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Kevin Warsh, a former Federal Reserve board member, is emerging as a favored candidate for Treasury secretary under President-elect Donald Trump. His potential nomination has sparked a rally in Treasuries, with strategists attributing the market"s recovery to optimism surrounding Warsh"s candidacy.
Gold prices have dropped by $220 per troy ounce, or 8%, since late October, reflecting a shift from haven assets to riskier investments amid the prospect of a second Trump presidency. This decline comes as China"s central bank has not increased its gold reserves for six months, and significant outflows from US gold ETFs exceed $1.4 billion. Analysts note that market concerns over US credit risk have diminished, impacting gold"s momentum.
The DAX index fell 0.1% to 19,189, continuing its sideways movement after a 0.3% decline on Friday. It briefly peaked at 19,279 before dropping to a low of 19,092, with key resistance at 19,250 and support at 19,150. A breakdown below 19,000 could target the October low of 18,912.
One Investment Management, founded by Rajeev Misra, has increased its fund size to $8 billion to enhance its operations and expand its global presence, including new offices in Japan and India. The firm, backed by Abu Dhabi"s Royal Group and Mubadala Investment Co., aims to explore lending and investment opportunities worldwide, primarily focusing on the US and Europe. With a growing team of about 50 professionals, OneIM is actively seeking capital deployment opportunities.
The DAX index experienced a slight decline of 0.3% to close at 19,210 points, remaining in a neutral zone after an "inside day" of trading. For upward momentum, it needs to surpass 19,250 points, while a continued downward trend could test support levels around 19,136 and 19,000.
Gold prices have plummeted nearly 7% following Donald Trump's decisive election victory, marking the worst performance for the precious metal in at least 13 presidential election cycles, according to Deutsche Bank. While other markets, including stocks and Bitcoin, have rallied, gold is expected to take longer to recover.
Tidjane Thiam, former CEO of Credit Suisse, faces allegations of using the bank"s security staff to spy on his partner"s ex-husband, leading to a $15 million lawsuit. This follows previous accusations of misconduct during his tenure, which resulted in serious regulatory violations. Thiam, now a political candidate in Côte d"Ivoire, may find his past actions complicating his future ambitions.
Sükriya Aclan has been appointed as the new Head of Wealth Management at UBS Germany, taking over from Philipp Neuhofen. Aclan, who has a background with Dresdner Bank, Commerzbank, and Oddo BHF, will oversee the bank's wealthiest private clients in Germany.In other leadership changes, Björn Jesch has left DWS, with Vincenzo Vedda stepping in as global Chief Investment Officer. Sven Württemberger has been named as Jesch's successor as Head of Switzerland at DWS. Nikolaus Maximilian Linaric will join the Executive Board of ING Germany in December, while Rainer Mellis has resigned from Volksbank Düsseldorf Neuss amid a fraud case. Additionally, Stephan Manz has moved to Aareal Bank as Chief Operating Officer.
UBS aims to enhance its US banking operations by obtaining a national Industrial Loan Company license from the FDIC, which would allow for a broader range of lending services. Despite skepticism from analysts regarding immediate share price increases, UBS's Chairman Kelleher sees potential for growth, particularly in wealth management, where nearly half of its revenue originates from the Americas. The bank's profitability in the US is hindered by its current licensing limitations, impacting its ability to offer high-margin loans.
Alstom shares have shown a positive trend, rising significantly in recent weeks, with a notable increase of 4.74% to USD 22.36 on November 14, 2024. Analysts from various banks have adjusted their target prices, with DZ Bank raising its fair value to 24 euros while maintaining a "Hold" rating, and JPMorgan increasing its target to 24.80 euros with an "Overweight" rating, reflecting confidence in the company's turnaround despite ongoing challenges.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
warsh gains market support as potential treasury secretary candidate
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analysts raise alstom price targets amid positive financial results
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