-value, repeat design wins. A diversified mix across defense and non-defense markets improves revenue durability, while robust cash generation supports dividends and self-funded growth. Additional upside comes from optionality in spintronic memory and security IP.
However, key risks include margin sensitivity from channel mix, defense revenue volatility, declining contract R&D visibility, scalability limits of a high-touch sales model, exposure to securities portfolio fluctuations and long commercialization cycles for new products.
(You can read the full research report on NVE here >>>)
Other noteworthy reports we are featuring today include Microchip Technology Inc. (MCHP), Archer-Daniels-Midland Co. (ADM) and Ubiquiti Inc. (UI).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
Featured Reports
Strong Data Center Product Demand Aids Microchip (MCHP) Prospects
Per the Zacks analyst, MCHP is benefiting from robust data center spending, Gen6 PCIe momentum, and a recovery in customer demand.
Ubiquiti (UI) Rides on Strength in the Enterprise Technology Segment
Per the Zacks analyst, increasing adoption of IoT-connected devices and continued deployment of unified IT infrastructure solutions will likely drive Ubiquiti's top line.
Global Payments (GPN) Ride High on Buyouts, Rising Costs Hurt
Per the Zacks Analyst, buyouts and tie-ups added capabilities to the company's portfolio, which in turn, boosted revenues. However, escalating expenses remain a concern for the company.
Diverse Portfolio and Capital Recycling Aids UDR Amid Elevated Supply
Per the Zacks analyst, UDR's diverse portfolio, capital recycling efforts and tech-driven efficiencies support growth. Yet, elevated supply in select markets and rising competition raise concerns.
Immunovant Bets on IMVT-1402, Lack of Pipeline Diversification A Woe
Per the Zacks Analyst, IMVT's steady progress across autoimmune programs is promising, but the lack of other candidates and fierce competition in the immunology space could hinder long-term growth.
Increasing MRO Orders Aid AAR Corp. (AIR), Despite Supply Chain Woes
Per the Zacks analyst, AAR Corp. is likely to benefit from increasing maintenance, repair and overhaul services. Yet supply chain issues result in delays and increase costs.
Ambarella (AMBA) Gains From Accelaration in Edge AI adoption
Per the Zacks Analyst, Ambarella is gaining from shift of AI inferencing from data centers to edge devices, creating strong demand for its AI processors.
New Upgrades
Archer Daniels (ADM) Drives Growth With AI and Innovation
Per the Zacks Analyst, ADM is broadening growth avenues through biosolutions, precision fermentation, decarbonization initiatives and AI-driven automation to enhance efficiency and profitability.
Sterling (STRL) Gains From Data Center & Semiconductor Buildout Trends
Per the Zacks analyst, Sterling's E-Infrastructure Solutions has multi-year visibility as data centers, advanced manufacturing and semiconductors fuel a deep, higher-margin backlog.
Diversified Business Mix & Aftermarket Demand Aid PHINIA (PHIN)
Per the Zacks analyst, PHINIA benefits from a well-diversified business model, which helps reduce dependence on any single revenue stream. Sustained demand for replacement parts also bodes well.
New Downgrades
Slower Drilling Activity to Hurt Baker Hughes' (BKR) Outlook
Per the Zacks analyst, subdued upstream spending in North America and operational uncertainties due to the Middle East conflict may pressure Baker Hughes' near-term financial performance.
Ryanair (RYAAY) Continues to Grapple With Rising Expenses
The Zacks Analyst is worried about the escalating operating expenses due to high fuel costs, staff costs and higher air traffic control fees, which are likely to hurt Ryanair's bottom line.
Accounting Controls Reset Irk ICON (ICLR) Amid Tough Competition
The Zacks analyst is concerned about ICON's improperly adjusted clinical services revenue, which resulted in overstating revenue by $65M in 2023 and $93M in 2024. Tough Competition adds to the worry.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Top Research Reports for Caterpillar, Coca-Cola & HSBC

For Immediate Release
Chicago, IL – May 27, 2026 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Salesforce CRM, Best Buy BBY, Costco COST, Standard Chartered SCBFF, JPMorgan JPM, HSBC HSBC and Morgan Stanley MS.
