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.
OPEC fails to take any decision regarding the production, despite the efforts of Saudi Arabia's accession to merge towards a freeze of the production ceiling. The oil is reacting very badly to this news and collapses on today's minimum: WTI yields 1.7% to $ 48.16 a barrel and Brent 1.2% to $ 49.09. After 4 hours of debate, the 13 OPEC oil ministers have not found the agreement. At the opening of the debate this morning, the Minister of Qatar Mohammed Bin Saleh al-Sada said that the cartel expects a sharp decline in non-OPEC production in 2016.
The manufacturer of luxury watches Greubel Forsey, for the first time in its history, is forced to lay off, but the deleted jobs are only five, compared to the ten originally planned. This was stated in an interview with "L'Agefi", co-founder Stephen Forsey society. "We were 115 and now we have 110," but "our priority is to maintain the continuity." Greubel Forsey produces watches, only cent a year, whose prices range from 200,000 to 1.5 million Swiss francs, made for a high range of collectors.
Regulierung – seit der Finanzkrise prägt der Ruf nach mehr Kontrolle das Banking: Wegen regulator
Die Fonds-Konferenz der SKSF ist eine wichtige, branchenspezifische Plattform für Wissens- und Erfa
2 evenings to find out about the latest from the digital industry & 2 days to find ideas and to crea
ICDA will return this year to its alpine home for the 38th Bürgenstock Meeting.
The objective of the Conference is to bring together all the diverse stakeholdersinterested in a pol
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