The common European currency traded below the 1.1050 level against the Greenback on Wednesday, as it had found resistance in the second weekly support level at 1.1043. Previously, as the currency exchange rate slowly moved through the first weekly and monthly support at 1.1121 and 1.1133, it plummeted down to the 1.1043, as soon as the before mentioned support levels were passed. It is most likely that the currency pair will move lower to mark new low levels, as it nears the Brexit low level.
The German ZEW index advanced to 6.2 for October from 0.5 the previous month. Overall, the index is still far below the long-term average of 24.1 highlighting reservations surrounding the financial sector having a negative impact. The Current Conditions Index went up to 59.5 this month from 55.1 in September. Economists polled by The Wall Street Journal had predicted an increase to 4.5 points.
Investors burned off $20-billion of Samsung Electronics’ market value on Tuesday as its shares closed down 8%, the biggest single-day decline since 2008. "This is the first time that I have seen a product recall go this badly wrong," financial analyst Richard Windsor said in a note to clients. “When it comes to the damage that it will do to Samsung’s brand, we are in uncharted territory”.
Swiss bank UBS plans to incorporate its Mexico banking operations as part of efforts to improve the distribution of resources and reduce costs, according to an internal document seen by Reuters. Brokerage UBS Casa de Bolsa will assume responsibility next year for operations that are made now by UBS Bank Mexico, according to a memo sent to employees on September 30.
Greece has completed new economic reforms to receive the latest tranche from its 86 billion euro bailout fund. Euro zone ministers gave Athens a positive review of its reforms while withholding part of a new loan payment. They disbursed a €1.1 billion loan but postponed its decision on a further €1.7 billion payout to later in October.
Brexit could cost the government up to £66 billion a year in lost tax revenue, a draft cabinet committee paper seen by The Times. The document contains a warning that leaving the single market and switching to World Trade Organisation rules would cause GDP to fall anywhere between 5.4% and 9.5% within 15 years and it is based on a controversial treasury report published in April, which critics had dismissed as scaremongering by the treasury, the newspaper said.
Motorcycle market contracted in Switzerland. Sales of new motorcycles fell in the first nine months of the year to 24,464, a decrease of 880 units compared to the same period of 2015. The high-powered ones continue to be greatly appreciated. Motosuisse, the swiss motorcycle manufacturers association, announced in a statement that 2015 was a record year, with an increase in new registrations by 17%.
The STOXX Supersector Europe 600 Basic Resources Index, has been in the last years, one of the most underperforming indexes in the group of the 19 European Supersectors group. Since January 2008 he had a performance of -51,29%, and only the banking sector had a worse result with a -65,80%.
Falcon Bank has to close his branch in Singapore. The Monetary Authority of Singapore (MAS) announced on Tuesday it had ordered Falcon Bank to cease its operations in the city-state because of a "serious failures in anti-money laundering (AML) controls and improper conduct by senior management at the head office in Switzerland as well as the Singapore branch".
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