Here are highlights from Tuesday’s Analyst Blog:
Global Week Ahead: April PCE Out on Thursday
What happens across this short Global Week Ahead?
World markets remain at the mercy of diplomacy, as the Iran war approaches the end of its third month, with no clear resolution in sight
A host of central banks meanwhile brace for their next moves, and
Inflation data piles the pressure on U.S. and Japan monetary policymakers
Next are Reuters’ five world market themes, re-ordered for equity traders—
(1) On Thursday morning, the April U.S. Core Personal Consumption Expenditure (PCE) rate comes out
Thursday brings the latest readout of the U.S. inflation outlook in the form of the April personal consumption expenditures price index, the Fed's favored gauge.
Recent measures showed high readings for consumer and producer ‌prices as higher energy prices weigh.
Investors will also pore over a fresh estimate of first-quarter growth and the latest consumer confidence print.
Corporate results from Salesforce, Best Buy and Costco, could shed more light on the AI trade and the health of consumer spending, as a robust Q1 earnings season that has boosted U.S. stocks winds down.
(2) Government bond markets turn higher world oil prices... into higher yields
Put aside buoyant tech-driven stocks for a minute.
From sliding Asian currencies to ‌weakening economic activity in Europe and renewed pressure on the world's biggest bond markets, it's clear that the cracks from the Iran war are deepening.
Thirty-year borrowing costs in the systemically-key U.S. Treasury market hit their highest since 2007 last week.
Bond investors believe that central banks won't be able to look past the inflationary shock unleashed by a war that has shut the Strait of Hormuz.
And if governments increase spending to buffer consumers, a risk Japan has raised, that will exacerbate debt burdens.
Europe bore the brunt of March's bond selloff.
Now it's U.S. Treasuries that stand out, not great if you just took over as head of the U.S. Federal Reserve.
(3) Major banks are using AI to cut jobs now
The upheaval AI could wreak on jobs across finance is in focus after Standard Chartered, said it would eliminate almost 8,000 jobs by replacing what its CEO Bill Winters called "lower-value human capital" with technology.
Winters later said changes would be handled with thought and care but his remarks emphasized the coming disruption from a technology that can consume and process vast amounts of data, completing tasks previously done by people.
JPMorgan CEO Jamie Dimon and HSBC's Georges Elhedery also warned of job changes due to AI.
But change looks already underway with a Morgan Stanley survey last week finding that 11% of positions at banks had been eliminated due to AI and 14% not backfilled, though new hires reduced the net loss.
Expect more planning and action in the coming weeks, both operational decisions and in public relations.
(4) Is the Bank of Japan (BoJ) about to hike its policy rate?
The Bank of Japan has been looking for reasons to normalize monetary policy and Friday's inflation data might provide the evidence they need to continue doing just that.
Markets have grown increasingly certain that the BOJ will hike next month, for the first time since December, after last month's hawkish hold.
Economists forecast Tokyo's core consumer price index rose +1.5%, a key indicator for the nationwide trend, the same reading as April. That was the slowest pace in four years, but the underlying trend was muddied by government subsidies to households to offset the impact of the Middle East crisis.
Ultimately, analysts expect inflation to rise, as oil prices remain elevated, and the weak yen raises import costs.
(5) Turkey’s authoritarian leader Erdogan forced a court to oust the country’s main opposition leader
Turkey is back on the worry list after a court effectively ousted the main opposition leader Ozgur Ozel.
The case was seen as a test of Turkey's shaky balance between democracy and autocracy and the decision could boost President Recep Tayyip Erdogan's chances of extending his rule.
