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Credit Suisse Group
Credit Suisse Group
Credit Suisse Group AG — швейцарский финансовый конгломерат. Штаб-квартира расположена в Цюрихе, Швейцария. Активы составляют $1,1 трлн. Банк был основан Альфредом Эшером 5 июля 1856 года, как Schweizerische Kreditanstalt (SKA) для финансирования строительства железных дорог (Nordostbahn) и индустри ...
Credit Suisse Group AG — швейцарский финансовый конгломерат. Штаб-квартира расположена в Цюрихе, Швейцария. Активы составляют $1,1 трлн. Банк был основан Альфредом Эшером 5 июля 1856 года, как Schweizerische Kreditanstalt (SKA) для финансирования строительства железных дорог (Nordostbahn) и индустриализации Швейцарии. Главный управляющий банка — Брэди Дуган (Brady Dougan), председатель совета директоров — Ханс-Ульрих Дёриг (Hans-Ulrich Doerig).
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17 ноября, 21:00

Credit Suisse: торговые стратегии на форекс

Credit Suisse: рекомендации по торговле валютой Изменения по сравнению с предыдущей публикацией форекс стратегий данного банка:… читать далее…

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17 ноября, 17:44

Шантаж и мошенничество: Лондонский суд встал на сторону Хорватии в ее споре со Сбербанком

Теперь банку будет сложнее добиться взыскания €1,3 млрд с крупнейшей хорватской компании Agrokor

17 ноября, 15:34

Трейдеры ставят на укрепление евро

"Евро будет продолжать расти, поскольку профицит счета текущих операций в 3% ВВП поддерживает его, - сказал Джалинос в интервью Bloomberg TV. - Учитывая сочетание этого с очень сильными показателями роста, которые мы наблюдаем в странах еврозоны, естественным путем будет повышение".

17 ноября, 12:18

Трейдеры ставят на укрепление евро

Единая европейская валюта, которая всего несколько лет назад была практически символом политической нестабильности и столкнулась с угрозами самому ее существованию, теперь привлекает покупателей, в то время когда рисковые активы продаются по всему миру.

17 ноября, 12:18

Трейдеры ставят на укрепление евро

Единая европейская валюта, которая всего несколько лет назад была практически символом политической нестабильности и столкнулась с угрозами самому ее существованию, теперь привлекает покупателей в то время, когда рисковые активы продаются по всему миру.

17 ноября, 10:04

Казахстан попал в список бедных стран в докладе банка Швейцарии

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Крупнейший швейцарский конгломерат Credit Suisse представил доклад мирового богатства стран Global Wealth Report 2017, сообщает NUR.KZ. Фото: advantour.com Отчет Credit Suisse Research Institute публикуется с 2010 года. Он содержит актуальную информацию о глобальном состоянии стран. Так, Казахстану в отчете был присвоен статус бедной страны по такому критерию, как благосостояние на душу взрослого человека. Эта цифра в Казахстане, судя по отчету, составляет 4441 долларов. Причем в 2000 году, 17 лет назад, этот показатель составлял 2349 долларов. Страны с низким благосостоянием были отнесены в список "бедных" государств. Так, в числе бедных стран также числятся Кыргызстан, Латвия, Монголия, Пакистан, Таджикистан и Украина. Оценивайте чиновников в рейтинге "Голос Народа" Читайте также: Алматинцы смогут "лайкать" водителей автобусов>> Двойняшки родили детей в один день>> Золотой унитаз из сумок Louis Vuitton выставили на продажу за $100 тысяч>> Министр финансов о квартире за 65 млн евро: Будем искать, кто купил>> Загадка о председателях Нацбанка появилась в Сети>>

Выбор редакции
16 ноября, 17:00

Mitsubishi UFJ (MTU) Might Fail to Dodge Strict Supervision

Mitsubishi UFJ's (MTU) plans for switching over to less abrasive supervision resisted by the Department of Financial Services.

16 ноября, 10:16

Миллион в студию

новое исследование Credit Suisse http://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=16AC69C5-F161-7F50-8004D61256F2E6FEничего особенно нового там не увиделСогласно исследованию (глобального богатства в 2017 году) Credit Suisse по темпам роста благосостояния домохозяйств Россия в ТОП-12 на 7 месте и опережает США и Австралиюполовина всего мирового богатства по-прежнему принадлежит менее 1% населения, а самый стремительный рост миллионеров прогнозируется для Индии и Аргентины

16 ноября, 07:55

Благосостояние россиян осталось на уровне 2006 года

В России у 82% населения состояние не превышает $10 000, в то время как в США людей с таким доходом значительно меньше — только 28,5%

