The rise in the U.S. interest rates is a major concern for the financial community. The leading topic is structural: return of inflation and a Central Bank far less dovish than before. Furthermore, the Trump election and his proposals to cut taxes and boost spending via tax credits on infrastructure has fuelled strong reactions in the bond market.
The media has credited Trump for the rally in yields and the recent swoon in the equity market. The argument goes that Trump’s policies notably with higher spending, lower taxes and less regulation will be positive for growth and inflation.
When it became clear that Donald Trump would win the US presidential election, markets initially turned very red, ironically the color of the Republican Party. The day after the election in the US, futures were down about 4%, the dollar lost about 2% and the oil price lost about 4%. Gold, in our opinion, was the only winner... Markets don't like uncertainty and while there will certainly be winners and losers over the short term, it is too soon to determine any long-term effect. The price of risk is certainly going up, which we believe explained the majority of the fall.
Zurich Insurance Group said Thursday it aims to boost profit and save about $1.5 billion over the next few years by cutting costs under its recently-installed chief executive Mario Greco. The Zurich-based insurer also said it plans to maintain an annual dividend of 17 Swiss francs ($16.95). The new plan replaces a previous goal to save at least $1 billion by the end of 2018. Zurich Insurance will also target a payout ratio of 75 percent of net income after tax, the firm said in a statement on Thursday.
Leonteq is one of the leading platforms for investment products in Switzerland, with currently more than 2’000 listed products. The company continuously improves its infrastructure in order to increase the variety and transparency in the structured products market for all investors. To come closer to reaching this goal and to meet client demand for ever more individual solutions Leonteq Securities started offering the first versions of Constructor since the spring of 2008. The Constructor is primarily designed for institutional clients, such as full service banks and private banks, asset managers, insurance companies and pension funds.
French authorities said on Thursday they are investigating 560 taxpayers over tax evasion based on information garnered in the leaked Panama Papers. They confirmed a report in Le Monde, one of the papers that broke the Panama Papers story along with the International Consortium of Investigative Journalists in April. Tax investigators around the world have spent months delving into the 11.5 million confidential documents leaked in April after Panamanian law office Mossack Fonseca’s computers had been hacked.
The macroeconomic headwinds and elevated volatility currently serving as a cornerstone for much of the prevailing investor uncertainty show little sign of receding. The Brexit vote and the ensuing political and economic uncertainty only amplify the uncertainty. With traditional assets failing in their capital preservation and portfolio stability purposes, investors need to look for something else to help offset the risk generated by equities. Demand to generate returns which are not beholden to the direction of asset markets has become more pronounced.
Volkswagen AG is expected to announce a sweeping restructuring of its embattled VW passenger car brand that includes up to 30,000 job cuts over the next five years and a shift toward electric vehicles and new digital mobility businesses, a source told Reuters Friday. The announcement is expected to come later in the day at a news conference. It foresees €3.7 billion ($3.9 billion) in annual savings at VW’s namesake brand, which will involve 23,000 job cuts in Germany alone, another source said.
The Cantonal Court of Zug has approved on 17 November 2016 the application for lifting of the definitive moratorium on Valartis Group AG following its successful recovery. Valartis Group AG is now completely recovered, as the group reported in the statement today.
The Federal Reserve could raise U.S. interest rates "relatively soon" if economic data keeps pointing to an improving labor market and rising inflation, Fed Chair Janet Yellen said on Thursday in a clear hint the U.S. central bank could hike next month. "Such an increase could well become appropriate relatively soon," Yellen said in prepared remarks that were her first public comments since the United States elected Republican Donald Trump to be the country's next president.
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