No surprise, markets are nervous. Stocks have plunged and the lira is at a fresh record low.
The central bank, which halted an easing cycle as the Iran war hits Turkey's energy import-sensitive economy, has already had to sell billions of dollars in forex to ease the fallout.
A host of central banks meet, meanwhile.
Israel will probably kick off with a quarter point cut to 3.75%, as the 20% surge in the shekel over the last year keeps a lid on the war-fuelled inflation seen elsewhere.
In Hungary, where the new post-Viktor Orban government is still getting its feet under the table, rates look set to stay at 6.25% on Tuesday. Sri Lanka's central bank should sit on its hands that day as should New Zealand's at 2.25% on Wednesday.
On Thursday, South Korea's central bank is expected to keep rates at 2.5% despite growing talk of hikes, whereas South Africa is tipped to hike by 25 basis points due to sharply rising inflation.
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The Zacks Analyst Blog Highlights Salesforce, Best Buy, Costco, Standard Chartered, JPMorgan, HSBC and Morgan Stanley

Artificial intelligence (AI) is rapidly reshaping Wall Street, and JPMorgan JPM is positioning itself at the center of that transformation. The banking giant is rolling out AI tools across its global investment banking (IB) operations while preparing for a workforce structure that leans more heavily on technology specialists and less on traditional banking roles.
JPMorgan Accelerates AI Integration
Speaking at the bank’s China Summit in Shanghai, CEO Jamie Dimon said that JPMorgan expects to recruit more employees with AI expertise as automation becomes more embedded in day-to-day operations. While Dimon acknowledged that AI could eventually reduce certain job categories, he emphasized that the technology would also improve productivity and create new opportunities across client-facing and technical functions.
The bank’s Asia Pacific head of IB, Paul Uren, told Reuters that AI tools are already helping teams process information faster, streamline presentation materials and improve client engagement efficiency.
JPMorgan is currently in the early stages of implementing these capabilities throughout its IB business globally.
JPMorgan Counts on Attrition, Not Layoffs
Rather than pursuing aggressive job cuts, Dimon suggested the transition could largely be managed through JPMorgan’s annual attrition rate, which stands near 10%.
That translates to roughly 25,000-30,000 employees leaving the firm each year, giving the bank flexibility to retrain workers, redeploy talent internally or offer early retirement options.
Banking Industry Faces Broader AI Shift
JPMorgan is not alone in embracing AI-driven restructuring. Rivals like Goldman Sachs, Bank of America and Morgan Stanley are also increasing investments in automation and advanced AI systems.
Meanwhile, HSBC Holdings plc HSBC and Standard Chartered PLC SCBFF executives openly warned that AI will eliminate some traditional roles while creating new ones.
HSBC CEO Georges Elhedery has taken a more balanced approach, openly stating that AI will “destroy” certain jobs, while also creating entirely new ones. He urged employees to adapt to technological change instead of resisting it, signaling that workforce evolution is becoming unavoidable across global banking.
Standard Chartered CEO Bill Winters recently sparked debate after saying the bank is replacing what he described as “lower-value human capital” with technology as part of a broader efficiency drive. The lender plans to eliminate 7,000-8,000 support roles over the next four years while expanding automation and AI adoption across operations.
JPM’s Price Performance & Zacks Rank
Over the past six months, shares of JPMorgan have lost 0.4% against the industry’s 3.1% growth.
Image Source: Zacks Investment Research
Currently, JPM carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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JPMorgan Expands AI Push as Banking Jobs Enter Transition Phase

Citigroup Inc. C plans to allocate a significant portion of its global wealth management hiring to Asia, according to a GlobalData report, which was published in Yahoo Finance. The hiring expansion is part of C’s broader strategy to strengthen its wealth management franchise and improve profitability. The company plans to hire around 100 private bankers globally, along with nearly 400 additional specialists.
