Credit Suisse

All Eyes On Yellen After US Futures, Euro Stocks Rebound On Latest French Polls

World stocks pulled back from all time highs, and European bourses initially followed U.S. futures and Asian shares lower, however both European risk sentiment as well as E-Minis rebounded after an Odoxa poll showed Macron overtaking Le Pen in the 1st round for the first time, and that the addition of Juppe instead of Fillon may see a 2nd round run-off between Macron vs Juppe, leading to a slump in Bund futures to session lows, and a bounce in European stocks.

Frontrunning: March 2

  • Data-Dependent Yellen Running Out of Reasons to Hold Rates Still (BBG)
  • Dollar rises, global stocks hold highs on March Fed rate hike bets (Reuters)
  • Pelosi calls on Sessions to quit after Post discloses Russia contacts (Reuters)
  • Euro-Area Inflation Hits 2 Percent as ECB Debates Policy (BBG)
  • Snap IPO Values Company at Twice Facebook’s Multiple  (BBG)
  • SEC advisory committee to question Snap's transparency for investors (Reuters)

Snap IPO To Price At $17, Above Range, Valuing Company At $24 Billion

Snap is set to price its initial public offering at $17 a share. That would value the parent of the popular disappearing-message app Snapchat at nearly $24 billion, above the $19.5-$22.3 billion valuation targeted initially by the company, suggesting strong investor demand. At that valuation, Snap would be the biggest U.S.-listed IPO since Alibaba Group Holding Ltd. debuted in 2014.

Are Big Banks' Dark Pools Behind The Run-Up In Bank Stock Prices?

The biggest banks on Wall Street, both foreign and domestic, have been repeatedly charged with rigging and colluding in markets from New York to London to Japan. Thus, it is natural to ask, have the big banks formed a cartel to rig the prices of their own stocks?

A History Of The US Stock Market From 1899 To 2017 In Three Charts

Here are three charts highlighting the dramatic transformation of the US stock market starting in 1899 and continuing through today, showcasing its relative domination of all global equity markets, the relative sizes of world markets, and how dramatically the equity composition has changed over the past 117 years.

Dow Dragged Lower By UnitedHealth After Government Sues Largest US Health Insurer

The Dow Jones "Industrial" Average is suffering one of its worst intraday declines in weeks as a result of a 3.6% drop in UnitedHealth shares, which are sinking on news that the DOJ joined a whistleblower lawsuit against the insurer filed by a former executive claiming the country's largest health insurer overcharged Medicare hundreds of millions of dollars.

#FakeNews In Investing

As is always the case, a ramping bull market hides investor mistakes – it is the bear market that reveals them. The meteoric rise in passive investing is one such 'strategy' sending an important and timely warning. Just remember, everyone is 'passive' until the selling begins.

Frontrunning: February 15

  • World stocks at 21-month highs on Yellen, U.S. outlook (Reuters); Dollar notches longest run of gains in five years before CPI data (Reuters)
  • Nervous About the ACA, GOP Divisions Emerge Over Repeal Effort (BBG)
  • Flynn Probed by FBI Over Calls With Russian Official (WSJ)
  • Russia Questions Mount for Trump White House Reeling From Flynn Fallout (BBG)
  • Trump knew for weeks aide was misleading over Russia (Reuters)

Credit Suisse Announces Another 6,500 Layoffs After Reporting 2016 Loss

After Credit Suisse reported yet another significant loss for the full year 2016, amounting to 2.35 billion Swiss francs, more than the CHF2.07bn expected, the Swiss banking giant said it was looking to lay off up to 6,500 workers and said it was examining alternatives to a planned stock market listing of its Swiss business.