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☆ Wall St Week Ahead Relentless U.S. stock rally faces Fed test
▼ + stars: | 2023-07-21 | by ( David Randall | ) www.reuters.com time to read: +4 min

The S&P 500 is up nearly 19% year-to-date and closed on Thursday at 4,534.87, only about 6% below an all-time high reached in January 2022. What the Fed does and says next week will be critical," said Cliff Corso, chief investment officer at Advisors Asset Management. "Bearish investors have had to capitulate," said Liz Ann Sonders, chief investment strategist at Charles Schwab. The bank last month raised its year-end S&P 500 target to 4,500, from 4,000. However, Christopher Tsai, chief investment officer at Tsai Capital, is not worried about buying into an overvalued market.

Persons: Cliff Corso, Jonathan Golub, Tom Lee, Ed Yardeni, Liz Ann Sonders, Charles Schwab, Eric Freedman, Goldman Sachs, Sunitha Thomas, We've, Christopher Tsai, David Randall, Saqib Iqbal Ahmed, Ira Iosebashvili, Richard Chang Organizations: YORK, Federal Reserve, Fed, Asset Management, Jonathan Golub of Credit Suisse, Fundstrat Global, Yardeni Research, National Association of Active Investment, U.S, Bank Wealth Management, Consumers, Northern Trust, Tsai, MSCI Inc, Zoetis Inc, Thomson Locations: U.S, Jonathan Golub of

☆ Here's what Jim Cramer thinks about J&J stock after a pivotal talc case verdict
▼ + stars: | 2023-07-21 | by ( Paulina Likos | ) www.cnbc.com time to read: +7 min

But on Tuesday, J & J was ordered to pay $18.8 million after jurors found in favor of 24-year-old Emory Hernandez Valadez who claimed in his lawsuit that he developed mesothelioma, a deadly cancer linked to asbestos, from exposure to J & J talc products. J & J has said that over 60,000 claimants support its latest $8.9 billion settlement to be paid out over 25 years. Johnson & Johnson issued an official statement following the verdict in favor of Valdez, intending to appeal. Even so, J & J got a few of price target increases on Wall Street on Friday. The higher growth pharmaceuticals and medical technology businesses are remaining as the new J & J.

Persons: Johnson, J's, Jim Cramer, Jim, J, Emory Hernandez Valadez, we're, there's, Moshe Maimon, Levy, Maimon, Michael Kaplan, Kaplan, Erik Haas, Thursday's, Haas, Jim Cramer's, Justin Sullivan Organizations: Johnson, LTL Management, J, Credit Suisse, AAA, CNBC, & ' $, & $ Locations: California, American, Levy Konigsberg, Valdez, Stifel, Kenvue, San Anselmo , California

☆ Hollywood strike may soon turn destructive for media stock investors, analysts say
▼ + stars: | 2023-07-20 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

"We're getting to a point of being very destructive to the entertainment ecosystem," said Rosenblatt Securities analyst Barton Crockett. Bazinet said to expect the walkout to last into the fourth quarter, which would mean a writers' strike lasting between around 150 and 240 days and an actors' strike in a range of 70 and 160 days. The strikes could cost the film and TV industry about $150 million per week, Citigroup's Bazinet wrote, using inflation-adjusted data from the 1980 actors' strike. "The lasting impacts are: [it] makes the streamers stronger and the traditional media companies weaker," Crockett said. JPMorgan analyst David Karnovsky downgraded movie theatre chain Cinemark shares to neutral from overweight earlier this week, citing the strike.

