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☆ Alleged Russian crime boss sanctioned by Ukraine owns a major stake in US biotech firm
▼ + stars: | 2023-08-21 | by ( Matt Egan | ) edition.cnn.com time to read: +13 min

Buried in corporate filings is another relationship that is central to Humacyte: Russian billionaire Gavril Yushvaev is the company’s second-largest individual shareholder. Humacyte: Russian billionaire has no ‘control’ over firmYushvaev has not been sanctioned by the US government. “There are patients walking today on their own limbs who would not be doing so without access to the HAV to repair their damaged arteries,” a Humacyte spokesperson said. ‘It shows poor judgment’Yushvaev was brought in as an accredited private investor by Credit Suisse’s capital markets advisory group, a Humacyte spokesperson told CNN. Dougan does not personally know Yushvaev, a Humacyte spokesperson told CNN.

Persons: — Weeks, Kathleen Sebelius, Gavril Yushvaev, Yushvaev –, ”, Yushvaev, ” Forbes, Dann, Charles Whitehead, That’s, Steven Tian, Putin, Vladimir Putin, Trump, Sebelius, Humacyte, Obama, ” Yushvaev, Yale’s Tian, Whitehead, “, ” It’s, Brady Dougan, Dougan, Laura Niklason, ’ Yushvaev, Jeff Sonnenfeld, Sonnenfeld, ” Humacyte, Lawrence Ward, Ward, Eleanor Bloxham, ” Bloxham, ’, Lyft, Mother Jones Organizations: New York CNN, Pentagon, Nasdaq, US Department of Defense, CNN, Securities and Exchange Commission, Ukraine, Pepsico, Cornell Law School, BlackRock, Vanguard, Yale School of Management’s, Institute, Treasury Department, Kremlin, Credit, Ayabudge, Credit Suisse, Humacyte, PTC, Yale, Yushvaev, SEC, “, Soviet, US Treasury, Dorsey, Whitney’s, Value Alliance, The Department of Defense, DOD, Cornell, Russia Locations: Ukraine, North Carolina, Humacyte, Russian, Russia, Crimea, Cypriot, Yale, Bloxham, Lyft

☆ Nvidia, key Powell speech to take center stage next week in midst of Wall Street's August woes
▼ + stars: | 2023-08-18 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

The week ahead will "revolve around three things," Infrastructure Capital Management CEO Jay Hatfield remarked on the week ahead. "Nvidia's earnings, Nvidia's earnings and, to a lesser degree, Jackson Hole." Nvidia earnings Many investors expect Nvidia will beat expectations for the second quarter when it reports results next Wednesday . More commentary from Jackson Hole If Nvidia is the key microeconomic event next week, Jackson Hole will dominate macroeconomic discussion. Powell delivers his address at the annual central bank forum hosted by the Kansas City Fed next Friday morning.

Persons: Jerome Powell, Jay Hatfield, Jackson, Management's Yung, Yu Ma, Hans Mosesmann, Hatfield, Powell, Ross Mayfield, Ray Farris, Fed Governor Bowman, Michael Bloom Organizations: Federal, Infrastructure Capital Management, Dow, Nasdaq, Treasury, Fitch, Federal Reserve, BMO, Nvidia, Rosenblatt Securities, Infrastructure Capital Management's, Kansas City Fed, Fed, Infrastructure Capital, Credit Suisse, Richmond Fed, Federal Reserve Bank of Chicago, PMI, New, Body, Devices, Autodesk, Chicago, . Kansas City Fed Manufacturing, Intuit, Ulta Locations: , Wyoming, China, Infrastructure Capital Management's Hatfield, Powell, . Kansas, Michigan

☆ Morning Bid: China sets sombre tone with property turmoil
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Staff/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Kevin BucklandChina continues to set the mood for markets, and the tone is unswervingly sombre. Such hopes may have bolstered Chinese property shares in the Asian morning, but the wider markets in China and the rest of the region were gloomy. The Hang Seng Index sank about 0.7%, with mainland Chinese, Japanese and South Korean shares all also down. The People's Bank of China was signalling its intent to shore up the yuan again today, setting the official mid-point a whopping 1,000 pips stronger than the Reuters estimate. And with U.S. benchmark yields heading for pre-financial crisis highs, the yield gap between the two economies is yawning.

