The U.S. Treasury said on Friday that none of the United States' major trading partners is manipulating its currency to gain advantage for its exports; the declaration was an answer to Republican presidential candidate Donald Trump that he will be ready to declare China a currency manipulator if he is elected. In its 16th and final currency report under US President Barack Obama, the Treasury said it added Switzerland to a foreign exchange “monitoring list” of countries with high external surpluses or currency market interventions and it kept Taiwan, China, Japan, Germany and South Korea on the list, first launched in April, though, it said, none of the six countries met the standard for enhanced scrutiny under a new trade enforcement law passed in 2015.
UK consumer prices expended at the fastest annual pace in nearly two years during the previous month, the biggest monthly increase in the cost of household goods and services since November 2014. According to the Office for National Statistic, the annual rate of CPI inflation equals 1%, up from 0.6%in August and slightly higher than economists had been expecting, Rising prices will "undoubtedly be tough on those with low incomes," said Ben Brettell, senior economist at Hargreaves Lansdown. "It's also not good news for savers who are losing money in real terms," he added.
Johnson & Johnson closed Q3 with profits at $4.27 billion, an increase compared to $3.36 billion a year ago. The result per share in adjusted version, therefore net of extraordinary items, came in at $1.68, + 3c than previously estimated. Better than expected, sales rose by 4.2% to $17.82 billion ($17.74 billion to estimates). Domestic sales increased 6.7% while international sales increased 1.5%, reflecting operational growth of 1.7% and a negative currency impact of 0.2%.
Ryanair cut its full-year profit forecast by 5% Tuesday, lower than previously expected, due to the pound's slump since Britain voted in June to exit the EU, heaping more turbulence on a troubled sector. The Ireland-based company now expects full-year earnings of between €1.30 billion (£1.17 billion) and €1.35 billion (£1.22 billion), down from the previous range of €1.38 billion (£1.24 billion) to €1.43 billion (£1.28 billion).
It has been a quite difficult year for stocks markets so far. Despite the barely positive performance of the Standard & Poor’s 500, a modest 4% since January, the European indexes still show an average loss of -7%. Japan is registering a double digit loss, just compensated by a rise in the currency that turns into neutral its performance when calculated in US dollars. The good surprise of 2016 comes from the emerging markets, usually very volatile and vulnerable to global uncertainties. After underperforming for years, the emerging markets are in good shape, in the middle of a bull trend that has started from the major bottom of last January. Since the beginning of 2016, the MSCI Emerging market index, total return in US dollars, has grown 15%, a much more consistent 33% when measured from the January’s low.
To date there has been scarcely any data on asset management in Switzerland. In particular, there has been no information available on the managed volumes of discretionary asset management mandates from the perspective of Switzerland as a production location.
BSI planned a series of layoffs, as reported yesterday by leaders of the bank's to RSI television: cutting 14 employees (out of a total of 1,200 employees in Switzerland) are not part of a restructuring process, as "Dismissal it is an ordinary measure developed over time due to poor performance."
Saudi Arabia is set lo launch its first international bond on Wedsneday, as the Financial Times reported; the initial price guidance of the bond is set to be somewhere between $10 billion and $15 billion, the largest ever from West Asia. The final figure will be released on Tuesday. It comes at a time where Saudi Arabia is looking to plug the budgetary deficit it has had since the drop in oil prices last year.
US Industrial production rose less than expected in September, suggesting the economy grew at a moderate annual pace in the Q3. The Federal Reserve revealed on Monday the country's industrial output advanced 0.1% in September, compared to the preceding month's downwardly revised fall of 0.5%, while market analysts anticipated a rebound of 0.3% in the reported period. On an annual basis, industrial production increased 1.8% in the Q3, marking the first quarterly rise since the Q3 of 2015.
The Singapore Bullion Market Association (SBMA) announced the launch of a joint feasibility study between the SBMA, LBMA and ICE Benchmark Administration (IBA). The study will focus on customers' needs for a LBMA Pre-AM Gold Price at 14:00 Singapore Time (06:00 GMT), Lim Hng Kiang, minister for trade and industry and deputy chairman of the Monetary Authority of Singapore, told an industry conference on Monday. "We hope to make a reputable gold benchmark mechanism in London available to Asian users," SBMA's chief executive, Albert Cheng, told Reuters. Cheng said a feasibility study is being carried out, and "if there's enough interest, the IBA will consider launching it early next year." This initiative is supported by International Enterprise (IE) Singapore, the government agency driving international trade.
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