Persons: We're, Barton Crockett, Jason Bazinet, Bazinet, Douglas Mitchelson, Mitchelson, Goldman Sachs, Brett Feldman, Philip Cusick, Cusick, Goldman's Feldman, Citigroup's Bazinet, Rosenblatt's Crockett, Crockett, Feldman, Barbie, Oppenheimer, Stephen Laszczyk, David Karnovsky, Karnovsky, — CNBC's Michael Bloom Organizations: Screen, – American Federation of Television, Radio Artists, Alliance, Television Producers, Writers Guild of America, Rosenblatt Securities, Media, AMC, Disney, Warner Bros, Discovery, Paramount, Netflix, UFC, Endeavor, WWE, SAG, Credit Suisse, JPMorgan, AMC Networks, WBD, Covid, Comcast, CNBC

☆ Here are Thursday's biggest analyst calls: Tesla, Netflix, Chevron, Alphabet, Apple, Nvidia, IBM and more
▼ + stars: | 2023-07-20 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Tesla as equal weight Morgan Stanley said it's standing by its equal-weight rating on Tesla after its earnings report Wednesday. Morgan Stanley upgrades Anheuser-Busch InBev to overweight from equal weight Morgan Stanley said the beer giant's valuation is attractive right now. Morgan Stanley reiterates Microsoft as overweight Morgan Stanley said the company is a top pick heading into earnings next week. Bank of America reiterates Alphabet as buy Bank of America said it's bullish on the stock heading into earnings next week. Bank of America reiterates IBM as buy Bank of America said it's standing by its buy rating on the artificial intelligence beneficiary after its earnings report Wednesday. "

Persons: it's, Morgan Stanley, Tesla, Bud, Wolfe, NVDA, Estée Lauder, Skyworks, McDonald's, Wells, Wells Fargo, it's bullish, Goldman Sachs, ServiceNow Organizations: Credit Suisse, Apple, Suisse, Vision, Tesla, Anheuser, Busch InBev, RBC, Nvidia, Barclays, UBS, Chevron, Bank of America, Netflix, Deutsche Bank downgrades Avis Budget, Deutsche Bank, Avis Budget, Walmart, " Bank of America, IBM, Citi Locations: underperform, China

☆ China's sagging economy looms over quarterly results around the world
▼ + stars: | 2023-07-20 | by ( Noel Randewich | ) www.reuters.com time to read: +4 min

July 20 (Reuters) - China's frail growth could weigh on companies with exposure to the world's second-largest economy, including Apple (AAPL.O), big chipmakers and luxury retailers as they report quarterly results in the next few weeks. China accounted for 36% of NXP's revenue last year and half of Texas Instruments' revenue. Analysts estimate NXP reporting a 3.2% drop in quarterly revenue, with Texas Instruments' revenue tumbling 16%, which would be its steepest drop since 2009, according to Refinitiv. The specialty glass maker blamed "anticipated recession-level demand" for weak results in its previous quarterly report last April. Coffee maker Starbucks (SBUX.O) in May reported quarterly results that beat estimates, powered by recovering demand in China.

Persons: Ross Mayfield, Baird, Cartier, Richemont, Bernstein, Tesla, Jonathan Golub, hobble, David Klink, Noel Randewich, Chavi Mehta, Caroline Valetkovitch, Mimosa Spencer, David Gaffen, Nick Zieminski Organizations: Apple, U.S, Shanghai, ABB, HK, NXP Semiconductors, Texas, Texas Instruments, . Credit Suisse Chief, Equity, Corning Inc, Samsung Electronics, Huntington Private Bank, Reuters, Thomson Locations: China, U.S, Swiss, Asia, ., China . U.S, Washington, Beijing, Oakland , California, Bangalore, New York, Paris

Big U.S. lenders rallied on Tuesday after they said higher interest rates had helped boost profits in the second quarter. The S&P 500 banking index (.SPXBK) has fallen 3.4% this year in the aftermath of a banking crisis that took down three lenders and pummeled the regional banking sector. The benchmark S&P 500 index (.SPX) has notched an 18.6% gain in the same period. Among other lenders, Citizens Financial(CFG.N) and M&T Bank(MTB.N) beat Wall Street estimates for second-quarter profit, benefiting from the U.S. Federal Reserve's rapid rate hikes. ET, Dow e-minis were up 7 points, or 0.02%, S&P 500 e-minis remained unchanged, and Nasdaq 100 e-minis were up 22.5 points, or 0.14%.

