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The Swiss stock market opened positively on Wednesday, recovering from previous losses linked to escalating Ukraine war concerns. The FuW Swiss 50 Index rose by 1.02%, with Holcim leading gains after an upgrade from JPMorgan, while Nvidia"s upcoming earnings are anticipated to significantly impact global markets. EFG International"s CEO projected a strong 2024 despite missing client money expectations.
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.
Credit Suisse and Crédit Agricole have lost their appeals against €28.4 million in fines imposed by the European Commission for participating in a cartel involving SSA bonds from 2010 to 2015. The General Court upheld the Commission's findings, confirming that both banks engaged in collusive trading practices. While Deutsche Bank cooperated and avoided fines, Credit Suisse was fined €11.9 million and Crédit Agricole €3.9 million, with both banks' appeals dismissed.
The European Court of Justice has upheld a fine of 11.9 million euros against Credit Suisse for its involvement in a bond cartel, originally sanctioned by the European Commission in 2021. The court also confirmed a 3.9 million euro fine on Credit Agricole, while Bank of America faced a 12.6 million euro penalty. Deutsche Bank avoided sanctions by reporting the cartel to authorities. The collusion among the banks occurred between 2010 and 2015, involving agreements on trading strategies and price-setting in the SSA bonds market.
UBS reported a significant increase in earnings, making $405 million in investment banking, a stark contrast to a $254 million loss in the same quarter last year. Despite a positive market environment, the bank remains cautious due to ongoing geopolitical conflicts and uncertainty surrounding the upcoming US elections.
UBS reported a net profit of $1.43 billion for the third quarter, significantly surpassing analyst expectations of $667.5 million, driven by successful client migrations from Credit Suisse. The bank's revenue reached $12.33 billion, and it anticipates completing a $1 billion share buyback program in Q4. Despite challenges in integrating IT systems and client accounts, UBS aims for $7 billion in savings from the Credit Suisse acquisition by the end of 2024.
The global shadow banking market is projected to grow from USD 72 billion in 2024 to USD 120 billion by 2032, reflecting a CAGR of 6.5%. Key players include BlackRock, JPMorgan Chase, and Deutsche Bank, with Europe dominating the market and Asia-Pacific emerging as the fastest-growing region. Shadow banking, which encompasses non-bank financial intermediaries, offers credit and liquidity outside traditional banking systems, presenting both opportunities and risks due to its regulatory environment.
Rivian has lowered its 2024 production forecast from 57,000 to 47,000-49,000 vehicles due to supply chain issues, impacting market expectations. Despite these challenges, the company remains financially stable and continues to invest in new technologies, with analysts optimistic about its potential in electromobility. Rivian shares are currently trading at around EUR 9.55, and Deutsche Bank has adjusted its price target from USD 14 to USD 13 while maintaining a buy recommendation.
Deutsche Bank
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Swiss stock market rebounds as Nvidia earnings loom amid geopolitical tensions
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07:04 20.11.2024
gold prices decline sharply after trump's election victory
16:00 17.11.2024
credit suisse and credit agricole lose appeals against european commission fines
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17:11 06.11.2024
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09:00 06.11.2024
ubs reports strong quarterly earnings amid market volatility and geopolitical uncertainty
08:33 30.10.2024
ubs reports strong third quarter profit of 1.4 billion dollars
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06:54 30.10.2024
shadow banking market poised for significant growth through 2032
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15:30 21.10.2024
Rivian shares face challenges but show long-term growth potential for investors
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