US Futures Gain, Powered by Alphabet, Microsoft: Markets Wrap
This content was published on
(Bloomberg) — US equity futures advanced as blockbuster earnings from Microsoft Corp. and Alphabet Inc. signaled the artificial intelligence boom that has driven gains for technology stocks remains on track. Google owner Alphabet surged as much as 12% in premarket trading, on track to add more than $230 billion to its market capitalization and exceed…
SNB’s Jordan Warns New Inflation Shocks Could Hit ‘At Any Time’
This content was published on
(Bloomberg) — Global events continue to threaten Switzerland’s price stability despite the country’s strong record on inflation, Swiss National Bank President Thomas Jordan warned. “In the current environment uncertainty remains elevated, and new shocks can occur at any time,” he said on Friday. “We will therefore monitor the ongoing development of inflation closely and adjust…
Beer and Booze Go to Battle as Brazil Wraps Up Tax Overhaul
This content was published on
(Bloomberg) — A new “sin tax” is splitting Brazil’s alcoholic beverage industry as beer producers and liquor manufacturers wrangle over how much they should have to pay. Brazil’s association of beermakers, which represents companies like Ambev SA and Heineken NV, argues they should pay lower rates under the levy meant to limit consumption of goods…
Big Tech Surges in Late Hours on Blowout Earnings: Markets Wrap
This content was published on
(Bloomberg) — The world’s largest technology companies soared in late trading as stellar results from Microsoft Corp. and Google’s parent Alphabet Inc. fueled confidence in Wall Street’s most-influential group. A $250 billion exchange-traded fund tracking the Nasdaq 100 (ticker: QQQ) climbed 1.2% after the close of regular trading. In a sigh of relief to investors…
Top Cocoa Grower Seeks to Avoid Export Defaults After Price Hike
This content was published on
(Bloomberg) — Ivory Coast is seeking to avoid a wave of cocoa-export defaults with a plan to compensate shippers for losses caused by a surprise increase in the price paid to farmers, according to people familiar with the matter. The world’s top cocoa producer wants to use reserves stored in the so-called stabilization fund —…
SNB Should Consider Women for Top Echelon, Jordan PhD Adviser Says
This content was published on
(Bloomberg) — Switzerland’s government should take into account qualified women inside the Swiss National Bank for promotion to its top echelon, according to an academic close to the institution’s current chief. “If the SNB can present a convincing internal female candidate, it would be strange not to seriously consider that,” Ernst Baltensperger, a professor emeritus…
Nestle Sales Growth Sputters on US Slump, Vitamin Snags
This content was published on
(Bloomberg) — Nestle sales growth sputtered in the first quarter as the maker of Nespresso coffee was hit by cooler demand in North America and supply constraints at its vitamins unit. Sales rose 1.4% in the period on an organic basis, the Swiss company said Thursday, about half the estimate of analysts. Its real internal…
SNB Returns to Quarterly Profit Thanks to Swiss Franc Weakness
This content was published on
(Bloomberg) — The Swiss National Bank returned to a quarterly profit because of the weakness of the franc, potentially helping officials to rebuild the central bank’s depleted capital base. The Zurich-based institution notched up a gain of 58.8 billion francs ($64 billion) in the first quarter, according to a statement on Thursday. That’s the strongest…
UBS Analyst Who Took On Evergrande Now Bullish on China Property
This content was published on
(Bloomberg) — When it comes to Chinese real estate, John Lam is a lone wolf. The UBS analyst shocked markets three years ago with a rare sell rating on China Evergrande Group, 11 months before it defaulted and became the poster child for the property collapse. Now Lam is going against the grain again, forecasting…
Tech Giants Hit in Late Hours After Meta’s Outlook: Markets Wrap
This content was published on
(Bloomberg) — Big tech sold off in late hours after Meta Platforms Inc.’s disappointing outlook raised concern on whether the industry that has powered the bull market in equities has run too far. A $250 billion exchange-traded fund tracking the Nasdaq 100 (ticker: QQQ) got hit after the close of regular trading as the Facebook…