16 ноября, 04:50

Why Australia's Economy Is A House Of Cards

Authored by Matt Barrie via Medium.com, Co-authored with Craig Tindale. I recently watched the federal treasurer, Scott Morrison, proudly proclaim that Australia was in “surprisingly good shape”. Indeed, Australia has just snatched the world record from the Netherlands, achieving its 104th quarter of growth without a recession, making this achievement the longest streak for any OECD country since 1970.   Australian GDP growth has been trending down for over forty yearsSource: Trading Economics, ABS I was pretty shocked at the complacency, because after twenty six years of economic expansion, the country has very little to show for it. For over a quarter of a century our economy mostly grew because of dumb luck. Luck because our country is relatively large and abundant in natural resources, resources that have been in huge demand from a close neighbour. That neighbour is China. Out of all OECD nations, Australia is the most dependent on China by a huge margin, according to the IMF. Over one third of all merchandise exports from this country go to China- where ‘merchandise exports’ includes all physical products, including the things we dig out of the ground. Source: Austrade, IMF Director of Trade Statistics Outside of the OECD, Australia ranks just after the Democratic Republic of the Congo, Gambia and the Lao People’s Democratic Republic and just before the Central African Republic, Iran and Liberia. Does anything sound a bit funny about that? Source: Austrade, IMF Director of Trade Statistics As a whole, the Australian economy has grown through a property bubble inflating on top of a mining bubble, built on top of a commodities bubble, driven by a China bubble. Unfortunately for Australia, that “lucky” free ride is just about to end. Societe Generale’s China economist Wei Yao said recently, “Chinese banks are looking down the barrel of a staggering $1.7 trillion?—?worth of losses”. Hyaman Capital’s Kyle Bass calls China a “$34 trillion experiment” which is “exploding”, where Chinese bank losses “could exceed 400% of the U.S. banking losses incurred during the subprime crisis”. A hard landing for China is a catastrophic landing for Australia, with horrific consequences to this country’s delusions of economic grandeur. Delusions which are all unfolding right now as this quadruple leveraged bubble unwinds. What makes this especially dangerous is that it is unwinding in what increasingly looks like a global recession- perhaps even depression, in an environment where the U.S. Federal Reserve (1.25%), Bank of Canada (1.0%) and Bank of England (0.25%) interest rates are pretty much zero, and the European Central Bank (0.0%), Bank of Japan (-0.10%), and Central Banks of Sweden (-0.50%) and Switzerland (-0.75%) are at zero or negative interest rates. Summary of Current Interest Rates from Central Banks (16th October 2017). Source: Global-rates.com As a quick refresher of how we got here, after the Global Financial Crisis, and consequent recession hit in 2007 thanks to delinquencies on subprime mortgages, the U.S. Federal Reserve began cutting the short-term interest rate, known as the ‘Federal Funds Rate’ (or the rate at which depository institutions trade balances held at Federal Reserve Banks with each other overnight), from 5.25% to 0%, the lowest rate in history. When that didn’t work to curb rising unemployment and stop growth stagnating, central banks across the globe started printing money which they used to buy up financial securities in an effort to drive up prices. This process was called “quantitative easing” (“QE”), to confuse the average person in the street into thinking it wasn’t anything more than conjuring trillions of dollars out of thin air and using that money to buy things in an effort to drive their prices up. Systematic buying of treasuries and mortgage bonds by central banks caused the face value of on those bonds to increase, and since bond yields fall as their prices rise, this buying had the effect of also driving long-term interest rates down to near zero. Both short and long term rates were driven to near zero by interest rate policy and QE. Source: Bloomberg, CME Group In theory making money cheap to borrow stimulates investment in the economy; it encourages households and companies to borrow, employ more people and spend more money. An alternative theory for QE is that it encourages buying hard assets by making people freak out that the value of the currency they are holding is being counterfeited into oblivion. In reality, the ability to borrow cheap money was mainly used by companies to buy back their own shares, and combined with QE being used to buy stock index funds (otherwise known as exchange traded funds or “ETFs”), this propelled stock markets to hit record high after record high even though this wasn’t justified the underlying corporate performance. Almost all flows into the equity market have been in the form of buybacks. Source: BofA Merrill Lynch Global Investment Strategy, S&P Global, EPFR Global, Convexity Maven In literally a “WTF Chart of the Day” on September 11, 2017, it was reported that the central bank of Japan now holds 75% of all ETFs. No, not ‘owns units in three out of four ETFs’?