Persons: Kevin Buckland China, China Evergrande, Will, Philip Lane, Kevin Buckland, Edmund Klamann Organizations: Silicon Valley Bank, Credit Suisse, REUTERS, Staff, South, People's Bank of, Fed, Bank of England, ECB, Thomson Locations: Frankfurt, Silicon, Germany, China, U.S, People's Bank of China, Will China, Japan, Tokyo, Europe, Asia

☆ US Senators say Credit Suisse did not review all records when probing Nazi-linked accounts
▼ + stars: | 2023-08-17 | by ( Chris Prentice | Brenna Hughes Neghaiwi | ) www.reuters.com time to read: +2 min

NEW YORK/ZURICH (Reuters) - Swiss lender Credit Suisse did not review all available records when it conducted an internal probe into the historical servicing of Nazi clients and Nazi-linked accounts, according to an investigation published by U.S. lawmakers on Thursday. The logo of Credit Suisse is seen outside its office building in Hong Kong, China, August 8, 2023. “Just under” 1,000 of 65,000 sets of records were available electronically for review, the report said. Neil Barofsky, the former ombudsman, and AlixPartners, the consulting firm Credit Suisse hired to conduct the probe, did not respond immediately to a requests for comment. A spokesperson for Credit Suisse referred Reuters to its April statement defending its review and raising concerns over the ombudsman’s work.

Persons: Tyrone Siu, “, Chuck Grassley, Neil Barofsky, Simon Wiesenthal Organizations: Credit Suisse, Nazi, U.S, REUTERS, Senate, Reuters, Simon, Simon Wiesenthal Center, Bloomberg Locations: ZURICH, Hong Kong, China

☆ Are office buildings the next 'Big Short' or the next widow-maker trade? The trader behind the ubersuccessful mall short shares his playbook for making money without flaming out.
▼ + stars: | 2023-08-17 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +16 min

Dan McNamara's Polpo Capital is shorting office real estate, a risky move that could be lucrative. If you're looking for a doomsday vision of commercial real estate, you can find it there. "I don't think this is the 'Big Short,'" McNamara told me. This doesn't mean he doesn't have a game plan to make money off cultural shifts that could forever change the state of commercial real estate. Lucas Jackson/ReutersWhere he's going longOne risk of shorting real estate is that it's more susceptible to what's known in real-estate circles as "extend and pretend."

Persons: Dan McNamara's, McNamara, it's, It's, shorting, Carl Icahn, Jim Chanos, Brendan McDermid, Dan McNamara, McNamara's, Braver Stern, Dan McNamara McNamara's, suede loafers, McNamara didn't, Josh Nester, Polpo, he's, Morgan Stanley, Kamil Sadik, Lucas Jackson, Manus Clancy, You've, David Tepper's, Trepp's Clancy, Clancy, David Tepper Organizations: Central Park, New, Polpo, New York University, Columbia, Kynikos Associates, Enron, Asset Management, Reuters, UBS, Co, Societe Generale, Securitized Credit Partners, Credit Suisse, MP, Fund, Bloomberg, of America, Simon Property, Federal Locations: Manhattan, Sixth, Central, New York City, New York, MatlinPatterson, America, China, Italy, Westchester , New York, Tribeca, York, Westchester, Waterford , Connecticut, Baltimore, San Francisco

☆ UBS names 21 country heads across EMEA region -memo
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: 1 min