Qatar Will Host Meeting to Discuss Ukrainian Proposal to End War
This content was published on
(Bloomberg) — National security advisors and senior officials from around the world are set to meet in Doha this weekend to discuss plans for a summit on Ukraine’s conditions for a settlement with Russia, according to people familiar with the matter. The meeting of officials from the Group of Seven and the so-called Global South…
French Grid Issues Are Causing Power Prices to Soar in Europe
This content was published on
(Bloomberg) — Grid limitations in parts of France are constraining power exports, pushing up prices in neighboring countries. The capacity for transmitting electricity to Belgium, Germany, Switzerland and Italy has been reduced since early March, according to French power-grid operator RTE. That’s depriving those nations of exports of cheaper French nuclear power and boosting wholesale…
Julius Baer Plans Lisbon Office to Tap the Wealthy in Portugal
This content was published on
(Bloomberg) — Julius Baer Group Ltd. plans to open an office in Lisbon next year as it seeks to tap into the wealth of a growing number of affluent foreigners taking up residence in Portugal. The Swiss wealth manager wants to have a presence that’s closer to its Portuguese clients and is in the process…
We Can Fix Your ‘Ozempic Face,’ Skincare Firm Galderma Says
This content was published on
(Bloomberg) — Galderma Group AG’s boss has an answer for people suffering from sunken faces after taking other companies’ weight-loss drugs: fillers. The Swiss skincare company hopes to take advantage of a surge in demand for drugs such as Ozempic, which — although they help people lose weight — can lead to users looking gaunt.…
UBS Chairman Says Swiss Capital Plan Is ‘Wrong Remedy’
This content was published on
(Bloomberg) — UBS Group AG Chairman Colm Kelleher said that the Swiss government’s proposal to require the bank to hold substantially more capital is the “wrong remedy” to the failings that brought down Credit Suisse over a year ago. “We are seriously concerned about some of the discussions related to additional capital requirements,” Kelleher said…
UBS CEO Ermotti Deserves His $16 Million Pay, Kelleher Says
This content was published on
(Bloomberg) — UBS Group AG Chief Executive Officer Sergio Ermotti’s 14.4 million Swiss franc ($15.8 million) pay for last year is justified on the basis of his success in the work so far to integrate Credit Suisse, the bank’s chairman said. “The board has recognized the excellent performance of Sergio Ermotti during a defining year…
Roche Cuts Pipeline After Research Setbacks and Sales Drop
This content was published on
(Bloomberg) — Roche Holding AG cut a fifth of its pipeline of experimental drugs in recent quarters as its new chief executive tries to revive growth after a series of research setbacks. Trimmed so far this year were a trio of cancer projects and an experimental psychiatric compound, Roche said on Wednesday as it reported…
Appaloosa Sues Credit Suisse Over $17 Billion AT1 Bond Wipeout
This content was published on
(Bloomberg) — Hedge fund Appaloosa LP became the latest to sue over the $17 billion wipeout of high-risk bonds last year that was part of the deal to save Credit Suisse Group AG from a full-scale collapse. Appaloosa served as investment adviser to Palomino Master Ltd. and Azteca Partners LLC, who are also plaintiffs in…
Tech Giants Roar as Tesla Spikes in Late Hours: Markets Wrap
This content was published on
(Bloomberg) — A rally in tech heavyweights lifted the broader stock market, with the group’s high-stakes earnings seen by Wall Street investors as a major test of the bull run in equities. In late hours, Tesla Inc. soared as the electric-vehicle giant said it will accelerate the launch of more-affordable models — and chief Elon…
Novartis Surges After Forecast Boost Beats Expectations
This content was published on
(Bloomberg) — Novartis AG raised its forecast as sales of blockbuster medicines for heart disease and psoriasis outpaced expectations, giving the stock its biggest boost in nine months. Sales will grow at a high-single to low double-digit percentage this year, the Swiss drugmaker said Tuesday. Core operating income is expected to grow at a…
