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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Swiss Re reported a profit of $100 million in Q3 2024, significantly impacted by a $2.4 billion increase in reserves for past-year claims, particularly in the U.S. liability business. The Property & Casualty Re division's profit fell to $603 million, while the Life & Health Re division performed better with a profit of $1.2 billion. Looking ahead, the group expects to exceed $3 billion in profit for the year, despite anticipated losses from Hurricane Milton.
The US unemployment rate held steady at 4.1 percent in October, with a slight increase in the number of unemployed to 7 million. Job creation was limited to around 12,000 new non-farm jobs, influenced by Hurricane Milton and a Boeing strike, yet the labor market remains robust despite these challenges. Economic indicators suggest no signs of a slowdown, even amid interest rate hikes.
UBS AG has raised its price target for Munich Reinsurance Company shares from 525 to 565 euros, maintaining a "buy" rating. Analyst Will Hardcastle highlighted the stock as a top pick among European reinsurers, noting that the sector's natural catastrophe budgets are nearly exhausted for Q3, with improvements expected in rate statements. As of midday trading, shares fell 0.4% to EUR 502.60, still showing a potential rise of 12.42%.
Oil prices have declined as optimism over China's economic stimulus fades, compounded by rising US crude inventories. Investors are now focused on upcoming US inflation data, with expectations of a slight decrease, while recent Fed minutes revealed no plans for accelerated interest rate cuts. Additionally, Hurricane Milton poses potential risks along the Florida coast, with expected damages in the billions.
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