Moody's revised to negative from stable its outlook on the UK banking system due to the release of the UK by the European Union. "The change of the outlook - according to a Moody's statement - reflects the expectation that the heightened uncertainty about future trade agreements between Britain and the European Union will lead to fundamental weaker credit for the country's banks' .
The former London-based UBS trader Kweku Adoboli will not remain in the United Kingdom and will be extradited to Ghana, his country of origin. The Upper Tribunal of the Immigration and Asylum Chamber issued that judgment, rejecting his appeal to remain in Britain, where he lived from the age of 12 years. In 2011, Adoboli had been responsible for a loss of $ 1.4 billion, as a result of unauthorized trading. In 2012 he was sentenced to seven years jail for fraud.
The pound is enjoying a welcome relief-rally from oversold extremes. It follows the historic post-Brexit -15% cliff-drop, which pushed into the lowest levels since 1985. Since then, sentiment has mildly improved as the announcement of a new British prime minister removes a layer of political uncertainty. Furthermore, this week’s expected rate cut from the Bank of England is also likely to offer additional respite.
The shadow of Brexit stretches out on the global growth forecasts made by the International Monetary Fund, that according to the World Economic Outlook, has cut estimates on the world GDP in 2016 and 2017, respectively 3.1% and 3.4 %, compared to 3.2% and 3.5% indicated last April. "The result of the vote in the UK, which has surprised the financial markets, implies the materialization of an important downside risk to the world economy. As a result - the report says - the global outlook for 2016-2017 It worsened, despite the better than expected performance. "
For the Germans, the old love, D-mark, you never forget. In a note, the Bundesbank announced that, although 14 years have passed since the introduction of the single currency, 12.8 billion D-marks (6.53 billion euro) are still in the homes of the population in the form of banknotes and coins.
Deutsche Bank has decided to close or merge into "the most significant places, larger and more powerful", by 2017, 188 of 723 branches in Germany. Moreover, the institute has announced plans to increase banking services via the internet, investing, by 2020, 750 million euro in digital offerings. The plan does not come as a bolt from the blue: in June, the bank announced to cut 3,000 jobs in Germany, of which 2,500 in the commercial and private client division.
The "Pokemon Go" successful drag up the title that Nintendo has today gained another 14% to the Tokyo Stock Exchange to close at 31,700 yen (295 francs). Since the launch of the game, on July 6, Nintendo's market capitalization has more than doubled to 4.5 trillion yen (42 billion francs), more than that of Sony. Nintendo has also established a new record for the largest number of shares traded in one day in Japan, beating the record that he scored last Friday.
Failure coup in Turkey was added to the other problems of an already hot situation. And the economy can only suffer; Salman Ahmed, Chief Investment Strategist of Lombard Odier Investment Managers has declared in a statement that: "Given the strong intensification of political instability in Turkey and the external profile of the country's extremely fragile and deteriorating, we believe likely that Turkish assets remain under pressure also in the future, while the underlying structural stability is re-evaluated. " He added that the resolution rather rapidly, in terms of re-establishment of public order, and the consequent strengthening of Erdogan in the context that followed the failed coup "could help reduce the extreme tail risk scenario of a civil war."
Switzerland could see another referendum to modify the effects of the end of 2014 on the limitation of immigration in the country. A group of citizens is collecting signatures to cancel the results of the previous consultation, which with 20,000 votes difference has rewarded the initiative of the SVP, which aims to put a cap of 100,000 units to the inputs in the country, where a quarter of the resident population it is foreign. It is the first time that such a thing happens in the country, which historically has made more use of public consultations on the key issues under discussion. The problem lies in relations with the EU, because since 2002 the country adopted the Bilateral Agreement I, which ensures a market for its goods and its services in the rest of Europe, in exchange for accepting the free movement of workers.
The growth of Netflix users slows and makes sink the share price, which in the after-market comes to losing 15.09%. Netflix ended the second quarter with 1.68 million users in more, of which 1.52 million outside the US and 160.00 on the domestic market. The figures are below expectations, but the company insists the break-even target for 2016 and a profit in 2017.
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