The logo of Swiss bank UBS is seen at the company's office at the Bahnhofstrasse in Zurich in this July 1, 2009, photo. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsCompanies UBS Group AG FollowZURICH, Aug 17 (Reuters) - UBS has appointed or confirmed 21 country heads across the EMEA region, according to an internal memo seen by Reuters on Thursday. Five of the positions will be filled by employees from recently acquired Credit Suisse, the memo sent to employees by executive board member Beatriz Martin said. Reporting by Noele Illien; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Beatriz Martin, Noele, Jason Neely Organizations: Swiss, UBS, UBS Group, Reuters, Credit Suisse, Thomson Locations: Zurich, EMEA

☆ Moscow banned 2 major Swiss banks from selling shares in its subsidiaries after a Russian bank said it would lose money from their exit
▼ + stars: | 2023-08-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

A Moscow court has banned UBS and Credit Suisse from disposing of shares in their Russian subsidiaries. Russia witnessed an exodus of Western companies after it invaded Ukraine. A Moscow court has banned two major Swiss banks — UBS and Credit Suisse — from trying to wriggle their way out of their Russian subsidiaries, Reuters reported on Tuesday, citing court documents. Moscow-based Zenit Bank requested the ban, citing concerns about losing money should the two Swiss banks exit, per the news agency. Zenit also requested the court to seize funds belonging to UBS and Credit Suisse, but the application was not granted, per Reuters.

Persons: UBS —, Vladimir Putin, Jeffrey Sonnenfeld Organizations: UBS, Credit Suisse, Zenit Bank ., Service, Credit Suisse —, Reuters, Zenit Bank, Zenit, Carlsberg, Danone, Yale School of Management Locations: Moscow, Zenit Bank . Russia, Ukraine, Wall, Silicon, Russia, Intergrain, Luxembourg, Russian

☆ Morning Bid: Rattled by the China and Fed double whammy
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +3 min

Underwhelming economic data, along with the ever-deepening property crisis, have unnerved investors and taken Asian stocks to their lowest since November. Zhongzhi Enterprise Group told investors that it was facing a liquidity crisis and will conduct a debt restructuring, two sources told Reuters. European stocks have been hamstrung too, with the pan-European STOXX 600 index (.STOXX) touching a one-month low on Wednesday and eyeing a lower open on Thursday. But it's important to remember that July's meeting came before a raft of U.S. data that underscored the resilient economy. England will face Spain on Sunday, looking to add a world title to last year's European Championship triumph.

Persons: Ankur Banerjee, Zhongzhi, Muralikumar Organizations: Silicon Valley Bank, Credit Suisse, REUTERS, Staff, Zhongzhi Enterprise Group, Reuters, International Trust Co, U.S, Federal, Traders, Australia, Reuters Graphics Reuters, Thomson Locations: Frankfurt, Silicon, Germany, Ankur, Asia, China, England, Spain, Croatia, Singapore

☆ Premarket stocks: How China's economic turmoil could hurt your portfolio
▼ + stars: | 2023-08-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Why it matters: “For most of the last two decades, China’s economic growth has been a major driver of the global economy,” said Alex Etra, a strategist at data analytics firm Exante. That means that if China’s economy slows down, global economic growth slows down. ExxonMobil (XOM) may not be doing too much business with China, said Etra, but if Chinese growth slows, that means oil prices go down. Earlier this year, Bank of America compiled a list of the S&P 500 companies with the highest exposure to China. The grand total of all the private wealth in the world fell 2.4% to $454.4 trillion last year, according to the annual Credit Suisse and UBS global wealth report.

