Health-care stocks are one of the worst-performing sector in the S&P 500 so far this year, with shares down -1,87% compared with the broader index’s +13,18% gain as investors fretted about everything from Obamacare to drug prices. Several investors and analysts said they expect a clearer view of the political outlook for insurers and drug companies after the presidential election. Both Republican nominee Donald Trump and Democrat Hillary Clinton have criticized drug prices and want to make adjustments to the health-care system. The same fate has been shared by the European equity market, where the Stoxx 600 Healt Care Supersector Index had a decrease of -10,89% while the main Stoxx 600 Index closed with a loss of -1,59%.
Moody's today affirmed the ratings of Credit Suisse AG (A1 senior debt, A1 deposits, baa2 Baseline Credit Assessment) following Credit Suisse's announcement of a settlement in principle with the U.S. Department of Justice (DOJ) regarding civil claims in connection with the bank's issuance and underwriting of residential mortgage-backed securities (RMBS) conducted through 2007. Under the agreement, Credit Suisse has agreed to pay a civil monetary penalty of USD2.48 billion and to provide USD2.8 billion in consumer relief to be delivered over the course of five years post settlement. The outlook on Credit Suisse's debt and deposit ratings is stable.
Ailing Italian bank Monte dei Paschi di Siena (MPS) needs to fill a larger capital gap than originally reported, the Italian bank stated late Monday citing new figures from the European Central Bank. The amount needed to rescue the Europe‘s oldest financial institution is €8.8 billion ($9.2 billion). It previously reported that it needed to raise 5 billion euros (5.2 billion dollars) by the end of the month to make up for large-scale write downs on a mountain of bad loans. The request of €8.8 billion of fresh capital was decided on Thursday, December 22, in the last meeting of the ECB’s Supervisory Board.
Honda is in talks with Google to install the tech company's self-driving technology in Honda vehicles. Honda will have to provide Waymo with vehicles that are specially modified to accommodate the self-driving technology, while Waymo would lend Honda its insight into self-driving technology, a field every automaker is interested in these days. The automaker says that if a deal is reached, it will provide vehicles to Waymo that are modified to handle the technology. The Hondas would join Waymo's fleet that includes Lexus SUVs and Chrysler Pacifica minivans.
Switzerland’s KOF economic barometer remained unchanged unexpectedly last month, data showed on Friday. The Swiss KOF Economic Barometer was at 102.2 for December and below consensus expectations of a further improvement to 103.00 for the month. The index remains slightly above the long-term average and continues to suggest that the economy will grow close to its long-term average over the next few months. Positive impulses to the unchanged total balance came from the manufacturing industry, weighed up by negative signals from the construction sector, but there was a more cautious tone surrounding the general business situation, the institute said.
The yellow metal surged in the early hours of Friday's trading session. However, such a tendency has been seen throughout this week, as either scalpers take profit during the Asian session or there exists a negative sentiment on the US Dollar in Asia due to other fundamental reasons. Although, in the second half of the day of the GMT time zone the bullion steadily continues to fall. It is most likely that Friday's trading session will be no different from the few previous, as there are usually no gradual changed in finance in the period up to Christmas.
Deutsche Bank and Credit Suisse have agreed to pay billion in fines relating to the collapse of the US housing market that contributed to the financial crisis, striking deals before the Trump administration takes power. The government has accused the banks of misleading investors about the quality of their loans. The inquiries related to deals done between 2005 and 2007. Deutsche Bank agreed to a $7.2 billion settlement with the DoJ over its sale and pooling of toxic mortgage securities.
Swiss cooperative banking group Raiffeisen entered a U.S. tax settlement program in the third category, or as a bank with no criminal dealings. The Swiss bank left the programm and it didn't pay any fine, it said on Friday. Raiffeisen, Switzerland's third-biggest bank, three years ago decided to qualify itself as one of the Swiss financial institutions that had not committed any offenses under U.S. tax law. An accord with the U.S. Department of Justice this week "creates legal certainty and ends the tax conflict without payment of a penalty", it said in a statement.
Former BSI banker Yeo Jiawei was found guilty for his role in the most complex, sophisticated and largest money-laundering case involving billions of dollars alleged to have been misappropriated from 1Malaysia Development Berhad (1MDB). Singapore sentenced former Yeo Jiawei to 30 months in jail after a 12-day trial. He is the third BSI banker convicted in the city state this year. The prosecutors had charged that Yeo had amassed $16.55 million by taking secret profits from 1MDB-linked transactions during his work for the Singapore unit of BSI.
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