Andy Sieg, Head of Wealth at Citigroup, stated that a substantial percentage of the recruitment will be concentrated in Asia, reflecting the region’s growing contribution to C’s global wealth operations. Sieg further stated that Asia remains the fastest-growing and most productive segment within the private bank. Per the report, the company’s Asia wealth business, which includes Japan, Asia North, Australia and Asia South, generated nearly $3 billion in revenues in 2025, accounting for almost 35% of C’s global wealth revenues.
Citigroup Bets on Asia’s Wealth Expansion Opportunity
Citigroup’s hiring push aligns with the company’s broader strategy outlined during its 2026 Investor Day presentation. The bank expects the wealth unit’s return on tangible common equity to reach 15-20% in 2027 and 2028 and exceed 20% over the medium term.
RoTCE 2027 & 2028 Target
Image Source: Citigroup Inc.
In 2025, the company’s wealth unit net income climbed nearly 50% year over year to $1.5 billion, reflecting stronger operating leverage, rising investment activity and improved client engagement. The growth trend continued in the first quarter of 2026, with the metric surging 126% year over year.
At the 2026 Investor Day presentation, management also highlighted that the Asia-Pacific region already contributes nearly 30% of Citigroup’s wealth revenues and continues to offer strong opportunities to increase business from existing clients. The company also reiterated plans to expand its banker and advisor base across Citi Private Bank and Citigold to support long-term growth objectives.
Management believes Asia will remain central to achieving these goals because of rising cross-border wealth creation, growing demand for investment advisory services and increasing needs among ultra-high-net-worth clients for global banking solutions.
Citigroup’s Prior Efforts to Strengthen Wealth Operations
Citigroup has been reshaping its global footprint under CEO Jane Fraser’s broader strategy to simplify operations, improve returns and redirect capital toward higher-growth businesses, including wealth management and institutional banking. In April 2021, the company announced plans to exit consumer banking operations across 13 markets in Asia and EMEA to strengthen its focus on key wealth centers, including Singapore, Hong Kong, the UAE and London.
The company has now entered the final phase of its international divestitures, with nearly 90% of its transformation initiatives now at or near targeted completion. Citigroup recently completed the sale of its Russia-based banking unit and continues preparations for the planned IPO of Banamex in Mexico. The company is also progressing with the wind-down of its Korea consumer banking operations and the sale of its Poland consumer banking business.
Beyond restructuring efforts, Citigroup has also been investing aggressively in technology, advisory capabilities and AI-powered solutions to strengthen its global wealth franchise. Last month, Citi Wealth partnered with Advyzon to launch a Global Unified Managed Account platform aimed at simplifying personalized investing through multi-currency and AI-enabled portfolio management capabilities, while also unveiling “Citi Sky,” an AI-powered wealth management platform developed with Google Cloud and Google DeepMind technologies.
Earlier, in September 2025, Citigroup also expanded its customized portfolio offerings globally through a partnership with BlackRock, under which BlackRock will manage nearly $80 billion in Citi Wealth client assets using its Aladdin Wealth platform.
These initiatives are expected to free up capital, improve operational efficiency and support additional investments in wealth management, digital capabilities and advisory services. Supported by these efforts, Citigroup expects revenues to witness a 4-5% compound annual growth rate through 2026.
C’s Price Performance & Zacks Rank
Over the past year, shares of Citigroup have gained 71.1% compared with the industry’s growth of 26.6%.
Image Source: Zacks Investment Research
Citigroup currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Financial Firms Expanding Their Presence in Asia
Similar to Citigroup, UBS Group AG UBS and HSBC Holdings plc HSBC are strengthening their wealth management franchises across Asia to support long-term regional growth and expand relationships with high-net-worth clients.
UBS Group has been expanding its wealth management operations through strategic acquisitions and partnerships. In June 2023, the company completed the acquisition of Credit Suisse, strengthening its global wealth and asset management capabilities. UBS has since integrated operations across key Asian wealth hubs, including Hong Kong, Singapore and Japan, while also strengthening its India strategy through a partnership with 360 ONE WAM in April 2025.
