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Jan 9 (Reuters) – Goldman Sachs Group (GS.N) will start cutting thousands of jobs across the firm from Wednesday, two sources familiar with the move said, as it prepares for a tough economic environment in the year ahead.

The job cuts are expected to be just over 3,000, one of the sources said, but the final number is yet to be determined.

The sources could not be named as the information was not yet public disclosure. Goldman Sachs declined to comment.

Full coverage: REUTERS

Swiss National Bank Posts Record $143 Billion Loss In 2022

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ZURICH, Jan 9(Reuters) – The Swiss National Bank posted an annual loss of 132 billion Swiss francs ($143 billion) in 2022, it said on Monday, the biggest in its 115-year history as falling stock and fixed-income markets hit the value of its share and bond portfolio.

A strengthening Swiss franc also had a negative impact.

Monday’s provisional figure, which marked a reverse from a 26 billion franc profit in 2021, was far bigger than the previous record loss of 23 billion francs chalked up in 2015. It is equivalent to slightly more than the annual GDP of Morocco.

Full coverage: REUTERS

Traffic In Suez Canal Normal After Ship Breakdown Dealt With – SCA

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CAIRO, Jan 9 (Reuters) – Shipping traffic in the Suez Canal was proceeding normally on Monday after tugs towed a cargo vessel that broke down during its passage through the waterway, the Canal Authority said.

The breakdown was expected to cause only minor delays, with convoys of ships resuming regular transit by 11:00 local time (09:00 GMT), shipping agent Leth said.

The M/V Glory, which was sailing to China, suffered a technical fault when it was 38km into its passage southward through the canal, before being towed by four tugs to a repair area, the Suez Canal Authority (SCA) said in a statement.

Full coverage: REUTERS

Oil Rises On Demand Optimism As China Borders Reopen

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LONDON, Jan 9 (Reuters) – Oil prices climbed more than 2% on Monday as China’s move to reopen its borders boosted the demand outlook and overshadowed global recession concerns.

The rally was part of a wider recovery in risk sentiment supported by both the reopening of the world’s biggest crude importer and hopes for less-aggressive increases to U.S. interest rates based on recent U.S. data, with Asian equities rising and the dollar weakening.

Full coverage: REUTERS

Morning Bid: Goodbye To All That

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A look at the day ahead in European and global markets from Tom Westbrook:

After three years, travellers are streaming into China by air, land and sea. Long lines snaked through checkpoints at the Hong Kong border. Ferries to Macau swelled with passengers.

“Life is moving forward again!” the official newspaper of the Chinese Communist Party, the People’s Daily, wrote on Sunday.

“Today, the virus is weak, we are stronger.”

Full coverage: REUTERS