Persons: Goldman Sachs, Goldman, Dennis Dick, noteholders, Bansari Mayur Kamdar, Johann M, Saumyadeb Chakrabarty, Maju Samuel Organizations: T Bank, Dow, Nasdaq, Street, Big, Triple D, Citizens, U.S, U.S . Federal, Dow e, Credit Suisse, Netflix, IBM, Microsoft, Verizon, Elevance, VMware, Federal Reserve, Thomson Locations: Big U.S, U.S ., Bengaluru

Credit Suisse Securities (China), 51%-owned by Credit Suisse, is expected to start the cuts, accounting for about 20% of its local workforce, as early as Monday, according to the sources. Credit Suisse, Credit Suisse Securities and UBS declined to comment. The move is aimed at further tightening spending at the joint venture as Credit Suisse "seeks to stem losses", said one of the sources. The joint venture booked a net loss of 254.5 million yuan ($35.27 million) in 2022, its annual report showed. Out of the 200-strong team at the local unit, 58 were in investment banking and 36 in wealth management related businesses as of end-2022.

Persons: Securities, Summer Zhen, Engen Tham, Selena Li, Kane Wu, Kim Coghill Organizations: Credit Suisse, UBS, Credit Suisse Securities, Staff, Citi, Reuters, Thomson Locations: HONG KONG, China, Swiss

☆ Credit Suisse raises S&P 500 target to 4,700 — highest on Wall Street
▼ + stars: | 2023-07-18 | by ( Fred Imbert | ) www.cnbc.com time to read: +1 min

Credit Suisse thinks this year's market run has more to go, raising its S & P 500 forecast to the highest on Wall Street. Jonathan Golub, the bank's head of U.S. equity strategy, hiked his S & P 500 year-end target to 4,700 from 4,050. Stocks have been on a surprising tear in 2023, with the S & P 500 climbing about 18% despite concerns over inflation, rising interest rates and a potential U.S. economic recession. The run has left many Wall Street strategists flat-footed. The next highest target on the Street besides Golub is CFRA at 4,575.

Persons: Jonathan Golub, Golub, Stocks, Michael Bloom Organizations: Suisse Locations: Monday's, Golub, CFRA, China

☆ Credit Suisse ups S&P 500 year-end forecast to 4,700
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, July 18 (Reuters) - Credit Suisse increased its year-end target on the S&P 500 (.SPX) to 4,700 from 4,050, citing a decline in the near-term U.S. recession risk and a stronger earnings outlook for the largest technology-related companies, according to a research note on Tuesday from Jonathan Golub, chief U.S. equity strategist & head of quantitative research at Credit Suisse Securities USA. The S&P 500 is currently at 4,545 and up about 18% for the year so far. The company also said it raised its 2023 earnings per share estimates to $220 from $215 and its 2024 EPS forecast to $237 from $220, noting additional 2024 growth tied in part to a rebound in technology-focused company earnings and to buybacks. "Our base case is that a recession will be averted, inflation will remain sticky near current levels, and monetary policy will tighten incrementally," Golub and other Credit Suisse strategists wrote. Reporting by Caroline Valetkevitch; Editing by Chris Reese and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Jonathan Golub, Golub, Caroline Valetkevitch, Chris Reese, Jonathan Oatis Organizations: YORK, Credit Suisse, Credit Suisse Securities USA, Suisse, Thomson

☆ The Birkin bag is not just the ultimate fashion symbol — it's one of the best luxury investments out there
▼ + stars: | 2023-07-17 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Jane Birkin died in Paris on Sunday at age 76. Because, for me, the Birkin bag — which retails for anywhere from $10,000 to $250,000 for the more high-end designs — primarily represents a store of value. The value of gold rose by about 2% on average over the 35 years. And I, for one, can't stop from marveling that all this was spurred from a chance conversation between Jane Birkin and an Hermès executive back in 1980. The singer and actor who inspired Hermès' signature bag died on Sunday at age 76.