Persons: Joe Biden, BlackRock, ”, Alex Etra, Michael Burry’s, Allison Morrow, That’s, Jason Hart, Winn, ” Hart, “, Ramishah Maruf Organizations: CNN Business, Bell, New York CNN, country’s National Bureau of Statistics, ExxonMobil, Apple, Intel, Starbucks, Nike, Bank of America, Las, Qualcomm, Nvidia, Wynn Resorts, WYNN, MGM Resorts, MGM, Funds, PitchBook, Michael Burry’s Scion Asset Management, Moore Capital Management, D1 Capital, Tiger Global, Securities, Exchange, Credit Suisse, UBS, Millionaires, Aldi, Dixie, Winn, CNN Locations: New York, Beijing, China, Ukraine, United States, Aldi, Winn

☆ One year on, Biden still needs to explain his signature clean energy legislation
▼ + stars: | 2023-08-16 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +6 min

REUTERS/Leah Acquire Licensing Rights Read moreAug 16 (Reuters) - U.S. President Joe Biden on Wednesday marks the first anniversary of signing his signature clean energy legislation called the Inflation Reduction Act by leading a campaign to better explain to Americans what, exactly, it does. Twelve months after it passed, the law commonly referred to as the IRA, like most major U.S. legislation, is drawing mixed reviews. Meanwhile, many Americans, even those who support Biden, don't know much about it, according to Reuters opinion polls. Biden has expressed regret at calling the bill the Inflation Reduction Act. "Voters hear the Inflation Reduction Act, but they do not see their grocery bills coming down.

Persons: Joe Biden, Leah, Biden, Democrat Biden, Donald Trump, Moody's, MARK Biden, Goldman Sachs, WHAT'S, Jimmy Siegel, Jarrett Renshaw, Nichola Groom, Moira Warburton, Heather Timmons, Grant McCool Organizations: Infrastructure Law, White, REUTERS, Democrat, U.S, Republican, LOVE, Wall Street, Bank of America, Democrats, Credit Suisse, University of Pennsylvania’s Wharton Business School, Reuters, Washington Post, University of Maryland, White House, Democratic, Thomson Locations: Washington , U.S, U.S, Utah

☆ Falling markets sank global wealth in 2022, leaving the world with 3.5 million fewer millionaires
▼ + stars: | 2023-08-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

Here’s the deal: The grand total of all the private wealth in the world fell 2.4% to $454.4 trillion, according to the annual Credit Suisse and UBS global wealth report. Meanwhile, global median wealth, a more meaningful indicator of how the typical person is faring, actually rose 3% in 2022. The top 1% of households still hold a staggering 44.5% of all global wealth. “The global economy is experiencing a period of astonishing economic alteration,” wrote Paul Donovan Chief Economist at UBS Global Wealth Management, in the report. Another silver lining: According to Credit Suisse projections, global wealth will rise 38% over the next five years, reaching $629 trillion by 2027.

Persons: CNN Business ’, Joe, ”, Paul Donovan, you’ll Organizations: CNN Business, New York CNN, Credit Suisse, UBS, UBS Global Wealth Management, Suisse Locations: New York, United States, China

☆ US investor group clinches tax credit deal for $1.5 bln renewable power acquisition
▼ + stars: | 2023-08-16 | by ( Isla Binnie | ) www.reuters.com time to read: +2 min

Power-generating Siemens 2.37 megawatt (MW) wind turbines are seen at the Ocotillo Wind Energy Facility California, U.S., May 29, 2020. Invenergy said in a statement it agreed to sell tax credits worth $580 million to Bank of America, and put those funds towards buying 14 projects from American Electric Power (AEP.O). It "creates a financeable transferability product that will be used to scale the growth of renewable energy," Fang said. Analysts at investment bank Credit Suisse have estimated the IRA could lead to the generation of tax credits worth $576 billion by 2031. Private equity firm Blackstone has invested around $4 billion in Invenergy.

