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...“We will learn from our mistakes,” Julius Baer chair Romeo Lacher told the Financial Times this week. “The oversight of risk management . . . will be intensified.”...
...The bond market had already freaked out last week, after March’s third-in-a-row hot consumer price inflation report, though long yields did close at 2024 highs on Tuesday....
...Julius Baer is to review its private debt business in the wake of the financial crisis surrounding Austrian property group Signa....
...Julius Baer has warned on profits after taking SFr82mn ($93mn) in provisions against the value of its loan book, weeks after a financial crisis at the Austrian property group Signa triggered a panic for...
...Shares in Julius Baer have dropped 16 per cent since it revealed last week that it was taking a SFr70mn ($80mn) provision against losses in its credit portfolio....
...Federal Reserve Chair Jay Powell assured Congress this week there will be “broad and material changes” in proposed bank capital rules — known by the cheesy name “Basel III Endgame” — by the end of this year...
...Higher-than-expected figures last week for US consumer price index inflation in March led markets to row back expectations that the Fed would cut rates as soon as June....
...times a week for several years,” he explains....
...Stocks and bonds were both higher on Thursday, with the S&P 500 up 1.2 per cent while yields on rate-sensitive two-year Treasuries hovered around three-week lows at 4.52 per cent....
...Hudson Lockett What will Fed speakers this week tell us about rate cuts and regional bank jitters?...
...“Everyone is talking about the election,” said Monica Defend, head of European fund giant Amundi’s Investment Institute after visiting US clients last week....
...But Powell’s insistence last week that such an early move was unlikely, and a subsequent strong January jobs report, quashed hopes of a move that early in the spring....
...Powell sought earlier in the week to cool speculation about a March rate cut, warning that it was not the central bank’s “base case”. “Powell killed a March cut....
...Instead, this week Julius Baer took a SFr70mn ($79mn) write-off. The red ink was widely thought to flow from problem loans owed by businesses of flamboyant Austrian property mogul René Benko....
...And finally Everyone knows the ‘Twelve days of Christmas’, but not as rewritten by John Julius Norwich in this charming correspondence, which chronicles the daily thank-you letters from one increasingly...
...The Fed was not the only game in town this week, however....
...Wednesday’s FOMC decision to hold rates steady was expected by traders, who have been more focused in recent weeks on when the Fed would begin making the 75 basis points worth of cuts its officials had predicted...
...Last week, Federal Reserve chair Jay Powell gave a talk at Spelman College in which he declared that “for me, a big, big party, and I mean this is as fun as it gets, [is] a really good inflation report”....
...The challenge for Powell this week is financial markets are not buying his warnings that additional monetary tightening is still on the table....
...For weeks ahead of their final meeting of 2023, Federal Reserve officials appeared to have one goal in mind: keep as much flexibility over monetary policy as possible to finish off what has become an arduous...
...“A few weeks ago, Powell said policy is restrictive but (on Friday he added that) he believes policy is ‘well into restrictive territory’....
...Among the high-profile victims is Switzerland’s Julius Baer....
...The latest Swamp Notes podcast looks at Joe Biden and Donald Trump’s duelling trips to the US-Mexico border last week and who voters find more convincing on immigration. Listen here....
...“Despite considerable efforts in recent weeks, the necessary liquidity for an out-of-court restructuring process could not be sufficiently secured, and so Signa Holding has now applied for reorganisation...
...“We take these allegations [from Hindenburg] seriously,” said Cengiz Sen, an analyst at Swiss bank Julius Baer, which is also a client of the company....
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