Symbol: EURUSD; Type: SELL; Open Price: 1.01668; Close Price: 1.01342; Profit: +0.321%.
Credit Suisse Group AG suffered a $4 billion loss
Just nine months after implementing its most recent plan for a turnaround, Credit Suisse Group AG announced that it would be starting a new one and that it had removed its troubled chief executive officer. The company's loss for the second quarter came in at 1.59 billion Swiss francs, equivalent to 1.65 billion dollars. Axel Lehmann, the bank's chairman, is working hard to guide the institution to profitability and stability. Over the last three quarters, Credit Suisse has incurred a cumulative loss of about 4 billion Swiss francs. A decline in trading activity was the primary contributor to the investment bank's 55 percent drop in revenue during the second quarter.
While its competitors recorded profits, it suffered losses of $245 million from its leveraged financing division. The company said that the suffering at the investment bank is not even close to ending. Koerner will take over a unit still reeling from the Greensill incident, which resulted in the firm freezing $10 billion worth of funds that it had previously promoted to customers.
Pakistan's economy faces possible collapse
In response to deteriorating conditions in Pakistan's foreign finances, the value of the rupee had its worst one-week decline since 1998. Because they cannot cover import payments, banks now give margins on import and export transactions wider than those offered on the interbank market. The South Asian nation is experiencing a severe shortage of dollars due to a delay in its rescue package from the IMF, which has sparked concerns that it may also fail on its debts this year as Sri Lanka did.
Financial data for all major economies is to be released on Thursday this week
The stock market is about to be tested with a results day that involves $9.4 trillion. The Fed's decision on interest rates comes right before the busiest reporting day of the season. GDP and employment figures from the United States, as well as German inflation, are also expected. The final Thursday of each month, particularly July, is consistently one of the busiest days of the year. On what is shaping up to be one of the busiest earnings days in at least a decade, more than 80 of the corporations that make up the Stoxx 600 are anticipated to publish their financial results.
They have a total market value of $2.6 trillion and include companies such as Nestle SA, Anheuser-Busch InBev NV, Shell Plc, and Banco Santander SA. Some of the other companies in this group are listed below. The ability of equities analysts to deliver prompt replies for investors will be essential going forward. Stocks such as ArcelorMittal SA, AB InBev, VeriSign Inc., VF Corp., Amazon.com, Intel, and Royal Caribbean Cruises Ltd. are expected to see price changes of more than 5 percent, according to the options markets. On Wednesday, a rate rise by the Federal Reserve of 75 basis points is virtually inevitable, and because financial markets are beginning to anticipate that the central bank's hawkishness will soon reach its zenith, the Fed's comments will be carefully analyzed. The weekly jobs statistics from the United States, gross domestic product figures from Germany and inflation figures from Germany will add to the work burden of analysts.