—?the Bank of Japan now owns three quarters of all assets by market value in all Japanese exchange traded funds. In today’s world Hugo Chavez wouldn’t need to nationalise assets, he could have just printed money and bought them on the open market. Bank of Japan now owns 75% of all Japanese ETFs. Source: Zerohedge Europe and Asia were dragged into the crisis, as major European and Asian banks were found holding billions in toxic debt linked to U.S. subprime mortgages (more than 1 million U.S. homeowners faced foreclosure). One by one, nations began entering recession and repeated attempts to slash interest rates by central banks, along with bailouts of the banks and various stimulus packages could not stymie the unfolding crisis. After several failed attempts at instituting austerity measures across a number of European nations with mounting public debt, the European Central Bank began its own QE program that continues today and should remain in place well into 2018. In China, QE was used to buy government bonds which were used to finance infrastructure projects such as overpriced apartment blocks, the construction of which has underpinned China’s “miracle” economy. Since nobody in China could actually afford these apartments, QE was lent to local government agencies to buy these empty flats. Of course this then led to a tsunami of Chinese hot money fleeing the country and blowing real estate bubbles from Vancouver to Auckland as it sought more affordable property in cities whose air, food and water didn’t kill you. QE was only intended as a temporary emergency measure, but now a decade into printing and the central banks of the United States, Europe, Japan and China have now collectively purchased over US$19 trillion of assets. Despite the lowest interest rates in 5,000 years, the global economic growth in response to this money printing has continued to be anaemic. Instead, this stimulus has served to blow asset bubbles everywhere. Total assets held by major central banks. Source: Haver Analytics, Yardeni Research This money printing has lasted so long that the US economic cycle is imminently due for another downturn- the average length of each economic cycle in the U.S. is roughly 6 years. By the time the next crisis hits, there will be very few levers left for central banks to pull without getting into some really funny business. It wasn’t until September 2017 that the U.S. Federal Reserve finally announced an end to the current program, with a plan to begin selling-off and reducing its own US$4.5 trillion portfolio beginning in October 2017. How these central banks plan to sell these US$19 trillion in assets someday without completely blowing up the world economy is anyone’s guess. That’s about the same in value as trying to sell every single share in every single company listed on the stock markets of Australia, London, Shanghai, New Zealand, Hong Kong, Germany, Japan and Singapore. I would think a primary school student would be able to tell you that this is all going to end up going horribly wrong. To put into perspective how perverted things are right now, in September 2017, Austria issued a 100 year euro denominated bond which yields a pathetic 2.1% per annum. That’s for one hundred years. The buyers of these bonds, who, on the balance of probability, were most likely in high school or university during the global financial crisis, think that earning a miniscule 2.1% per annum every year over 100 years is a better investment than well anything else that they could invest in- stocks, real estate, you name it, for one hundred years. They are also betting that inflation won’t be higher than 2.1% on average for one hundred years, because otherwise they would lose money. This is even though in 20 years time they’ll be holding a bond with 80 years left to go to be paid out in a currency that may no longer exist. The only way the value of these bonds will go up is if the world continues to fall apart, causing the European Central Bank to cut its interest rate further and keep it lower for 100 years. Since the ECB refinancing rate is currently zero percent, that would mean that if you wanted to borrow money from the European Central Bank, it would literally have to pay you for the pleasure of borrowing money from it. The other important thing to remember is