Persons: Jane Birkin, Birkin, scoffed, Jane Birkin's, Hermès, Baghunter Organizations: Service, Credit Suisse, Deloitte, Dow Locations: Paris, Wall, Silicon, Mumbai

☆ Credit Suisse announces management changes at Swiss bank
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: 1 min

ZURICH, July 17 (Reuters) - Credit Suisse Switzerland executive board member Daniel Hunziker will take over the leadership of the bank's corporate clients business, it said on Monday. Hunziker will take on the new position in addition to his existing job as head of institutional clients at Credit Suisse with immediate effect. The move is the latest management change announced since UBS's (UBSG.S) takeover of Credit Suisse. Credit Suisse also announced on Monday that Andreas Gerber, head of corporate banking and another member of the Credit Suisse Switzerland executive board, will leave the bank. The banking veteran will "take a break for the time being" after 34 years at Credit Suisse and Schweizerische Volksbank, Credit Suisse said.

Persons: Daniel Hunziker, Hunziker, Andreas Gerber, John Revill, David Holmes Organizations: Credit Suisse, Thomson Locations: ZURICH, Credit Suisse Switzerland, Schweizerische

☆ Netflix shielded from Hollywood strike by global crew, strong pipeline
▼ + stars: | 2023-07-17 | by ( Samrhitha A | ) www.reuters.com time to read: +4 min

Some of the people on strike are also picketing the Netflix offices in Los Angeles. Netflix's international production capabilities are a "huge differentiator", and a lot of their content comes from countries that are not involved in the strike, analysts at SVB MoffettNathanson, Credit Suisse and Insider Intelligence said. Netflix is expected to have added a net 1.77 million subscribers, according to Refinitiv, in what is typically a weak quarter due to school holidays. The company lost nearly 1 million subscribers in the year-ago period. The second quarter also featured some strong programming from Netflix, including hits like "Queen Charlotte: A Bridgerton Story" and "Never Have I Ever Season 4".

Persons: Gal, Michael Nathanson, Nathanson, Jamie Lumley, Charlotte, Samrhitha, Aditya Soni, Shounak Organizations: Netflix, U.S, Credit Suisse, Insider Intelligence, Disney, Reuters, Macquarie, Intelligence, Thomson Locations: Hollywood, Los Angeles, United States, U.S, Bengaluru

☆ Here are Monday's biggest analyst calls: Apple, Pepsi, Yelp, Chewy, Netflix, Nvidia, Tesla, Meta and more
▼ + stars: | 2023-07-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

"We are initiating coverage with an ONON with an Outperform rating and $38 price target. Citi opens a positive catalyst watch on Valvoline Citi opened a positive catalyst watch on Valvoline and says it has robust fundamentals. "We open a 30-day upside catalyst watch based on strong fundamentals and the stock's relative under-performance post completion of the Dutch tender offer on 6/8." Citi opens a positive catalyst watch on Bank of New York Mellon Citi opened a positive catalyst watch on the investment bank ahead of earnings Tuesday. Morgan Stanley reiterates Apple as overweight Morgan Stanley raised its price target on Apple to $220 from $190 and says India is the company's "next frontier."

Persons: TD Cowen, Cowen, Goldman Sachs, it's, Wells, Tesla, Wells Fargo, Morgan Stanley, Apple, Morgan Stanley downgrades Conagra, Morgan Stanley downgrades Pepsi, Raymond James downgrades, Raymond James, Bernstein, Aramark, Oppenheimer Organizations: Citi downgrades AT, Citi, Valvoline Citi, Bank of New York Mellon Citi, BK, Nvidia, Deutsche Bank, Netflix, Baidu, Apple, Pepsi, Barclays, LT, JPMorgan, Bank of America, Zynga, NXP Semiconductors, Intel Citi, Intel, AMD, Meta, Suisse, Arista Networks, ISI Locations: eCommerce, China, India, Apple India

