Stocks Rise on Fed-Friendly Data as Meta Jumps 10%: Markets Wrap
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(Bloomberg) — Stocks rose after the latest economic figures signaled further cooling that will be key for the Federal Reserve to cut interest rates.
UBS Moves Into Debt Swap Market Pioneered by Credit Suisse
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(Bloomberg) — UBS Group AG is working on its first-ever ESG debt swap, building on expertise it inherited from Credit Suisse after taking over the bank last year.
Stocks Storm Back on Fed Day as Nvidia Surges 13%: Markets Wrap
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(Bloomberg) — Dovish comments from Jerome Powell helped extend a rally in stocks that started with a surge in key technology companies, with the market scoring its best Federal Reserve day in two years.
Tech Rally Lifts European Stocks as Fed Rate-Cut Signal Awaited
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(Bloomberg) — European equities rose on Wednesday ahead of central-bank decisions in the US and Britain, with gains led by a rally in semiconductor stocks.
Swiss Stocks Halted for Hours in Second Outage in 13 Months
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(Bloomberg) — Switzerland’s stock market operator halted equity trading for hours Wednesday after a technical snag that made it impossible to distribute pricing data, the exchange’s longest outage ever and the second to hit it in little more than a year.
Bunge Delays Completion of $8.2 Billion Viterra Acquisition
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(Bloomberg) — Crop trader Bunge Global SA said its $8.2 billion acquisition of Viterra Inc. will be delayed as the company is still awaiting regulatory approval from several governments including China, Canada and the European Union.
SNB Reports Half-Year Profit as Strong Stocks Offset Franc Gains
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(Bloomberg) — The Swiss National Bank made a solid six-month profit on rising equities and gold prices, replenishing its capital base and keeping hopes alive that the central bank will be able resume payouts to the government.
Tech Stocks Hit as Microsoft Down 6% in Late Hours: Markets Wrap
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(Bloomberg) — The world’s largest technology companies extended losses in late hours as Microsoft Corp.’s results fueled concern the artificial-intelligence frenzy that has powered the bull market might have gone too far.
UBS Vetting of Credit Suisse Clients Being Reviewed by Regulator
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(Bloomberg) — Switzerland’s financial regulator is taking a close look at how UBS Group AG is bringing over Credit Suisse clients, as the country seeks to mitigate risks at its largest bank.
Luxury Heir Alleges His $13 Billion Hermès Fortune Has Vanished
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(Bloomberg) — An octogenarian heir to the Hermès luxury fortune, who sparked controversy last year over a plan to leave his money to his gardener, may not have much to give away after all.
Stocks Edge Up as ‘Big-to-Small’ Rotation Pauses: Markets Wrap
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(Bloomberg) — Stocks rose ahead of major central bank decisions, key economic data and earnings from four megacaps worth nearly $10 trillion.
Banque Havilland Begins Closure of Swiss and Liechtenstein Units
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(Bloomberg) — Banque Havilland SA, a private bank owned by the family of close friends of the disgraced British royal Prince Andrew, has begun the process of closing its operations in Liechtenstein and Switzerland, days after being told by the European Central Bank that it would lose a key license.
Vitol Hands Traders Record $6.5 Billion Payout After Profit Boom
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(Bloomberg) — Vitol Group paid a record dividend of $6.5 billion last year, the latest evidence of how the energy crisis has delivered spectacular riches to the world’s commodity traders.
French Power Demand Set for Summer High as Temperatures Soar
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(Bloomberg) — The hot weather gripping Europe this week is poised to push French power consumption to its highest level this summer as homes and businesses ramp up their air conditioning units to keep cool.
Mozambique Wins Fraud Suit Over Credit Suisse Bond Scandal
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(Bloomberg) — Mozambique won a fraud case over a $2 billion bond scandal that embroiled Credit Suisse and created a financial crisis for the southern African nation.
Renewed Franc Surge Could Make the SNB Consider More Rate Cuts
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(Bloomberg) — A renewed surge in the franc is prompting economists to ask if the Swiss National Bank will need to prolong interest-rate cutting to keep such pressures at bay.
Fed Is About to Nod at a Rate Cut as Job Growth Moderates
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(Bloomberg) — Federal Reserve officials are on the verge of lowering borrowing costs within months, a move Chair Jerome Powell may signal in the coming week as the risks grow of imperiling a solid but moderating job market.
Gategroup Unit Reaches Agreement With Unions, Averting Strike
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(Bloomberg) — Gategroup Holding AG’s gategourmet unit reached a tentative collective bargaining agreement with a coalition of unions representing its workers, averting a threatened strike, the company and unions said Saturday.
Better ‘Boring’ Than Wrong, SNB’s Jordan Says in Career Review
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(Bloomberg) — Outgoing Swiss National Bank President Thomas Jordan doesn’t have a problem if his 12 years leading the institution are viewed as dull in some quarters, saying he always did what was right for the country.
