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US consumer borrowing surged in October, with total credit outstanding rising by $19.2 billion, significantly exceeding forecasts. This increase was driven by the largest jump in credit-card balances since mid-2022, following a revised $3.2 billion rise in September. The median estimate anticipated a $10 billion gain, highlighting a notable shift in consumer credit behavior.
The investigation into the AHV breakdown revealed that the Federal Social Insurance Office (FSIO) had overly pessimistic financial forecasts due to methodological errors in its calculation program, not calculation mistakes. The report clears the FSIO of accusations of slow response and late communication, attributing quality control issues to a lack of personnel.
Bank of Montreal shares experienced their largest surge since 2020, driven by renewed confidence in the bank's credit stability. Scotiabank's Meny Grauman upgraded the bank to sector outperform and raised the price target to C$160, while CIBC's Paul Holden also increased his rating to outperformer.
Credit Agricole SA has increased its stake in Banco BPM SpA to 15.1% amid a takeover bid from UniCredit SpA. The French bank acquired financial instruments to secure an additional 5.2% stake and plans to settle these trades once it receives the necessary approval, while clarifying it does not intend to launch a tender offer for Banco BPM shares.
An investigation led by Elisabeth Baume-Schneider has determined that the poor forecasts for AHV spending were not due to calculation errors but rather imprecise mathematical formulas. The Federal Department of Home Affairs reported that two formulas used to project OASI expenditure resulted in implausible long-term financial outlooks.
The Federal Social Insurance Office has clarified that the inflated AHV financial forecasts were not due to calculation errors but rather methodological shortcomings in the model used. An administrative investigation revealed that two functions had inflated expenditure estimates, leading to implausible forecasts. The report exonerates the involved personnel and emphasizes the need for improved quality control and knowledge transfer to prevent future issues.
The crypto lending sector is experiencing a resurgence as Bitcoin's price has more than doubled this year, surpassing $100,000 for the first time. The funding rate for Bitcoin has surged over tenfold since early June, reflecting a growing demand for leverage among traders. This optimism is fueled by expectations of increased mainstream adoption during the upcoming Trump administration.
Bank of America identifies a stock poised to benefit from Trump's emphasis on enhancing border security. This focus could create opportunities for investors looking to capitalize on the potential market shifts driven by policy changes.
The US commercial real estate debt (CRED) market is thriving, driven by high interest rates, low loan-to-value ratios, and the rise of non-bank lenders. With traditional banks facing regulatory pressures, alternative lending is gaining traction, offering investors robust income and diversification opportunities. As non-bank lenders capture 40% of the market, CRED is poised to become a strategic asset class in both the US and Europe.
Goldman Sachs has exited the Net-Zero Banking Alliance, a coalition aimed at aligning bank activities with climate goals, amid pressure from Republican politicians regarding potential anti-trust violations. The firm emphasized its commitment to sustainability and plans to continue pursuing its net-zero objectives independently. Despite the departure, Goldman Sachs remains focused on helping clients achieve their sustainability goals and adhering to evolving regulatory standards.
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US Consumer Borrowing Rises Sharply Driven by Increased Credit Card Balances
21:04 06.12.2024
Investigation Reveals Methodological Errors Behind AHV Breakdown Forecasts
21:00 06.12.2024
Bank of Montreal Shares Surge on Upgrades Amid Improved Credit Outlook
19:45 06.12.2024
Credit Agricole Raises Stake in Banco BPM Amid UniCredit Takeover Bid
19:28 06.12.2024
Investigation Reveals Imprecision in AHV Financial Forecasting Methods
18:58 06.12.2024
AHV Financial Forecasts Corrected Following Administrative Investigation Findings
18:53 06.12.2024
Crypto Lending Sector Revives as Bitcoin Surges Past 100000 Dollars
18:02 06.12.2024
Bank of America Identifies Stock Benefiting from Trump's Border Security Focus
16:14 06.12.2024
us real estate investment opportunities in a changing credit landscape
United States Dollar
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15:48 06.12.2024
Goldman Sachs Exits Climate Coalition Amid Regulatory and Political Pressures
15:37 06.12.2024
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