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Credit Suisse Warns Of More Losses After Falling Deep Into The Red


ZURICH, Feb 9 (Reuters) – Credit Suisse Group (CSGN.S) on Thursday reported its worst annual loss since the 2008 global financial crisis after rattled clients fled in droves, and warned that a further “substantial” loss would come this year.

Its shares fell 2.5% in early morning trade.

Battered by one scandal after another, the bank saw a sharp acceleration in withdrawals in the fourth quarter with outflows of more than 110 billion Swiss francs ($120 billion), although it said the picture has been improving.

Full coverage: REUTERS

Volvo Cars Braces For Challenging 2023 After Quarterly Profits Falls

STOCKHOLM, Feb 9 (Reuters) – Volvo Cars (VOLCARb.ST) said on Thursday 2023 was likely to be another challenging year despite healthy demand for its vehicles as the Swedish carmaker reported a fall in quarterly profit.

Volvo Cars, which is majority-owned by Chinese automotive company Geely Holding (0175.HK), said its fourth-quarter operating profit dropped to 3.4 billion crowns ($322.2 million)from 3.7 billion crowns a year earlier.

Full coverage: REUTERS

Fresh Risk For Adani: MSCI Weighs Changes Of Status Of Some Group Stocks

SYDNEY/NEW DELHI, Feb 9 (Reuters) – Financial index provider MSCI said on Thursday that some Adani securities should no longer be designated as free float, after market participants raised concerns about the eligibility of the Indian conglomerate’s companies for some of its indexes.

Billionaire tycoon Gautam Adani has already has seen $110 billion wiped off his seven main Indian-listed stocks in slightly more than a week after a scathing Jan. 24 report by a U.S. short seller which accused the conglomerate of improper use of offshore tax havens and stock manipulation.

Full coverage: REUTERS

AstraZaneca Forecasts Earnings, Revenue Growth In 2023

LONDON, Feb 9 (Reuters) – AstraZeneca on Thursday forecast growth in earnings and revenue in 2023 as the British drugmaker seeks to offset the loss of COVID-19 medicines with its roster of cancer, metabolic and rare disease drugs.

The London-listed company said it expects revenue including from its COVID-19 business to increase by a high single-digit to low double-digit percentage this year.

CEO Pascal Soriot said the firm was on a path to deliver at least 15 new medicines this decade.

Full coverage: REUTERS

Morning Bid: Powell Confesses “This Time, It’s Different”

A look at the day ahead in U.S. and global markets from Mike Dolan.

Jerome Powell calmed the horses, a bit.

In attempting to parse last week’s blockbuster January jobs report, the Federal Reserve Chair on Tuesday reprised his take from last Wednesday’s policy meeting – essentially that another couple of Fed rate hikes were probably needed to get across inflation fully, but that it was anyone’s guess after that.

Full coverage: REUTERS

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Industry Dynamics

Russia Halts Dollar, Euro Trades Amid New U.S. Sanctions

Following new U.S. sanctions, Russia has ceased trading in dollars and euros on its primary financial marketplace, the Moscow Exchange.  

2024-6-14 | Industry Dynamics

Weekly Economic Calendar for June 17th to 21st 2024

Weekly Economic Calendar For June 17th, 2024 – June 21st, 2024

2024-6-14 | Industry Dynamics

Fed Signals One Rate Cut This Year Amid Inflation 

Federal Reserve officials have scheduled just one interest rate cut for this year, responding cautiously even as recent inflation data showed improvement. The Federal Reserve maintains its benchmark rate at a steady 5.25% to 5.5%, aligning with expectations. Projections indicate that 15 of 19 officials anticipate reducing rates this year, likely by a single cut. 

2024-6-13 | Industry Dynamics