$GS

Vanguard is closing the gap with BlackRock in U.S. ETF assets, with the gap shrinking to less than $100bn in 2024. BlackRock's iShares leads with $4.53tn, followed by Vanguard with $4.51tn. The top 20 ETFs saw $111.10bn in inflows in July, with Vanguard's VOO gathering $19.66bn. The U.S. ETF industry is highly concentrated, with the top three providers holding 70.6% of assets.

A 21-bank consortium led by Goldman Sachs and MUFG Bank plans to issue a dollar stablecoin, opting for in-house control over third-party blockchain networks. Former Ripple executive Emi Yoshikawa noted this aligns with traditional banks' preference for closed infrastructure. MUFG is also working on a yen stablecoin in Japan. The move competes with existing stablecoins like Ripple's RLUSD, which has a market value of over $2 billion.

Major US companies, including Micron Technology, Vanguard, and financial firms like Goldman Sachs and JPMorgan Chase, are contributing to Trump Accounts, a tax-advantaged child investment program. Eligible children born between 2025 and 2028 receive a $1,000 federal contribution, with employers and others adding funds. Micron committed $250 million, while other firms announced various matching programs and contributions.

Stocks of Morningstar, Moody's, Goldman Sachs, Lazard, and StoneX rose 2.9%-3.3% after Fed Governor Waller signaled support for steady interest rates, citing disinflation trends. Waller noted PCE inflation dropped from 4.76% to 3.05% but warned of uncertainties. Market-implied odds for a September rate hike fell to 48.4%.

Goldman Sachs (GS) announced Dinesh Keswani as a Partner and co-head of The Core Engineering, also serving as its CTO. Keswani brings experience from Nomura Group and HSBC. He will drive innovation and engineering solutions across the firm. Goldman Sachs is a global financial services company.

US stock indices (Dow, S&P 500, Nasdaq) rose on September 3, driven by easing Treasury yields and Fed comments lowering rate hike expectations. Key gainers included Salesforce, Microsoft, and Meta. The 10-year Treasury yield fell to 4.752%. Oil prices surged to $97.62/barrel due to geopolitical tensions. Investors await upcoming inflation data.

Jefferies reports a 15% year-over-year decline in investment banking fees for eight global banks, totaling $9.7 billion. Equity capital markets grew 22%, while advisory and debt markets fell. Goldman Sachs and JPMorgan showed the smallest declines. JPMorgan led M&A advisory growth, while Citigroup led in equity capital markets.

Gold and silver prices fell Tuesday, with gold at $4,374 and silver at $65.14, as traders anticipate a Fed rate hike. Despite this, institutional investors are betting on gold, with gold-backed ETFs seeing the largest weekly inflow in 10 months. The Silver Institute projects a widening silver deficit. Goldman Sachs' options desk recommends staying long on gold. Recent economic data shows a cooling labor market and factory sector, but rate-hike odds are rising.

US stocks fell on Tuesday as oil prices rose due to US airstrikes on Iran and bond yields climbed. The Dow, S&P 500, and Nasdaq dropped 0.8%, 0.7%, and 1% respectively. Brent crude topped $95 per barrel. Bitcoin also declined over 3% as investors worried about Fed rate hikes. Meanwhile, 21 financial institutions, including Bank of America, Goldman Sachs, and Citigroup, plan to jointly issue a stablecoin.

Goldman Sachs (GS) and Bank of America (BAC) are among 21 banks planning to launch a U.S. dollar-backed stablecoin in 2027, with potential expansion into other G7 currencies. The initiative aims to compete in blockchain-based payments but faces adoption challenges and competition from established stablecoin issuers like Tether. Both banks could benefit from early involvement, but the project's financial impact remains uncertain.