Persons: Bing Guan, Joe Biden's, Invenergy, Karen Fang, Fang, Blackstone, Isla Binnie, Marguerita Choy Organizations: Energy Facility, REUTERS, Invenergy, Blackstone, Bank of America, American Electric Power, Bank of, International Energy Agency, Credit Suisse, Treasury Department, Internal Revenue, Canada's, Thomson Locations: Energy Facility California, U.S, Invenergy, Canada's Caisse, Quebec

☆ Morning Bid: Stock markets tense as China gloom builds
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

The German share price index DAX graph is pictured at the Frankfurt stock exchange after risks have climbed to multi-month highs in recent days as concerns over contagion from the collapse of Silicon Valley Bank and instability at European bank Credit Suisse gripped the markets, in Frankfurt, Germany, March 17, 2023. Markets currently seem all but certain of another hike from the BOE, with a more than 90% chance seen for a 25 basis point increase in September. Expectations lean towards rates having to go even higher in the future, in contrast to the BOE's peers in the EU and the United States. The euro zone also gets an economic data drop on Wednesday, with preliminary Q2 GDP figures estimated to show meager growth of 0.2% and industrial production data likely to be negative. Meanwhile, the Federal Reserve minutes are sure to garner attention as markets seek more insight into the Fed's thought process.

Persons: Brigid Riley China's, BOE, Brigid Riley, Edmund Klamann Organizations: Silicon Valley Bank, Credit Suisse, REUTERS, Staff, Nikkei, CPI, Bank of England's, EU, European Central Bank, Federal, PPI, Cisco Systems, Thomson Locations: Frankfurt, Silicon, Germany, Asia, Europe, United States, West, New Zealand, China

☆ Russian court bans UBS, Credit Suisse from subsidiary disposals
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

The logos of Swiss bank Credit Suisse and UBS are seen in Geneva, Switzerland, June 7, 2023. The Russian bank joined an agreement to provide a syndicated loan to Luxembourg-based agricultural firm Intergrain, for which Credit Suisse was the credit agent, the document showed. In November 2021, Zenit transferred $20 million to Intergrain, but after Western sanctions were imposed on Zenit, Credit Suisse notified the Russian bank that it would not transfer payments to it from Intergrain. Credit Suisse and UBS, which bought its smaller rival in June, declined to comment. The court documents showed that Zenit Bank had filed for interim measures, asking the court to seize funds belonging to UBS and Credit Suisse, and prohibiting the disposal of shares.

Persons: Denis Balibouse, Laws, Goldman Sachs, Elena Fabrichnaya, Alexander Marrow, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, Zenit Bank, Zenit, Intergrain . Credit Suisse, Otkritie Bank, Thomson Locations: Geneva, Switzerland, Russia, Ukraine MOSCOW, Moscow, Russian, Luxembourg, Intergrain ., Ukraine, Detsky Mir, U.S

☆ Morning Bid: China data disappoints as markets yearn for stimulus
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +3 min

Data on Tuesday showed China's industrial output and retail sales growth slowed in July, adding to concerns about a faltering post-pandemic recovery in the world's second-biggest economy. China's major state-owned banks stepped into the spot market to steady the currency, according to sources. Chinese policymakers last month released a batch of stimulus measures, including boosting auto and home appliances consumption, relaxing some property restrictions, and pledging support to the private sector. Over in Australia, wage growth held steady in the June quarter while the pace of annual pay awards unexpectedly slowed. That, along with the release of dovish minutes from the central bank's July policy meeting, bolstered bets that the RBA would keep rates steady.

Persons: Ankur Banerjee, Warren Buffett's Berkshire Hathaway, DR, Edmund Klamann Organizations: Silicon Valley Bank, Credit Suisse, REUTERS, Staff, Ankur, Thomson Locations: Frankfurt, Silicon, Germany, Asia, China, Pacific, Japan, Australia, U.S, Berkshire, Sweden, Singapore

Chevron and Woodside negotiated with unions on Tuesday to avert potential industrial action over pay and conditions at Australian facilities that supply about 10% of the LNG market. Meanwhile, workers at three Chevron facilities, Gorgon, Wheatstone platform and Wheatstone downstream, will vote on potential industrial action after the industrial umpire approved the ballots. Even if members vote for industrial action, the unions will still have discretion over whether to call for any. Possible industrial action could range from 30-minute work stoppages all the way to complete strikes. Employers must be given seven days' notice before industrial action.