Meanwhile, HSBC continues to expand its Asia wealth franchise with a focus on affluent and ultra-high-net-worth clients. The company has been strengthening operations across mainland China and India through acquisitions, digital investments, branch expansion and private banking initiatives.
HSBC previously acquired Citigroup’s retail wealth business in China and has continued expanding lifestyle-focused wealth centers and Premier Banking services across the region. In India, the company has accelerated growth through new branch openings, Global Private Banking initiatives and the expansion of wealth offerings.
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Citigroup to Accelerate Asia Wealth Expansion With Major Hiring Push

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Avantis International Equity ETF (Symbol: AVDE) where we have detected an approximate $262.5 million dollar inflow -- that's a 1.6% increase week over week in outstanding units (from 178,700,000 to 181,600,000). Among the largest underlying components of AVDE, in trading today Shell plc (Symbol: SHEL) is up about 1.1%, HSBC Holdings plc (Symbol: HSBC) is off about 0.5%, and Novartis (Symbol: NVS) is up by about 0.3%. For a complete list of holdings, visit the AVDE Holdings page » The chart below shows the one year price performance of AVDE, versus its 200 day moving average:
Looking at the chart above, AVDE's low point in its 52 week range is $71.38 per share, with $92.60 as the 52 week high point — that compares with a last trade of $90.10. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
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Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Also see:
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

AVDE, SHEL, HSBC, NVS: Large Inflows Detected at ETF

Citigroup Inc. C has cleared the final regulatory steps to establish a wholly foreign-owned securities firm in mainland China, according to a Caixin Global report, which was published in MSN. The China Securities Regulatory Commission’s (CSRC) latest list of pending administrative approvals no longer includes Citigroup Securities (China) Co. Ltd.’s application, indicating that the review process has now been completed.
The development marks a key milestone in C’s long-running effort to rebuild and scale its onshore securities presence in China following more than four years of regulatory navigation and evolving compliance requirements.
Why Citigroup’s China Brokerage Approval Matters
The near-final approval represents a meaningful expansion of Citigroup’s capital markets footprint in one of the world’s largest and fastest-growing financial systems. A wholly owned securities firm will enable C to participate in underwriting equity and debt offerings directly, provide brokerage services and engage more efficiently with domestic Chinese issuers without relying on local joint venture structures.
At the same time, the approval reflects China’s continued efforts to open its financial sector to foreign institutions by allowing greater ownership and operational independence.
The licensing process has extended over four years, beginning with C’s application in December 2021 and involving multiple layers of regulatory review and cross-border compliance checks. Its completion reflects improved regulatory alignment between Chinese authorities and global financial institutions operating in the region.
The approval also reflects Citigroup’s broader strategic shift in China. The company previously exited its consumer banking and wealth portfolio in the country, following the completion of its sale to HSBC Holdings plc HSBC in 2024, while reaffirming its focus on institutional banking and capital markets activities. The new securities firm is closely aligned with this repositioning, strengthening its ability to serve both global and domestic institutional clients across onshore Chinese markets.
How Will China’s Securities Firm Support Citigroup Financially?
The wholly owned securities platform is expected to enhance C’s fee-based revenue generation in China by enabling direct participation in underwriting, brokerage and broader capital markets activities. This structure reduces reliance on joint venture arrangements and allows the company to retain a larger share of transaction-related income.
The expansion is also likely to improve operating efficiency through a more integrated and scalable onshore securities platform, while strengthening Citigroup’s ability to capture cross-border deal flow and leverage its established global institutional client base.
C’s Price Performance & Zacks Rank
Over the past six months, shares of Citigroup have gained 25.5% compared with the industry’s growth of 4.2%.
