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Wall Street Caught Off Guard by ‘Sticky’ CPI Signs: Markets Wrap

This content was published on (Bloomberg) — Wall Street got a reality check on Tuesday, with hotter-than-estimated inflation data triggering a slide in both stocks and bonds.  Equities pushed away from their all-time highs as the consumer price index topped estimates across the board. Treasuries sold off, with two-year yields hitting the highest since before the Fed’s December “pivot.” Swap…

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Swiss Watch Exports Struggle as Luxury Slowdown Persists

This content was published on (Bloomberg) — Swiss watch exports rose modestly in January as growth slowed and weak demand for luxury and mid-priced watches dragged on the sector. Monthly exports increased 3.1% to 1.9 billion Swiss francs ($2.2 billion) by value, the Federation of the Swiss Watch Industry said Tuesday. Growth was as high as 11.8% in the first…

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Hedge Funds Erase Swiss Franc Bets as SNB Risks Dovish Pivot

This content was published on (Bloomberg) — Hedge funds turned bearish on the Swiss Franc just one week after boosting long bets, amid speculation the central bank is no longer supporting the currency with purchases and could even lower interest rates soon. Weekly positioning data from the CFTC show leveraged funds — a group of market players including hedge funds…

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Tech Up in Late Hours on Nvidia’s Bullish Outlook: Markets Wrap

This content was published on (Bloomberg) — Big tech looked poised for a rebound after Nvidia Corp.’s solid results and outlook bolstered confidence in the artificial-intelligence frenzy that has powered the stock market resurgence.  The giant chipmaker soared in late trading after predicting another blowout sales gain for the current quarter, with Chief Executive Officer Jensen Huang saying “accelerated computing…

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Ex-Credit Suisse Bankers Are Shaking Up the $1.3 Trillion CLO Market

This content was published on (Bloomberg) — A crowd of large global banks is starting to muscle in on the lucrative business of arranging collateralized loan obligations, another sign that life’s returning to this crucial $1.3 trillion corner of corporate finance. Credit Suisse used to be a big arranger of CLOs — vehicles that buy up junk-rated company loans, bundle…

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Swiss Vote to Boost Pensions May Be Close Call, Poll Shows

This content was published on (Bloomberg) — A plan to boost Swiss pensions by giving retirees a 13th monthly payment each year is losing support and may struggle to pass in a national vote next month, according to the final poll before the March 3 ballot. The measure was backed by 53% in the survey published Wednesday by broadcaster SRG…

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UBS In Talks to Sell Credit Suisse’s Turkey Investment Bank

This content was published on (Bloomberg) — UBS Group AG is considering selling Credit Suisse’s investment bank unit in Turkey as it scales back operations of the former rival that don’t fit its business model, according to people familiar with the matter. The Swiss lender is currently holding talks with potential buyers to evaluate interest in the business, said the…

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Franc Depreciated in Nominal and Real Terms, SNB’s Schlegel Says

This content was published on (Bloomberg) — The Swiss central bank has seen a depreciation of the franc in nominal and real terms. “In the last couple of weeks we saw a depreciation of the franc, in nominal and real terms,” Vice President Martin Schlegel said at a news conference on Friday in Zurich. He added that his acknowledgment of…

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Stock Rally Wanes After S&P 500 Touches 5,100 Mark: Markets Wrap

This content was published on (Bloomberg) — Stocks struggled to gain traction, with big tech losing steam after a powerful rally driven by the artificial-intelligence euphoria. A feat of multiple records in the world’s biggest equity market drove the S&P 500 briefly above 5,100. The “Magnificent Seven” group of megacaps underperformed, though Nvidia Corp. saw a modest gain and its…

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Aston Martin, AB InBev Still Face Hurdles in Upcoming Earnings

This content was published on (Bloomberg) — Aston Martin Lagonda Global Holdings Plc will have to show how it plans to turn things around after years of losses when it reports next week. The automaker best known for sports cars featured in James Bond movies has struggled to translate premium prices into solid margins, reduce its debt pile and streamline…

