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High-net-worth individuals (HNWIs) continue to invest in art and antiques, with median spending stabilizing at $50,000 in 2023 and $25,555 in the first half of 2024. The share of works by female artists reached 44%, and 52% of expenditures were on new and emerging artists. Optimism about the global art market rose, with 91% of HNWIs expecting positive performance in the next six months.
Crispin Odey has returned to Odey Asset Management LLP, the firm he left amid sexual misconduct allegations that are still under investigation by UK regulators. He was appointed as a director last month, with his company assuming administrative responsibilities, and the firm's address has been changed to his residence.
The dollar's rally in October is significantly influenced by betting markets that increasingly favor Donald Trump for the upcoming presidential election. Standard Chartered Plc estimates that 60% of the currency's gains this month are tied to these growing wagers on Trump's potential victory on November 5.
UK bonds faced a sell-off as investors anticipated a significant increase in borrowing by Chancellor Rachel Reeves in the upcoming budget. Yields on 10-year UK bonds rose by seven basis points to 4.27%, marking a notable divergence from falling global borrowing costs and elevating the UK's risk premium against German debt to its highest level in over a year.
The euro has reached a three-month high against the yen, with EUR/JPY surging above the 200-day SMA, supported by a rising trendline. In contrast, EUR/GBP faces significant selling pressure, with bearish momentum suggesting potential declines to 2022 lows. Meanwhile, AUD/USD is attempting a rebound after recent losses, with a close above $0.67 indicating a possible short-term low.
The UK government has unveiled the Modern Industrial Strategy, "Invest 2035," emphasizing the life sciences sector's potential to drive economic growth and enhance health outcomes. With over 6,800 businesses generating £100 billion in turnover, the sector is poised for innovation through new discoveries, AI, and personalized healthcare. Industry feedback is invited to refine the strategy ahead of its full launch in Spring 2025.
UBS has raised its target price for Svenska Handelsbanken to SEK 99 while maintaining a sell recommendation. The bank, a leading Scandinavian group, derives 96.5% of its income from commercial banking and manages SEK 1,298.5 billion in deposits and SEK 2,282.2 billion in loans as of the end of 2023. Geographically, 64% of its income comes from Sweden, followed by the UK at 21.3%.
Swiss healthcare expenditures are projected to surpass 100 billion francs by 2025. Meanwhile, Swiss exports reached a record high in October, driven by the chemical-pharmaceutical sector, while the wealth management sector remains the world's leader, albeit with a narrowing margin over the UK and US. The banking landscape faces challenges following the Credit Suisse crisis, impacting asset inflows from key regions.
Zurich and Singapore have surpassed Geneva in a recent ranking of global financial centers for sustainable investments, with London maintaining its top position. The index, which evaluates 97 locations, highlights the strong performance of Swiss cities, including Lugano at 13th. Despite a slight decline in confidence regarding green finance, Western European centers continue to excel due to their expertise in developing sustainable financial products.
Barclays Plc reported £85 million in losses from its leveraged finance portfolio in the third quarter, struggling to offload some of the debt. Finance director Anna Cross noted that while positions typically clear quickly, the bank occasionally takes a fair value mark when they do not.
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high-net-worth individuals continue art spending despite market challenges
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11:08 24.10.2024
odey returns to hedge fund amid ongoing misconduct investigations
11:00 24.10.2024
dollar rally driven by trump election betting markets says standard chartered
10:48 24.10.2024
uk bonds face pressure ahead of budget as yields rise sharply
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euro rises against yen while facing pressure from pound and dollar
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10:13 24.10.2024
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ubs raises handelsbanken target price to sek 99 maintains sell rating
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wiss wealth management leads globally despite challenges from credit suisse crisis
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10:05 24.10.2024
zurich and singapore rise in global sustainable investment rankings
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09:59 24.10.2024
barclays reports 85 million losses in leveraged finance portfolio
09:32 24.10.2024
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