☆ UBS investors warm to Credit Suisse deal
▼ + stars: | 2023-07-17 | by ( Oliver Hirt | ) www.reuters.com time to read: +6 min

Several fund managers who hold UBS stock have told Reuters they think UBS has bought Credit Suisse at a good price, with some even describing it as a steal. "UBS got Credit Suisse for practically nothing, so accordingly the deal will work out for them," another investor told Reuters. Still, UBS inherits a troubled legacy at Credit Suisse, said Thomae, pointing to legal risks which UBS has said could cost billions of dollars. Rivals have poached entire teams from Credit Suisse, he said, and some clients are likely to follow them. Deka's Thomae said UBS and Credit Suisse together would have a market share in Switzerland that is just within acceptable limits.

Persons: Colm Kelleher, Guy de Blonay, Andreas Thomae, Thomae, de Blonay, De Blonay, JP Morgan, Kian Abouhossein, Julius Baer, Deka's Thomae, Oliver Hirt, John Revill, David Holmes Organizations: Credit Suisse, UBS, Switzerland's, Reuters, Jupiter Asset Management, CS, Swiss, UBS AG, Credit Suisse AG, STATE, Deka Investment, Fund, Rivals, Suisse, JP, Suisse's, Investors, Credit, Thomson Locations: ZURICH, Suisse's Swiss, Switzerland

☆ UBS to retain EY as auditor after Credit Suisse takeover, Financial Times reports
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

July 16 (Reuters) - UBS Group (UBSG.S) has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision. UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March after panicked customers withdrew cash from their accounts at the stricken lender. PwC in Credit Suisse's 2022 annual report had included an "adverse opinion" on the effectiveness of the bank's internal controls over its reporting but said its statements "present fairly, in all material respects" the financial position of the bank from 2020 through 2022. UBS and EY did not immediately respond to requests for comment on the FT report while PwC said it would not be making any comment on the story. ($1 = 0.8617 Swiss francs)Reporting by Juby Babu in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: EY, PwC, Juby Babu, Jamie Freed Organizations: UBS, Financial Times, Big, PricewaterhouseCoopers, Credit Suisse, Thomson Locations: Bengaluru

☆ UBS to retain EY as auditor after Credit Suisse takeover- FT
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

July 16 (Reuters) - UBS Group (UBSG.S) has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision. The size of the contract will require the Big Four accounting firm to call in staff from other countries to work on the audit, two people told the FT.PricewaterhouseCoopers (PwC), which has been Credit Suisse's auditor since 2020, will audit the acquired bank's accounts for 2023, according to the newspaper. UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March after panicked customers withdrew cash from their accounts at the stricken lender. UBS, EY and PwC did not immediately respond to requests for comment on the FT report. ($1 = 0.8617 Swiss francs)Reporting by Juby Babu in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: PwC, Juby Babu, Jamie Freed Organizations: UBS, Financial Times, Big, PricewaterhouseCoopers, Credit Suisse, EY, Thomson Locations: Bengaluru

☆ Credit Suisse inquiry will keep files secret for 50 years
▼ + stars: | 2023-07-15 | by ( John Revill | ) www.reuters.com time to read: +2 min

ZURICH (Reuters) -A parliamentary investigation into the collapse of Credit Suisse will keep its files closed for 50 years, according to a parliamentary committee document, a level of secrecy that has triggered concern among Swiss historians. The investigation will focus on the activities of the Swiss government, financial regulator and central bank in the run up to the emergency takeover of Credit Suisse by UBS in March. “After the completion of the investigation, the files shall be handed over to the Federal Archives and shall be subject to an extended protection period of 50 years,” the committee said in a strategy paper outlining its communication policy. “Should researchers want to scientifically investigate the 2023 banking crisis, access to the CS files would be invaluable,” Zala wrote, according to the newspaper. “Indiscretions complicate the work or damage the credibility of the commission and can have negative consequences for the Swiss financial centre,” the committee added.

