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The investigation into Credit Suisse's ties to Nazi-era accounts revealed new evidence of the bank's failure to disclose information in previous probes. Documents uncovered by independent ombudsman Neil Barofsky show alleged intermediaries who aided Nazis in various illicit activities during World War II. Credit Suisse, now under UBS Group AG, has reinstated Barofsky to ensure a thorough review of its historical connections, including links to ratlines that helped Nazi war criminals escape post-WWII. Senators Whitehouse and Grassley commend UBS for cooperating in the investigation while criticizing Credit Suisse for withholding information about its Nazi ties. [Extracted from the article]

BlueLine Asset Management, a Brazilian hedge fund founded by JPMorgan veterans, is closing down after five years due to redemptions and challenging market conditions in Brazil. The firm managed over 300 million reais ($50 million) until October and will cease all activities by early next year. BlueLine's closure reflects the struggles faced by independent Brazilian hedge fund managers amid client shifts towards fixed-income instruments and tax-exempt products, resulting in significant industry outflows. [Extracted from the article]

The article discusses Iran's representative to OPEC's view that the organization has limited ability to increase oil production due to competition from US shale oil. The representative also criticizes OPEC's policies and warns of potential oversupply in 2025. Additionally, smaller African members may leave OPEC due to financial constraints. The article highlights the challenges OPEC+ faces in balancing supply and demand in the global oil market. [Extracted from the article]

A Chinese hedge fund, Pinestone Asset Management Co., led by Xiao Zhang, experienced rapid growth in China's hedge fund industry. However, Zhang faces US indictment for allegedly stealing trade secrets from his former employer, Arrowstreet Capital. This case highlights tensions between the US and China regarding technology and intellectual property theft, potentially impacting the broader Chinese quant and hedge fund industry. Zhang's past employment in the US and return to China, along with the allegations, raise questions about the future of Pinestone and its clients. [Extracted from the article]

A co-founder of the Chinese hedge fund Pinestone Asset Management Co., Xiao Zhang, has been indicted in the US for allegedly stealing trade secrets from a global investment management firm while working there in 2021. Zhang, who is the chief investment officer and largest shareholder of Pinestone, has hired lawyers in the US and China to handle the case. The indictment alleges that Zhang used a virtual private network to access his employer's network from China and made copies of code, projects, and research to establish his own investment firm in China. The theft of trade secrets carries a sentence of up to 10 years in prison and a fine of up to $250,000. [Extracted from the article]

The yen has dropped to its lowest level against the dollar in three months, raising concerns about potential intervention by Japanese officials to support the currency. The weakening yen is attributed to a stronger dollar, increased US yields, and speculation about post-election inflationary policies. Analysts predict further yen depreciation, with potential interest rate hikes by the Bank of Japan and intervention if the yen continues to weaken. The currency's decline has also impacted Japan's bond market, with yields rising to their highest levels since 2008. [Extracted from the article]

The yen has dropped to its lowest level against the dollar in three months, raising concerns about potential intervention by Japanese officials to support the currency. The weakening yen is attributed to a stronger dollar, driven by increased US yields and speculation about post-election policies. Analysts predict further yen depreciation and potential intervention by authorities if the trend continues, with implications for Japan's macroeconomic conditions and monetary policy. The currency market is closely watched ahead of the US election and Federal Reserve decisions, with implications for global financial conditions. [Extracted from the article]

The yen has dropped to its lowest level against the dollar in three months, sparking concerns about potential intervention by Japanese officials to support the currency. The weakening yen is attributed to a stronger dollar, driven by increased US yields and speculation about post-election policies. Analysts predict further yen depreciation and potential intervention if the trend continues, with implications for Japanese monetary policy and bond yields. All G10 currencies have fallen against the dollar in anticipation of the US election and slower Fed policy easing. [Extracted from the article]

The yen has dropped to its lowest level against the dollar in nearly three months, sparking concerns that Japanese officials may intervene to support their currency. This decline is attributed to a stronger dollar, driven by increased US yields and speculation about post-election policies. Analysts predict further weakening of the yen, potentially leading to intervention by authorities and a possible interest rate hike by the Bank of Japan. The situation is closely tied to the outcome of Japan's upcoming general elections and the impact of the US presidential election on global markets. [Extracted from the article]

