Swiss voters rejected sharply the referendum known by the term "cash" cows. On Sunday consultation 70.8% of the citizens who went to the polls said no; also in any canton, the initiative has found a majority. If the rejection did not surprise, the percentage of votes against was remarkable. The last survey conducted by gfs.berne on behalf of SSR let it portends a tighter result: the share of opposites was in fact 49%, while that of 40% of the supporters.
Rothschild and Compagnie Financiere Martin Maurel have announced their intention to merge, that decision would give rise to a private bank with assets under management of approximately 34 billion euro, one of the first independent player in France. In a joint statement, the institutions have explained that the transaction - which assesses Martin Maurel € 240 million - will be financed by a mix of new shares and cash Rothschild and external credit lines. The Martin Maurel shareholders will receive 126 Rothschild Martin Maurel shares for each share held, or may be paid for the equivalent in cash. The family will receive Maurel Rothschild actions.
The American trade deficit worsened slightly in April, staring at about 37.4 billion dollars from 35.5 billion reported in March. In fact, the previous figure was revised from a preliminary 40.4 billion, against which there would have been an improvement in the last month. The figure, announced by the Bureau of Economic Analysis (BEA) of the US Department of Commerce, is below the estimates of analysts who expected a major deficit of 41.3 billion dollars.
Pair's Outlook USD/JPY decided not to pull back after breaking out of the channel and prolonged the decline down to the weekly S2 level. If there is a rally today, as suggested by the daily technical indicators, it is likely to stay limited by the monthly PP and weekly S1 at 109.50/20. The current target is a critical support area between 107 and 106.65 yen, which is formed by the monthly S1, but even more importantly—by the 38.2% retracement of the four-year up-move started back in 2012. Accordingly, the risks are to the upside.
The American Federal authorities guarantee of bank deposits has announced today that it has concluded an agreement with eight financial institutions, including UBS and Credit Suisse, which concerns a total of $ 190 million (188 million francs). The agreement puts an end to a series of disputes about the sale of securities related to real estate loans of the former Countrywide Financial. In a statement the Federal Deposit Insurance Corp (FDIC) states that the agreement was signed with UBS, Credit Suisse, Barclays, BNP Paribas, Deutsche Bank, Edward D. Jones & Co., Goldman Sachs and Royal Bank of Scotland.
Credit Suisse requires its employees too busy at work to take a breather over the weekend. An internal directive recommends employees to leave the office Friday to the maximum at 7 pm and returning at the earliest at 12 on Sunday. The document entitled "Protecting Friday Night" was sent on May 23 by e-mail to all staff of the investment banking sector in Europe, Middle East and Asia. Exceptions are possible only if there is at stake a big deal. The legislation, which in other sectors of the private or the public could probably generate surprise, is apparently regarded as necessary in a world where there are plenty of so-called "workaholic", people who are too devoted to work. These include in particular many young people, who remain in the bank behind their screens until the wee hours.
The wealthy clientele, given the low interest rates and the uncertainty on the financial markets, do not know where to invest their assets. The proportion of undecided, according to a study published by the Liechtenstein bank LGT, reaches 40%. Almost everyone agrees that there are no alternatives to the equity markets, but few have increased investment in this sector: the share is so remained unchanged at 44%. The study, which examined a representative sample of wealthy investors in Switzerland, Austria and Germany, shows that 25% of holders of securities judge the overvalued stock market. For the property market rises proportion to 52%.
It had been known for months and yesterday the Bank of England has officially unveiled the design of the new 5-pounds banknotes that will come into circulation from September 13. On one side appears the irreplaceable face of Queen Elizabeth, and on the other that of the statesman Winston Churchill, selected to replace Elizabeth Fry, nineteenth-century reform of the penitentiary system in the United Kingdom.
Interest rates will remain at current levels or lower for an extended period and the quantitative easing program will last at least until March 2017. This was stated by President of the ECB Mario Draghi stating that the Q and will last as long as there will be a correction significant inflation and that stimuli have rebalanced the risks and the economy is gradually advancing. The ECB, Draghi added, will not hesitate to act if necessary. And it recalled that the low rates are a symptom of a weak economy and that they are the right fit for restoring growth. In addition, the ECB will use all the instruments available within the framework of its mandate if necessary.
Negative signals still come from China, with the service sector, in May shows a slower pace. While the manufacturing industry continues to falter, the indicator on services adds uncertainty about the direction of the second largest economy in the world. In May, the Purchasing Managers Index (PMI) service managers developed by Caixin and Markit fell to 51.1 from 51.8 in April, indicating a slowdown in the nation's service sector. It has disappointed the expectations were for a level 52. The figure differs slightly from the official services PMI, which, in May, fell to 53.1 from 53.5 in April.
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