Image Source: Zacks Investment Research
Citigroup currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Financial Firms Expanding Their Presence in China
Similar to Citigroup, JPMorgan Chase & Co. JPM and HSBC are expanding operations across China to strengthen regional growth and capture rising wealth and capital markets opportunities.
JPMorgan has been steadily deepening its footprint in China through broader participation in the country’s liberalizing capital markets. In March 2026, a GlobalData report published in Yahoo Finance stated that Chinese authorities approved JPMorgan Asset Management, along with Fidelity International, to distribute funds on the mainland under the Mutual Recognition of Funds scheme. The approval allows broader cross-border investment access for Chinese investors and strengthens JPMorgan’s position in the country’s growing asset management space.
Meanwhile, HSBC continues to scale its Asia franchise, with a strong focus on wealth management in mainland China and Hong Kong. The bank is expanding its wealth business through lifestyle-oriented centers, digital upgrades, hiring initiatives, and acquisitions, including Citigroup’s former retail wealth arm. Additionally, the completed privatization of Hang Seng Bank is expected to simplify the ownership structure and support efforts to generate revenue and cost synergies across both brands over the long term.
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Citigroup Nears Final Approval for Wholly-Owned China Securities Firm

Citigroup Inc. C plans to increase headcount within its Asia-Pacific prime brokerage unit by about 10% in the coming months, according to a Bloomberg report, which was published in Yahoo Finance. The expansion is part of the bank’s broader effort to strengthen its prime brokerage franchise and capture higher hedge fund activity across the region.
The hiring initiative is focused on Singapore and India, where Citigroup is expanding both front-office and technology roles to strengthen its global markets infrastructure. The move reflects ongoing investments in coverage capacity, balance sheet deployment and operating capabilities to support rising client demand for equities financing and trading services.
The expansion comes as Citigroup accelerates efforts to expand its global prime brokerage business, which provides hedge funds with cash lending and securities financing solutions to support leveraged trading strategies. In the first quarter of 2026, the company’s prime brokerage balances increased more than 50% year over year to a record level.
C Expands Prime Brokerage Platform Amid Hedge Fund Demand
The headcount expansion aligns with Citigroup’s broader target to scale global prime brokerage balances to more than $700 billion by 2028 compared with $450 billion in 2025. The growth strategy reflects rising demand from hedge fund clients, particularly quant and multi-strategy firms, as institutional investors increasingly onboard multiple prime brokers. While Citigroup has historically maintained a stronger position in rates and fixed-income markets, the company has been investing aggressively to strengthen its equities franchise.
In 2025, Citigroup strengthened its Asia-Pacific leadership and client coverage framework through targeted senior-level hiring and infrastructure investments. Following earlier front-office recruitment across the region, the company has now entered a secondary phase of hiring focused on strengthening regional operations and execution capabilities across key trading hubs.
Asia-Pacific has also been a major contributor to recent business growth. Client equity flows reached record levels across markets such as China, Hong Kong, Korea and Taiwan during the first quarter. Much of the activity was linked to technology and artificial intelligence-focused trading strategies, reflecting continued demand from quant and multi-strategy hedge funds across regional equity markets.
The hiring push is also expected to improve execution capabilities, strengthen operational infrastructure and support faster client services across the region. Thus, this initiative reinforces C’s position in hedge fund financing and supports longer-term growth across its broader markets franchise.
C’s Price Performance & Zacks Rank
Over the past six months, shares of Citigroup have gained 27.1% compared with the industry’s growth of 4.5%.
Image Source: Zacks Investment Research
Citigroup currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Financial Firms Expanding Their Presence in Asia
Similar to Citigroup, UBS Group AG UBS and HSBC Holdings plc HSBC are expanding operations across Asia to strengthen regional growth and market presence.
UBS Group has been expanding its operations across Asia, particularly in India, as part of its broader integration strategy following the Credit Suisse acquisition. In February 2026, a Reuters article published in Yahoo Finance stated that UBS Group plans to add up to 3,000 employees in India, primarily in Hyderabad, to strengthen its technology and operations capabilities. The expansion reflects the growing importance of India-based global capability centers as financial institutions seek scalable operating models, deep technology talent pools and improved operational efficiency across the Asia-Pacific region.
Meanwhile, HSBC continues to strengthen its presence across Asia with a focus on high-net-worth and ultra-high-net-worth clients. In mainland China, the company has been expanding its wealth franchise through lifestyle-focused centers, digital upgrades, talent hiring and acquisitions, including Citigroup’s former retail wealth business. In India, HSBC is accelerating expansion through new branch openings, Global Private Banking initiatives and the expansion of Premier Banking services. These efforts are expected to support the company’s longer-term growth strategy across key Asian markets.
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The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

C to Expand Asia Prime Brokerage Team by 10%, Eyes Hedge Fund Growth

Key Points
Oklo's latest partnership with AI giant Nvidia has thrust the company back into the spotlight.
Oklo is part of the DOE's nuclear programs, with a major development milestone approaching.
One analyst expects Oklo stock to rise at least another 30% from here.
After plunging 31% during the first three months of 2026, shares of Oklo (NYSE: OKLO) staged a stunning rebound in April, soaring 46.2% according to data provided by S&P Global Market Intelligence. The explosive rally not only erased all of the stock's earlier losses but also pushed Oklo back into positive territory for the year.
April was an eventful month, with Oklo announcing a high-profile collaboration, winning analyst upgrades, and riding a broader surge in nuclear energy stocks after the White House launched a massive nuclear power program. Analysts at HSBC even initiated a buy rating on Oklo stock in April with a price target of $96 per share, representing over 30% upside potential.
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What's happening with Oklo?
The biggest company-specific catalyst for Oklo in April was a three-way collaboration between Oklo, Nvidia, and Los Alamos National Laboratory (LANL).
Oklo is developing fast fission nuclear power plants called Aurora powerhouses to deliver clean energy at scale. Nvidia will provide its artificial intelligence (AI) computing power and software tools to help Oklo and LANL speed up nuclear fuel research and reactor development.
Investors viewed the deal as a major vote of confidence in Oklo from one of the world's most influential AI companies, especially as demand for nuclear-powered AI infrastructure continues to gain momentum.
Days prior to this announcement, the White House launched the National Initiative for American Space Nuclear Power on April 14, formally making space nuclear reactors a national strategic priority. The initiative directs NASA and the Department of Defense to work jointly with private companies to deploy nuclear reactors in orbit by as early as 2028 and on the moon by 2030.
Oklo's technology overlaps with some of the themes of the government's initiative, including fast-fission reactors and fuel infrastructure. Beyond reactor development, Oklo is also building nuclear fuel recycling facilities and is already involved in multiple Department of Energy (DOE) nuclear pilot programs.
Adding to the bullish momentum, the U.K. government announced the same day (April 14) that it would back Rolls-Royce's small modular reactor program with up to 599 million pounds ($800 million). The announcement sparked a broad rally in nuclear energy stocks, as investors saw it as another strong signal that governments worldwide are increasingly keen to deploy nuclear power.
Will Oklo stock jump after May 12?
Oklo will release its first-quarter earnings after market close on May 12. Numbers matter little at this point, since Oklo is still a pre-revenue, development-stage company and still years away from commercialization. Instead, pay close attention to Oklo's cash position, progress on regulatory and reactor-development milestones, and 2026 goals.
One key target under the DOE's program is achieving criticality at the Aurora-INL and Groves isotope projects by July 4, 2026. Management's commentary on May 12 could play a major role in determining whether the stock's momentum continues after April's explosive rally or begins to cool.
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HSBC Holdings is an advertising partner of Motley Fool Money. Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool recommends HSBC Holdings and Rolls-Royce Plc. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

HSBC Holdings, plc.

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