· Credit Suisse shrinks investment bank, focuses on wealth in overhaul
Credit Suisse will shrink its investment bank and focus more on serving rich clients as part of an overhaul here designed to draw a line under a slew of scandals.
· Credit Suisse Q3 net profit falls 21%, sees Q4 loss
Credit Suisse posted a 21% fall in third-quarter net profit to 434 million Swiss francs ($476 million), hit by a higher tax rate and a 214 million Swiss franc charge to settle allegations of corruption surrounding loans to Mozambique it helped arrange.
· Evonik Q3 core profit broadly in-line on increased demand, higher pricing
German chemicals group Evonik Industries (EVKn.DE) on Thursday reported adjusted core profit for the third quarter broadly in-line with analysts' estimates, citing increased demand across all of its divisions and higher pricing.
· Japanese shippers reap quarterly profit bonanza amid supply chain chaos
Nippon Yusen (9101.T) and Kawasaki Kisen Kaisha (9107.T), Japan's biggest and third-biggest shipping companies by sales, reported record quarterly profits on Thursday as they benefited from higher freight rates amid the chaos hitting global supply chains.
· Stocks rise as Fed tapers without tantrums, BoE takes the stage
Share markets firmed on Thursday after the U.S. Federal Reserve engineered an orderly start to unwinding its massive stimulus programme, though doubts about the inflation outlook did push up longer-dated bond yields.
Anxious eyes now turn to the Bank of England, which may kick off a rate hike cycle later in the day with uncertain implications for debt markets globally.
For now, equity investors were content that the Fed was in no rush to remove the policy punch bowl and Nasdaq futures rose 0.2% to another record high. If sustained, it would be the ninth straight session of gains.
S&P 500 futures held steady, while EUROSTOXX 50 futures rose 0.5% and FTSE futures 0.4%.
Japan’s Nikkei climbed 0.8% and touched its highest in a month, while MSCI’s broadest index of Asia-Pacific shares outside Japan crept up 0.4%.
The Asian index has been burdened by a spike in new coronavirus cases in China, which threatens to curb consumer spending in an already slowing economy.
In mainland China, the Shanghai composite finished the trading day 0.81% higher at about 3,526.87 while the Shenzhen component jumped 1.305% to 14,555.27. Hong Kong’s Hang Seng index was up around 0.4%, as of its final hour of trading.
Australian stocks rose in trade as the S&P/ASX 200 gained 0.48%, closing at 7,428.
Markets in Singapore, Malaysia and India were closed on Thursday for a holiday.
· European markets climb as investors digest Fed decision, await Bank of England
European stocks moved higher on Thursday as global markets react to the U.S. Federal Reserve’s announcement that it will start to taper its bond-buying program.
The pan-European Stoxx 600 added 0.6% in early trade, with health care stocks climbing 1.1% to lead gains as all sectors and major bourses entered positive territory.
Reference: CNBC,Reuters
Thai
Eng