Persons: Sacha Zala, Isabelle Chassot, “, ” Zala Organizations: Suisse, Swiss Federal Archives, Credit Suisse, UBS, Swiss, Federal Archives, Aargauer Zeitung, Swiss Society Locations: ZURICH, Swiss, Bern

☆ Credit Suisse inquiry will keep files secret for 50 years, paper reports
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse/File PhotoZURICH, July 15 (Reuters) - A parliamentary investigation into the collapse of Credit Suisse will keep its files closed for 50 years, newspaper Aargauer Zeitung reported, triggering concerns among Swiss historians. The Swiss parliament did not respond to a request for comment on Saturday. The investigation will focus on the activities of the Swiss government, financial regulator and central bank in the run up to emergency takeover of Credit Suisse by UBS in March. It could have the power to question the Credit Suisse bankers involved, but they will not be the focus of the inquiry.

Persons: Denis Balibouse, Sacha Zala, Isabelle Chassot, Zala, John Revill, David Evans Organizations: Credit Suisse, Swiss, REUTERS, Suisse, Aargauer Zeitung, Swiss Federal Archives, Swiss Society, UBS, Thomson Locations: Bern, Switzerland, ZURICH, Swiss

The recruitment is being overseen by the head of Santander Corporate and Investment Banking, Jose M. Linares, also a former JPMorgan banker. As well as the United States, some new investment bankers will join Santander in Britain and Spain. "This typically has been one of the main issues for growing an investment banking business, given that the capital consumption ... is bigger." The contribution from the overall investment bank to Santander's group's earnings rose to 32% in the first quarter of 2023, from around 20% in 2019. Overall, profits at Santander's corporate and investment bank have risen since 2019 by around 60% to 2.8 billion euros ($3.2 billion) at the end of 2022.

Persons: Ana Botin, Jose M, Linares, Goldman Sachs, Amherst Pierpont, Gonzalo Lopez, Lopez, Christiana Riley, Jose Manuel Linares, Jesús, John O'Donnell, Mark Potter Organizations: Reuters, Spain's, JPMorgan, Credit Suisse, Santander Corporate, Investment Banking, Santander, Wall, U.S, Deutsche Bank, Thomson Locations: MADRID, LONDON, Santander, United States, Europe, Latin America, Britain, Spain, U.S, America

☆ Credit Suisse cuts Disney price target
▼ + stars: | 2023-07-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCredit Suisse cuts Disney price targetThe "Halftime Report" traders debate the biggest analyst calls of the day.

Organizations: Suisse

☆ Goldman Sachs: These 17 stocks could earn much more than the rest of Wall Street expects following a strong second half for markets
▼ + stars: | 2023-07-14 | by ( James Faris | ) www.businessinsider.com time to read: +2 min

Goldman Sachs is bullish about stocks in the second half of 2023. Here are 17 stocks with dramatically higher 2024 earnings estimates from Goldman than the consensus. Instead of simply watching to see whether corporate profits continue to decline this quarter, Goldman Sachs is already keeping a pulse on next year's earnings growth. Unlike most of its peers, Goldman Sachs expects the S&P 500 to build on its gain, though its year-end price target of 4,500 suggests near-term upside will be hard to come by. David Kostin, the chief US equity strategist at Goldman Sachs, wrote in a note that just 33% of large-cap mutual fund managers beat their benchmark in the first half.

Persons: Goldman Sachs, David Kostin Organizations: Goldman, Research, Credit Suisse

☆ Tumbling US dollar a boon to risk assets across the globe
▼ + stars: | 2023-07-14 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +5 min

NEW YORK, July 14 (Reuters) - Cooling U.S. inflation is accelerating a decline in the dollar, and risk assets around the world stand to benefit. Because the dollar is a linchpin of the global financial system, a wide range of assets stand to benefit if it continues falling. Raw materials, which are priced in dollars, become more affordable to foreign buyers when the dollar declines. "For markets, the weaker dollar and its underlying driver, weaker inflation, is a balm for everything, especially for assets outside the U.S.," said Alvise Marino, foreign exchange strategist at Credit Suisse. Reuters GraphicsIn the world of monetary policy, the dollar's decline may be a relief to some countries, as it removes the urgency for them to support their falling currencies.