Persons: Florence Tan, Saul Kavonic, Lewis Jackson, Bernadette Baum Organizations: Woodside Energy, World Gas, REUTERS, Chevron, Woodside Energy Group, Woodside, Reuters, Workers, West Shelf, Offshore Alliance, Credit Suisse, Thomson Locations: Daegu, South Korea, Woodside

☆ America Lost a Whole Lot of Millionaires Last Year
▼ + stars: | 2023-08-15 | by ( ) www.wsj.com time to read: 1 min

For the first time since 2008, global wealth declined, falling by 2.4% in dollar terms, largely because of whipsawing currencies, UBS and Credit Suisse economists said Tuesday. The banks’ global wealth report said Americans were hit hardest as stocks and bonds fell in value. That was partly offset by prices of houses and some other assets rising.

Organizations: UBS, Credit Suisse

That has made it tricky to predict consumer spending. The swirl of confusing trends tees up a closely watched retail earnings season that could offer more clarity about consumers and the economy. As inflation cools, the growth of average hourly earnings has begun to outpace the rise in the consumer price index. He called low unemployment "the big offset that's helped consumer spending hang in." "I thought with all of the revenge travel that's been happening, that would impact consumer spending on goods," she said.

Persons: Aditya Bhave, that's, Andrew Garthwaite, That's, Levi Strauss, Chip Bergh, Michael Baker, Davidson, splurge, Baker, Taylor Swift, Davidson's Baker, Nikki Baird, she's, I'm, Corie Barry, headboards Organizations: Getty, Bank of America, Target, Walmart, JPMorgan, Wall, Federal Reserve, Credit Suisse, U.S, of Labor Statistics, CNBC, . Bureau, Labor, D.A, New York Federal Reserve, Federal Reserve Board Locations: Waterbury , Connecticut, U.S, Italy

☆ UBS to pay $1.4 billion over fraud in residential mortgage-backed securities
▼ + stars: | 2023-08-14 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Swiss bank UBS agreed to pay a combined $1.4 billion in civil penalties over fraud and misconduct in its offering of residential mortgage-backed securities dating back to the global financial crisis, federal prosecutors announced Monday. The cumulative recoveries in the cases now total $36 billion, according to the Justice Department. UBS' settlement is nearly the same as the value of the residential mortgages it originated between 2005 and 2007, the year it stopped issuing residential mortgage-backed securities. UBS originated $1.5 billion in residential mortgages in those three years, the bank previously said in a 2018 statement challenging the Justice Department allegations. "The vast majority of loans underlying the 40 RMBS listed in the complaint were originated by other financial institutions," UBS said at the time.

Persons: Goldman Sachs Organizations: UBS, U.S . Department of Justice, Justice Department, The, Bank of America, Citigroup, General Electric, JPMorgan, Wells, Wells Fargo . Credit Suisse Locations: Wells Fargo ., Swiss

The logo of Swiss bank UBS is seen at the company's office at the Bahnhofstrasse in Zurich in this July 1, 2009 file photo. REUTERS/Arnd Wiegmann/File PhotoWASHINGTON/NEW YORK, Aug 14 (Reuters) - UBS (UBSG.S) agreed to pay $1.435 billion to settle U.S. charges that the Swiss lender misled investors into buying troubled mortgage securities, concluding an industrywide probe into a root cause of the 2008 global financial crisis. The largest settlement, $16.65 billion, was reached in 2014 with Bank of America (BAC.N), which had bought mortgage specialist Countrywide Financial six years earlier. Credit Suisse, which UBS bought in June, reached a similar $5.28 billion settlement in 2017. In a press release, UBS said it previously set aside reserves to cover the $1.43 billion payout.