that on maturity, everyone that bought that bond in September will be dead. So if one naively were looking at markets, particularly the commodity and resource driven markets that traditionally drive the Australian economy, you might well have been tricked into thinking that the world was back in good times again as many have rallied over the last year or so. The initial rally in commodities at the beginning of 2016 was caused by a bet that more economic stimulus and industrial reform in China would lead to a spike in demand for commodities used in construction. That bet rapidly turned into full blown mania as Chinese investors, starved of opportunity and restricted by government clamp downs in equities, piled into commodities markets. This saw, in April of 2016, enough cotton trading in a single day to make a pair of jeans for everyone on the planet, and enough soybeans for 56 billion servings of tofu, according to Bloomberg in a report entitled “The World’s Most Extreme Speculative Mania Unravels in China”. Market turnover on the three Chinese exchanges jumped from a daily average of about $78 billion in February to a peak of $261 billion on April 22, 2016?—?exceeding the GDP of Ireland. By comparison, Nasdaq’s daily turnover peaked in early 2000 at $150 billion. While volume exploded, open interest didn’t. New contracts were not being created, volume instead was churning as the hot potato passed between speculators, most commonly in the night session, as consumers traded after work. So much so that sometimes analysts wondered whether the price of iron ore is set by the market tensions between iron ore miners and steel producers, or by Chinese taxi drivers trading on apps. Average futures contract holding times for various commodities. Source: Bloomberg In April 2016, the average holding period for steel rebar and iron ore contracts was less than 3 hours. The Chief Executive of the London Metal Exchange, said “Why should steel rebar be one of the world’s most actively-traded futures contracts? I don’t think most people who trade it know what it is”. Steel, of course, is made from iron ore, Australia’s biggest export, and frequently the country’s main driver of a trade surplus and GDP growth. Australia is the largest exporter of iron ore in the world, with a 29% global share in 2015–16 and 786Mt exported, and at $48 billion we’re responsible for over half of all global iron ore exports by value. Around 81% of our iron ore exports go to China. Unfortunately, in 2017, China isn’t as desperate anymore for iron ore, where close to 50% of Chinese steel demand comes from property development, which is under stress as house prices temper and credit tightens. In May 2017, stockpiles at Chinese ports were at an all time high, with enough to build 13,000 Eiffel Towers. Last January, China pledged “supply-side reforms” for its steel and coal sectors to reduce excessive production capacity. In 2016, capacity was cut by 6 percent for steel and and 8 percent for coal. In the first half of 2017 alone, a further 120 million tonnes of low-grade steel capacity was ordered to close because of pollution. This represents 11 percent of the country’s steel capacity and 15 percent of annual output. While this will more heavily impact Chinese-mined ore than generally higher-grade Australian ore, Chinese demand for iron ore is nevertheless waning. Over the last six years, the price of iron ore has fallen 60%. Iron ore fines 62% Fe CFR Futures. Source: Investing.com While the price of iron ore briefly rallied after the U.S. election in anticipation of increasingly less likely Trumponomics, DBS Bank expects that global demand for steel will remain stagnant for at least the next 10–15 years. The bank forecasts that prices are likely to be rangebound based on estimates that Chinese steel demand and production have peaked and are declining, that there are no economies to buffer this slowdown in China, and that major steel consuming industries are also facing overcapacity issues or are expected to see lower growth. Australia’s second biggest export is coal, being the largest exporter in the world supplying about 38% of the world’s demand. Production has been on a tear, with exports increasing from 261Mt in 2008 to 388Mt in 2016. Australian Coal Exports by Type 1990–2035 (IEA Core Scenario). Source: International Energy Agency, Minerals Council of Australia While exports increased by 49% over that time period, the value of those exports has collapsed 38%, from $54.7 billion to $34 billion. The only bright side for Australian coal in 2017 was that, unexpectedly, Cyclone Debbie wiped out several railroads and forced the closure of ports and mining operations, which has caused a temporary spike in coal prices. Australian Thermal Coal Prices. (12,000- btu/pound,

