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Australia has become the first country to eliminate Additional Tier 1 (AT1) bonds as bank capital, a decision made by the Australian Prudential Regulation Authority (APRA) to enhance crisis management. Starting January 1, 2027, large banks can replace 1.5% AT1 capital with 1.25% Tier 2 and 0.25% Common Equity Tier 1 capital, while smaller banks can fully substitute AT1 with Tier 2. This move follows lessons learned from the 2023 banking turmoil, including the collapse of Credit Suisse, highlighting the inadequacies of AT1 in crisis situations.
AllianceBernstein plans to sue Switzerland for $225 million over the $17 billion wipeout of Credit Suisse's AT1 bonds, arguing that the Swiss government favored shareholders while leaving debt investors empty-handed. This lawsuit could impose significant financial stress on Swiss taxpayers, reminiscent of past bailouts where UBS benefited while the public bore the costs. The Ministry of Finance has engaged Wachtell law firm for defense, raising questions about the influence of UBS in the proceedings.
Dairy product prices from New Zealand have decreased, with butter dropping 4.7% to an average of 6,357 euros per tonne at the latest Global Dairy Trade auction. In Germany, however, butter prices remained stable at 8.10 to 8.20 euros/kg, while skimmed milk powder saw a slight decline. Whole milk powder prices in Germany also fell, contrasting with a rise in New Zealand.
The Walt Disney Company will participate in a question-and-answer session at the UBS Global Media and Communications Conference on December 9, 2024, starting at 1:30 PM ET. A live webcast of the event will be available on their investor relations website.
This week, the Swiss National Bank and four other central banks are set to decide on interest rate cuts. Following this, the US Federal Reserve will meet on December 18 to discuss the key interest rate, with a 25 basis point cut anticipated, though rates are expected to remain stable until early 2025 as the impact of new tariffs on economic growth and inflation becomes clearer.
Fox Corporation (Nasdaq: FOXA, FOX) is set to participate in the UBS Global Media and Communications Conference on December 9, 2024, starting at 12:00 PM ET. Interested parties can access the live webcast at https://investor.foxcorporation.com/news-and-events/events-and-presentations.
Comcast Corp. (CMCSA) is set to participate in the UBS Global Media and Communications Conference on December 9, 2024, starting at 9:45 AM ET. Interested parties can access the live webcast through the company's official events and presentations page.
This week’s trade recommendation is to go long on AUD/USD at $0.6415, anticipating a potential bounce due to China's monetary policy easing, which could benefit Australian exports. A stop loss is suggested below the August low at $0.6345, with an upside target around $0.6500. As year-end approaches, traders are advised to consider locking in profits or adjusting stop losses to minimize risk.
UBS has maintained a "Neutral" rating for Linde PLC with a target price of $505. Analyst Geoff Haire highlighted that a potential ceasefire between Russia and Ukraine could lower gas prices significantly, benefiting companies like BASF, Covestro, Lanxess, and Yara in the European chemicals sector.
UBS has maintained a "buy" rating for Air Liquide with a target price of 195 euros. Analyst Geoff Haire highlighted that a potential ceasefire between Russia and Ukraine could lower gas prices significantly, benefiting companies like BASF, Covestro, Lanxess, and Yara in the European chemical sector.
Global Financial Events
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Australia Phases Out AT1 Bonds to Strengthen Banking Crisis Resilience
07:56 10.12.2024
AllianceBernstein Sues Switzerland Over Credit Suisse AT1 Bond Wipeout
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07:52 10.12.2024
Dairy Prices Fluctuate Globally While German Butter Prices Remain Stable
06:23 10.12.2024
Walt Disney to Participate in UBS Global Media Conference on December 9
18:34 09.12.2024
Central Banks Set to Cut Rates Ahead of US Federal Reserve Decision
17:55 09.12.2024
Fox Corporation to Present at UBS Global Media Conference on December 9
17:04 09.12.2024
Comcast to Present at UBS Global Media and Communications Conference December 2024
14:49 09.12.2024
Australian Dollar Long Trade Opportunity Amid Potential Chinese Economic Growth
14:48 09.12.2024
UBS Maintains Neutral Rating for Linde Amid European Gas Market Speculations
14:45 09.12.2024
UBS Maintains Buy Rating for Air Liquide with Target Price of 195 Euros
14:44 09.12.2024
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