Analysis: Cracks Appear In Credit Suisse Comeback Plans

2022-10-28 | Commodities , Current Affairs , Forex , Securities

ZURICH/NEW YORK, Oct 28 (Reuters) – After months of reflecting, Credit Suisse’s chairman Axel Lehmann revealed an overhaul “to rebuild Credit Suisse as a strong … bank with a firm foundation, rock-solid like our Swiss mountains”. It did not take long for the first cracks to appear.

The announcement of the blueprint early on Thursday triggered a sell-off in the bank’s stock that lobbed more than 2 billion Swiss francs ($2 billion) off its market worth, almost a fifth of its value, taking its worth to less than 11 billion Swiss francs.

Full coverage: REUTERS

China’s Factory Activity Set To Stall In October

BEIJING, Oct 28 (Reuters) – China’s factory activity likely showed no growth in October, with production hit by COVID-19 restrictions and as exports moderate on slowing global demand, a Reuters poll showed on Friday.

The official manufacturing Purchasing Manager’s Index (PMI) was forecast at 50.0 in October, a touch lower than 50.1 in September, according to the median forecast of economists polled by Reuters.

The 50-point mark separates contraction from growth.

Full coverage: REUTERS

Oil Falls As China Widens COVID Curbs, Still Set For Weekly Gain

SINGAPORE, Oct 28 (Reuters) – Oil prices fell on Friday after China, the world’s top crude oil importer, widened its COVID-19 curbs, but were poised for a weekly gain on supply concerns ahead of Europe’s pending cut-off of Russian imports.

Brent crude futures dropped $1.02, or 1.1%, to $95.94 a barrel at 0635 GMT, after rising 1.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures were down $1.24, or 1.4%, at $87.84 a barrel.

Full coverage: REUTERS

Stocks In Asia Slide As Focus Shifts To Fed

SINGAPORE, Oct 28 (Reuters) – Asian shares were set to snap a three-day winning streak on Friday as investors grappled with mixed earnings reports and looked to next week’s Federal Reserve meeting for clues on whether a pivot on the pace of rate hikes is on the table.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 1.56% lower at 433.92, but above the two and half year low of 427.42 it touched on Monday. The index is down 4% for the month and roughly 31% for the year.

Full coverage: REUTERS

Morning Bid: Closer To Fine

A look at the day ahead in European and global markets from Tom Westbrook.

Having jumped the gun a few times, markets are again pricing in a pivot in monetary policy and might be getting closer to the mark.

Bonds are rejoicing at this week’s step-down in hiking speed at the Bank of Canada and hints the European Central Bank is getting closer to satisfied with its progress. Ten-year Italian BTPs are eyeing their best week in a decade, with yields down 73 basis points since last Friday’s close.

Full coverage: REUTERS

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2025-01-13 | Current Affairs

Dollar Surge Pressures Global Currencies Amid Fed Uncertainty

The U.S. dollar climbed sharply on Monday, reaching multi-year highs against other currencies after an unexpectedly strong U.S. jobs report highlighted the resilience of the American economy

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2025-01-10 | Current Affairs

Musk Urges State AGs to Facilitate OpenAI Stake Auction

Musk’s lawyer submitted a letter requesting the states to ensure an open bidding process to safeguard public interest as OpenAI move away from nonprofit control

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2025-01-09 | Current Affairs

Global Stocks Struggle Amid Rising Treasury Yields and Tariff Concerns

TODAY’S NEWS The ongoing selloff in global bonds intensified on Wednesday, weighing on Wall Street stocks and bolstering the dollar as robust U.S. economic data lowered hopes for imminent aggressive interest rate cuts by the Federal Reserve. The 10-year U.S. Treasury yield climbed to a peak of 4.73%, the highest since April 2024, before settling […]