GBPUSD SHORT TERM TRADER: New small long at 1.3885; stop well below 1.3800. Target 1.4200. Chart from Analyst, Nicole Elliott – Investors Chronicle.


GBPUSD SHORT TERM TRADER: New small long at 1.3885; stop well below 1.3800. Target 1.4200.

GBPUSD POSITION TAKER: Long at 1.3930; stop well below 1.3800. First target 1.4275, then 1.4650.


US tax write-downs cost Credit Suisse Net loss 983 million CHF

This morning Credit Suisse CEO Tidjane Thiam announced a third consecutive annual loss while saying, ‘[the bank] is in a better place’ than it was this time last year. The bulk of the loss can be put down to the 2.74 billion Swiss francs paid in income tax, where the re-assessment of US deferred taxes took pole position. He then commented on market problems it has has saying, ‘we have seen a significant pick-up in market volatility, which on the one hand had a positive impact on our secondary activities, and on the other hand, negatively impacted our primary calendar as clients wait for calmer markets’.

Swiss banks are not alone in reporting dull or depressing numbers. Eurozone bad debt, estimated at €944 billion, has hampered new lending and return on equity at all too many banks over the last decade. In absolute terms Bloomberg reports that Italian lenders are nursing a cool €224 billion in problem loans, followed by France with €142 billion and Spain €131 billion. As a percentage of total loans Greece and Cyprus have somewhere between 25 and 50 per cent of loans in arrears, Ireland, Portugal, and the Balkans between 10 and 25 per cent.

Financial & Political Commentary



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