Persons: Russell, Alvise Marino, Karl Schamotta, Paresh Upadhyaya, Upadhyaya, Kenneth Broux, Helen, pare, it's, Saqib Iqbal Ahmed, Dhara Ranasinghe, Ira Iosebashvili, Leslie Adler Organizations: YORK, U.S, Federal Reserve, Investment, Goldman Sachs, Credit Suisse, Treasury, Fed, Colombian, Kazakhstan tenge, Uruguayan, Reuters Graphics, Traders, Generale, stoke, Monex USA, Thomson Locations: U.S, Polish, Corpay, Kazakhstan, Japan, Swedish

☆ Mozambique ex-finance minister denied bail in New York over $2 billion 'tuna bond' scandal
▼ + stars: | 2023-07-14 | by ( Michelle Caruso-Cabrera | ) www.cnbc.com time to read: +3 min

Judge Nicholas Garaufis denied the defendant's request for bail, deeming Chang a flight risk. the judge asked Chang's lawyer, Adam Ford. Hinting at his future defense, Chang's lawyer stated that although his client's signature is on the loan documents, it doesn't indicate he knew about the fraud. Judge Garaufis responded "I'm asking because I understand you have a master's degree from the University of London." Chang's lawyer stated that given the significance of the proceedings, it would be helpful for his client to have an interpreter.

Persons: Manuel Chang, Chang, Judge Nicholas Garaufis, Adam Ford, Ford, Hiral Mehta, Garaufis, Chang's, Judge Garaufis Organizations: Credit Suisse, UN, Prosecutors, Three Credit Suisse, University of London Locations: Brooklyn, South Africa, Mozambique, Manhattan, United States, Portuguese

☆ What layoffs? JPMorgan Chase is growing headcount in every division despite a dealmaking drought and possible economic slowdown.
▼ + stars: | 2023-07-14 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

Wall Street has suffered severe layoffs amid a dealmaking drought and shaky economic outlook. Headcount is up in every division, not including thousands of First Republic employees onboarded in July. Jobs have grown in every division despite the non-stop news about industry layoffs (think Goldman) and consolidation (think Credit Suisse). It has also cut about 40 high-paying investment banking jobs, and about 1,000 jobs from its home lending unit. The bank also beat Wall Street's expectations and has again become a challenger to Goldman Sachs' spot as No.

Persons: JPMorgan Chase, Jobs, Goldman, It's, headcount, Goldman Sachs, Morgan Stanley, May, JPM, Jamie Dimon, JPMorgan's, Jeremy Barnum Organizations: JPMorgan, First Republic, onboarded, Suisse, JPMorgan Headcount, Bank Division, Consumer, Community Bank, Investment Bank, Bank, Wealth Management, First, Republic, Wall, Credit Suisse, UBS, Reuters, Global, Basel III Locations: Louis , Missouri, First Republic, San Francisco, China, Ukraine, Basel

[1/2] The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse//File PhotoBERN, July 13 (Reuters) - A Swiss parliamentary investigation into the role played by state institutions in the collapse and emergency rescue of Switzerland's second biggest lender Credit Suisse will take 12 to 14 months to complete, its president said on Thursday. The investigation committee is Swiss lawmakers' most powerful tool and this is only the fifth time such a parliamentary probe has been launched. It will also examine the role played by financial regulator FINMA as well as the Swiss National Bank. UBS (UBSG.S) agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March after panicked customers withdrew cash from their accounts at the stricken lender.

Persons: Denis Balibouse, Isabelle Chassot, Noele Illien, John Revill, David Evans, Alexandra Hudson Organizations: Credit Suisse, Swiss, REUTERS, Suisse, Swiss National Bank, UBS, Alexandra Hudson Our, Thomson Locations: Bern, Switzerland, BERN, Swiss, Die Mitte, Zurich

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