16 ноября, 01:35

Credit Suisse: неравенство продолжает увеличиваться

Благосостояние населения мира с середины 2016 г. по середину 2017 г. выросло на 6,4% и достигло отметки $280 трлн. Об этом говорится в ежегодном докладе Global Wealth Report швейцарского банка Credit Suisse.

16 ноября, 01:35

Credit Suisse: неравенство продолжает увеличиваться

Благосостояние населения мира с середины 2016 года по середину 2017 года выросло на 6,4% и достигло отметки $280 трлн. Об этом говорится в ежегодном докладе Global Wealth Report швейцарского банка Credit Suisse.

15 ноября, 19:45

Here's Why Square (SQ) Gained Today

Shares of Square Inc. (SQ) were up more than 2.3% in morning trading Wednesday after the payments company announced that it is testing support for bitcoin through its mobile application, Cash App.

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15 ноября, 17:52

The Moment Gary Cohn Realized His Entire Economic Policy Is A Disaster

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Ever since 2012 (see "How The Fed's Visible Hand Is Forcing Corporate Cash Mismanagement")  we have warned that as a result of the Fed's flawed monetary policy and record low rates, corporations have been incentivized not to invest in growth and allocate funds to capital spending (the result has been an unprecedented decline in capex), but to engage in the quickest, and most effective - if only in the short run - shareholder friendly actions possible, namely stock buybacks. We got a vivid confirmation of that recently when Credit Suisse showed that the only buyer of stock since the financial crisis has been the corporate sector', i.e. companies repurchasing their own shares... ... with SocGen showing previously that virtually all the net debt issued this century has been used to fund stock buybacks. While one can debate the implications, the above two charts show one thing clearly: corporate incentives have been perverted in the past decade, and instead of allocating capital to ensure long-term business growth, companies have rushed to cash out, with shareholders benefiting the most, while management teams got record bonuses as a result of their stock price-linked compensation bogeys. The eagerness to shift incentives away from buybacks to capex is also the basis for much of Trump's economic policy as designed over the past year by his top economic advisor, former Goldman COO Gary Cohn who is the White House Economic Council director. In fact, the motive behind the administration's entire push for tax reform (cutting corporate tax rates) and offshore cash repatriation, is to the funds domestically, though not on buybacks and M&A (which also leads to "synergies" and other headcount reductions), but on reinvesting the funds in growing one's business and hiring. Which is why we were amused to observe the following brief interchange yesterday between Gary Cohn and an audience made up of executives, where in the span of a few seconds Gary Cohn realized that his entire economic policy had been a disaster. During an event for the Wall Street Journal's CEO Council, an editor at The Wall Street Journal asked the room: "If the tax reform bill goes through, do you plan to increase investment — your company's investment, capital investment?" He asked for a show of hands. Alas, as the camera revealed, virtually nobody raised their hand. Responding to this "unexpected" lack of enthusiasm to invest in growth, Cohn had one question: "Why aren't the other hands up?" VIDEO: CEOs asked if they plan to increase their company's capital investments if the GOP's tax bill passes. A few hands go up. "Why aren't the other hands up?" Gary Cohn asks.#WSJCEOCouncil pic.twitter.com/TD2oAlN27S — Natalie Andrews (@nataliewsj) November 14, 2017 His confusion was understandable: this one simple experiment revealed that Cohn's entire economic policy was a disaster. And while the former Goldman president tried to cover up his disappointment with laughter, the cognitive dissonance between the stated intention behind tax reform, and what it would ultimately achieve, or rather not achieve, was painfully obvious to everyone. Adding insult to injury, last month the White House released a paper arguing slashing the corporate tax rate would increase average household income.  Kevin Hassett, the chair of the Council of Economic Advisers (CEA) chairman, said on a call last month the main reason why cutting the corporate tax rate would boost wages is because doing so would make it less expensive for companies to invest in capital assets such as machines. “More assets like machines let workers produce more, and when workers can produce more, businesses can afford to pay their workers more,” he said last month. Unfortunately, virtually no CEOs have any intention of using freed up funds to reinvest in themselves. Ironically, Cohn's epiphany took place just as tax reform is approaching the final stretch in Congress and it increasingly appears that at least some form of corporate tax cut will be enacted. We say ironically, because the only thing Trump's reform will achieve is to dramatically accelerate recently slowing buybacks, which in turn will push stocks to new all time highs as price-indescriminate CFOs and Tresurers tells their favorite VWAP trading desk to just "wave it in." Which means that the White House paper suggesting corporate tax cuts will boost household income is correct... if it focuses only on the incomes of the richest 1% of households.

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15 ноября, 17:36

Home Depot stock price target raised to $175 from $171 at Credit Suisse

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

15 ноября, 15:58

The Global Pyramid Of Wealth [Infographic]

The scale of financial inequality across the world is simply staggering. According to a new report from Credit Suisse, 46 percent of global household wealth is currently controlled by just 0.7 percent of the planet's population.

15 ноября, 15:04

Полмира принадлежит одному проценту богачей

Разрыв между бедными и богатыми продолжает стремительно расти

16 января, 19:00

Капиталы восьми богатейших людей мира и 50% человечества сравнялись

Совокупный капитал восьми богатейших людей мира составляет сейчас $426 млрд. Точно такой же суммой располагает бедная половина человечества, то есть примерно 3,6 млрд человек. Это говорится в отчете международного объединения OXFAM.Вот эти восемь богатейших людей мира — Билл Гейтс ($75 млрд), Амансио Ортега ($67 млрд), Уоррен Баффет (60,8 млрд), Карлос Слима ($50 млрд), Джефф Безоса ($45,2 млрд), Марк Цукерберг ($44,6 млрд), Лари Эллисон ($43,6 млрд) и Майкл Блумберг ($40 млрд).По подсчетам авторов отчета, в 2009–2016 годах совокупный капитал 793 богатейших людей мира рос на 11% ежегодно, увеличившись с $2,4 трлн до 5 трлн. Если темпы роста останутся прежними, то уже в ближайшие 25 лет на Земле может появиться первый триллионер, прогнозируют эксперты OXFAM.По словам исполнительного директора OXFAM Винни Бьянима, ситуация, когда огромное богатство сосредоточено в руках нескольких человек, в то время как каждый десятый человек в мире живет меньше чем на $2 в день, просто непристойна. Кстати, Россия по этой непристойности является мировым лидером. Так 10% домохозяйств по данным банка Credit Suisse в России принадлежит 89% всего богатства страны, а 1% - 75%:А по индексу неравенства Джинни Россия входит в десятку антилидеров мира, соседствуя с Ботсваной, Украиной, Намибией и Замбией.