Persons: Arnd, RMBS, Attorney Breon, Kanishka Singh, Jonathan Stempel, Mark Porter, Jonathan Oatis Organizations: Swiss, UBS, WASHINGTON, U.S . Department of Justice, Bank of America, Countrywide Financial, Credit Suisse, U.S, Attorney, Thomson Locations: Zurich, Brooklyn, Washington, New York

☆ Credit Suisse retail investors plan lawsuit challenging UBS buyout- FT
▼ + stars: | 2023-08-13 | by ( ) www.reuters.com time to read: 1 min

The logo of Credit Suisse is seen outside its office building in Hong Kong, China, August 8, 2023. REUTERS/Tyrone SiuAug 13 (Reuters) - Retail investors who lost money when Credit Suisse was taken over by UBS in March plan to file a lawsuit challenging the buyout, the Financial Times reported on Sunday. The Swiss Investor Protection Association plans to file the claim in Zurich's commercial court on Monday on behalf of about 500 Credit Suisse equity investors, the newspaper said. Reporting by Gokul Pisharody in Bengaluru; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Gokul, William Mallard Organizations: Credit Suisse, REUTERS, UBS, Financial Times, Swiss Investor Protection Association, Thomson Locations: Hong Kong, China, Bengaluru

☆ Wall St Week Ahead Sluggish US earnings may need pick-me-up to support 2023 stock rally
▼ + stars: | 2023-08-11 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. The S&P 500 (.SPX) has edged higher since earnings season began in July, with the benchmark index up 16% in 2023. Third-quarter S&P 500 earnings are seen rising 1.3% on a year-over-year basis, according to Refinitiv, before a 9.7% fourth-quarter earnings rise and a 11.9% full-year increase in 2024. Reuters Graphics Reuters GraphicsMeanwhile, the S&P 500 has become more richly valued. Q2 RESULTSWith 91% of S&P 500 companies having reported second-quarter results, 78.7% posted earnings above analysts' expectations, according to Refinitiv IBES.

Persons: Mike Segar, Eric Freedman, Refinitiv, Anthony Saglimbene, Julian Emanuel, Evercore, Emanuel, John Lynch, Ned Davis, Comerica's Lynch, Lewis Krauskopf, Ira Iosebashvili, Richard Chang Organizations: Wall, New York Stock Exchange, REUTERS, Stock, U.S, Bank Asset Management, Reuters Graphics Reuters, Credit Suisse, Ameriprise Financial, Comerica Wealth Management, Apple, Walmart, Ned Davis Research, Thomson Locations: Manhattan, New York City , New York, U.S

☆ UBS Doesn’t Need Government Cover to Make a Killing on Credit Suisse
▼ + stars: | 2023-08-11 | by ( Jon Sindreu | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/ubs-doesnt-need-government-cover-to-make-a-killing-on-credit-suisse-c6cd189b

Persons: Dow Jones Organizations: ubs, suisse, c6cd189b

☆ UBS Sheds Swiss Government Aid for Credit Suisse Takeover
▼ + stars: | 2023-08-11 | by ( Margot Patrick | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/ubs-sheds-swiss-government-aid-for-credit-suisse-takeover-6e3df2af

Persons: Dow Jones Organizations: ubs, suisse

Asian stocks fell to a one-month low and European indexes were in the red, with the STOXX 600 down 0.8% at 1125 GMT (.STOXX). "We’re still getting a mixed message from the inflation numbers," said Ben Laidler, global markets strategist at eToro. The pound was up 0.4% at $1.2725 , after GDP data showed Britain eked out some unexpected growth in the second quarter, helped by a strong June performance. But it remains the only large advanced economy that has not yet regained its pre-COVID late-2019 level, data showed on Friday. Investors will be watching for UK inflation data next Wednesday.

Persons: DAX, Mary Daly, We’re, Ben Laidler, eToro's Laidler, Brent, Elizabeth Howcroft, John Stonestreet, Susan Fenton Organizations: Credit Suisse, Wall, San Francisco Federal Reserve Bank, Investors, Nasdaq, HK, Britain, West Texas, International Energy Agency, Thomson Locations: Silicon, China, Australia, Japan

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