In November 2024, risk assets rebounded, with positive returns across various hedge fund strategies, particularly in Equity Hedged and Relative Value sectors. Macro and discretionary trading strategies also performed well, driven by favorable positions in rates and commodities, despite some mixed results in energy and metals. Overall, the market showed a constructive outlook following the US election, with significant performance dispersion among managers.
In November 2024, risk assets rebounded, with positive returns across various hedge fund strategies, particularly in Equity Hedged and Relative Value sectors. Macro and discretionary trading strategies also performed well, driven by favorable positions in rates and commodities, despite some mixed results in energy and metals. Overall, the market showed a constructive outlook following the US election, with significant performance dispersion among managers.
Around a thousand employees at Credit Suisse are affected as UBS completes its acquisition, marking the end of CS's 167-year history. The Swiss parliament debates the emergency takeover, while a Parliamentary Commission of Inquiry investigates the circumstances surrounding it. UBS has also terminated federal guarantees, and numerous complaints regarding the financial terms of the takeover have been filed.
The Parliamentary Investigation Committee (PUK) report reveals that the collapse of Credit Suisse (CS) was exacerbated by ineffective oversight from FINMA and a lack of timely communication among Swiss officials. Despite years of significant losses, CS continued to pay out substantial bonuses, weakening its capital base. The report criticizes the regulatory framework that allowed CS to avoid necessary restructuring, ultimately leading to its merger with UBS under extreme pressure from international authorities.
Canal+ shares fell by 19% to 191.10 pence after UBS Group AG issued a neutral rating, citing risks from its acquisition of MultiChoice, which is experiencing declining profits in South Africa. This contrasts with CIC Market Solutions' optimistic target of 450 pence, suggesting the market has already accounted for these risks. Following Canal+'s decline, the combined value of Vivendi and its spinoffs dropped 10% from its standalone price on December 13, according to Bloomberg.
A US government shutdown looms as a budget deal involving President-elect Trump and adviser Musk fails to pass Congress, potentially disrupting the economy if prolonged. Meanwhile, UK borrowing in November was lower than expected, hinting at better economic growth, while US personal income and consumption data indicate rising real incomes, supporting economic stability into 2025. As 2024 concludes, a final audio comment wishes listeners a prosperous new year.
A US government shutdown looms as a budget deal backed by President-elect adviser Musk and President-elect Trump fails to pass Congress, potentially disrupting the economy. Meanwhile, UK government borrowing in November was lower than expected, hinting at better economic growth. Strong US personal income and consumption data suggest a solid foundation for economic growth in 2025.
A Geneva trader, Niels Troost, has been sanctioned by the EU for his involvement in Russian crude oil transactions through a Dubai subsidiary of Paramount Energy & Commodities SA, with asset freezes imposed. Troost, who denies the allegations, was previously sanctioned by the UK in February. In other news, negotiations between Switzerland and the EU are expected to conclude today, while ETH Zurich has fired professor Thomas Crowther following allegations of inappropriate behavior. Additionally, a report on the Credit Suisse crisis is set to be presented by the Parliamentary Commission of Inquiry.
U.S. markets are set to open lower as a potential government shutdown looms, following the House's rejection of President-elect Trump's funding plan. Futures for the S&P 500 and Dow Jones fell, while FedEx shares surged 9% after exceeding profit expectations. In Europe, major indices declined, and Japan's inflation data exceeded forecasts, impacting the yen's value.
Craig Wright, who a UK court ruled is not Satoshi Nakamoto, faced contempt of court for continuing to assert his identity as Bitcoin's creator. He received a suspended two-year jail sentence, contingent on ceasing lawsuits in Nakamoto's name, after filing a new claim against Bitcoin developers. Legal experts suggest this ruling may mark the end of Wright's claims to Bitcoin's creation.
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