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The Errors Tour: How the Pros Bungled the End of Zero Interest Rates

This content was published on (Bloomberg Markets) — We were supposed to be in a recession by now, at least if you listened to mainstream economists. The exact opposite happened: Unemployment is down near a half-century low, consumers keep spending, and residential real estate demand remains insatiable. The dire forecasts started in mid-2022 and reached a fever pitch at the…

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Cracks Start to Emerge in Global Central Bank Synchronicity

This content was published on (Bloomberg) — The four-year synchronization among developed-world central banks might be about to weaken as domestic drivers take over from global trends in determining price outlooks.  A pioneer of inflation targeting in the early 1990s, New Zealand has a knack of setting trends in monetary policy. And it may do so again by snapping the…

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Vitol Considers Entering Japan Power Market With Tokyo Office

This content was published on (Bloomberg) — Commodity trading house Vitol Group is considering opening an office in Tokyo to trade Japanese electricity, the latest foreign firm seeking to join the fast-growing power market. Vitol is exploring options to trade physical electricity which may include setting up a domestic office in Japan, according to people familiar with the matter.  The…

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Tougher Curbs Needed on Grain From Russian-Occupied Ukraine

This content was published on (Bloomberg) — Restrictions need to be tightened to prevent grain from Russian-occupied Ukraine entering the global market via Swiss-based commodity traders, according to an advocacy group. Marketing pillaged commodities is a war crime under international law, according to report from Public Eye, which said grain from occupied regions is being covertly sold on world markets.…

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Stocks Rally as AI Craze Sweeps Across the World: Markets Wrap

This content was published on (Bloomberg) — The global stock rally powered ahead as Nvidia Corp.’s bullish outlook rekindled the artificial-intelligence mania and data showed the world’s largest economy is still going strong. From the US to Europe and Japan, equities hit all-time highs, with the most-valuable chipmaker up 16% — adding $277 billion to its market capitalization. That’s the…

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Hindenburg Report Throws Swiss Fintech Temenos Into Turmoil

This content was published on (Bloomberg) — Temenos AG was a target of activist investors even before a report by Hindenburg Research led to the biggest drop in 15 years in the Swiss banking software company’s shares. But unlike in the past when investors pointed more broadly to governance issues in its corporate suite, Hindenburg alleges serious flaws in the…

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Glencore Posts Steep Profit Fall as Energy Crisis Fades

This content was published on (Bloomberg) — Glencore Plc reported a steep drop in annual profit and lowered its dividend, after markets retreated from the price spikes and wild swings that drove blockbuster earnings in the aftermath of Russia’s invasion of Ukraine. Glencore reported core earnings of $17.1 billion, half the record number it posted a year ago, though still…

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UBS Ratchets Up S&P 500 Outlook to Most Bullish on Wall Street

This content was published on (Bloomberg) — UBS Group AG raised its year-end forecast for the S&P 500 Index for the second time since December, as Wall Street strategists struggle to keep pace with the market’s strength to start 2024. The bank in a Tuesday note cited the sturdy economy and inflation data that reflects solid demand — which it…

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Wave of Cash Seen Washing Into Credit as Investors Seek Duration

This content was published on (Bloomberg) — Cash may still be king for the moment, but after more than $1 trillion flowed into money-market funds last year as short-term rates rose, investors are trying to figure out where it goes next. Bank of America Corp. projects a record $500 billion of flows to high-grade corporate debt in 2024, based on…

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Julius Baer Suffered Tech Crash That Left Bank Offline

This content was published on (Bloomberg) — Julius Baer Group AG suffered a crash of its core banking systems on Feb. 16 that left Switzerland’s second-largest listed wealth manager offline for some time, according to people familiar with the matter.  In a statement, Julius Baer confirmed the temporary outage of its IT systems late afternoon on Feb. 16 caused by…

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SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR