Crude Oil is showing an interesting technical pattern. The rally that has developed in the first half of September has now exceeded the 200 days moving average. Furthermore the WTI is now testing the not less important trendline that joins the 2014 top with the decreasing highs of the first half of this year. This movement is part of an accumulation that had begun form the lows of 2016 and gained strength on the progressively rising lows of the last 12 months.
Global macro fund manager Hugh Hendry has taken the “difficult decision” to close his flagship hedge fund after 15 years, in a move which will see Eclectica Asset Management close as well, Citywire Selector has learned. In a shareholder letter seen by Citywire Selector, the London-based investor, who is founder and chief investment officer of Eclectica Asset Management, said the Eclectica fund would be closed and, ultimately, the firm would shut down as well.
Google parent company Alphabet is in talks to invest around $1 billion in Lyft, according to published reports. The talks are being driven by top officials at Alphabet, according to Axios. The potential investment could come from either Google or from CapitalG, Alphabet's investment division, Bloomberg reported.
BTC China, one of the China’s largest Bitcoin exchange platform, announced in a Tweet on Thursday that it will shut down Bitcoin trading within China by the 30th of September. The move comes after Chinese regulators banned fundraising through Initial Coin Offerings (ICO) on September 4th citing concerns over financial fraud and speculation.
Credit Suisse is taking a roughly $79.5 million hit to settle charges by Massachusetts Mutual Life Insurance about its residential mortgage-backed securities (RMBS) business, the Swiss bank said late on Thursday. The new pre-tax charge will be taken in the Zurich-based bank’s third-quarter results and is in addition to its existing legal reserves set aside for the case.
A class action filed Thursday against Google claims the tech company systemically pays women less than men in similar jobs and also enables unequal promotions and opportunities for male and female workers. The sex discrimination case filed in San Francisco Superior Court, Ellis v. Google, accuses the Mountain View, California, company of paying women at all levels less than men in comparable positions, assigning women lower-tier jobs with lower pay and compensation than men and promoting women less frequently. The lawsuit also claims Google failed to correct these issues even after being made aware of them.
Analysts warned that UK's economy will most likely downgrade this year. In your opinion, how long will it take for the UK economy to stabilise? I would suggest that it depends on exactly what we mean by stabilise; in my opinion, growth is rather to be stable for the next few quarters, but it will still hold at a relatively low level. If we look at the GDP growth in the second quarter, it was 0.3%, slightly higher than in the first quarter. My current view is that the GDP will probably hold at the same level during the H2 of this year and in 2018 as well. Growth will be relatively stable, but again, stable at a relatively low level. If you ask me when do we think that growth will be turned to a certain trend rate of growth, which is probably closer to 0.5% a quarter, then we do not think that this is likely to happen anytime soon; maybe in the H2 of 2018 at the earliest.
Philip Morris on Wednesday announces its support for the establishment of the Foundation for a Smoke-Free World. The Foundation will fund research and encourage innovative measures to reduce the harm caused by smoking. It will evaluate the impact that smoke-free alternatives can have on smokers and public health, assess the effect of reduced cigarette consumption on the industry value chain, and measure overall progress towards a smoke-free world.
Switzerland's central bank on Thursday softened its longstanding warning about the strong franc but still said that it was "highly valued, " suggesting Swiss officials aren't fully satisfied yet with the franc's weakening against the euro. "The Swiss franc nevertheless remains highly valued, and the situation on the foreign exchange market is still fragile," the SNB said in a statement after its quarterly policy review.
Indians seem to prefer Asian tax havens and not Switzerland, according to the bilateral foreign holdings data released by the Bank of International Settlements (BIS), says an article in the Times of India. Switzerland has always been infamous for storing most of the black money which is generated by evading tax. However, data suggests otherwise. About 53 percent of the offshore Indian wealth is kept in places within Asia such as Hong Kong, Macau, Singapore, Bahrain and Malaysia and only 31 percent of the Indians have their wealth stored in Swiss banks.
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