The yen has weakened to a near three-month low against the dollar, breaching a key technical level and sparking concerns that Japanese officials may intervene to support the currency. This decline is attributed to a rise in US yields and speculation about post-election inflationary policies. Analysts predict further weakening of the yen and strengthening of the dollar, with authorities potentially stepping in to curb the depreciation. US long-term yields are expected to remain high until the impact of the presidential election subsides. [Extracted from the article]

The yen has weakened to near three-month lows against the dollar, prompting concerns that Japanese officials may intervene to support their currency. This drop is attributed to a surge in global yields, US election risks, and the Federal Reserve's cautious stance on interest rates. Rising US yields have widened the gap with Japan, making American assets more attractive to yen-based investors and putting upward pressure on the dollar. The upcoming US presidential election and Japan's own lower house election are contributing to market volatility and uncertainty. [Extracted from the article]

The yen has weakened to near three-month lows against the dollar, prompting concerns that Japanese officials may intervene to support their currency. This drop is attributed to global yield surges, Federal Reserve caution on interest rates, and speculation about post-election US policies. Analysts predict further yen depreciation and dollar strengthening, with potential intervention by Japanese authorities to curb the yen's decline. US long-term yields remain high, indicating ongoing dollar strength until post-election uncertainties subside. [Extracted from the article]

The Turkish central bank's preferred measure of inflation unexpectedly increased last month, causing some analysts to revise their predictions for an interest rate cut that was expected in the fourth quarter. Monthly inflation rose to 2.97% from 2.47% in August, surpassing all forecasts in a Bloomberg survey. Although annual inflation slowed in September, it remained higher than expected at 49.4%. This may delay Turkey's first rate cut since early 2023, with some economists suggesting that easing may not begin until 2025. The Turkish lira strengthened slightly against the dollar following the release of the data. [Extracted from the article]

Turkey's annual inflation rate slowed to 49.4% in September, which was less than expected by economists. However, the central bank's preferred gauge of monthly inflation saw a surprise surge, rising to 2.97% compared to the previous month. Education prices were the main contributor to this unexpected increase. The higher-than-expected inflation figures may delay discussions on anticipated interest-rate cuts in the fourth quarter. [Extracted from the article]

OPEC has maintained its forecast for global oil demand, projecting a surge of 2 million barrels per day this year, despite choosing to extend supply restraints for another two months. This estimate is higher than other forecasters and contradicts the organization's decision to delay the restart of halted production until December. The report suggests that without increased production, there could be a significant shortfall of over 3 million barrels per day in the fourth quarter. However, OPEC's past projections have not always aligned with market outcomes. The report also includes a reduction in the forecast for global oil consumption in the first quarter of 2025. [Extracted from the article]

Martin Schlegel, the Vice President of the Swiss National Bank (SNB), has been chosen to succeed Thomas Jordan as the institution's President. Schlegel, a 20-year veteran of the central bank, is widely seen as the preferred choice of Jordan himself. The government also announced that Petra Tschudin will join the Governing Board as its third member, making her the second female interest-rate setter in SNB history. The selections are expected to signal continuity in Swiss monetary policy, with Schlegel known for being risk-averse and cautious. [Extracted from the article]

Martin Schlegel, the Vice President of the Swiss National Bank (SNB), has been chosen to succeed Thomas Jordan as the institution's President. Schlegel, a 20-year veteran of the central bank, will be the second-youngest chief in SNB history and is widely seen as the preferred choice of Jordan. The government also announced that Petra Tschudin will join the Governing Board as its third member, making her the second female interest-rate setter in SNB history. The selections are expected to signal continuity in Swiss monetary policy, with Schlegel known for being risk-averse and cautious. [Extracted from the article]

Martin Schlegel, the Vice President of the Swiss National Bank (SNB), has been promoted to the position of President, succeeding Thomas Jordan. Schlegel, a 20-year veteran of the central bank, is known to have been a protege of Jordan's and is seen as the preferred choice of the outgoing President. The appointment is expected to signal continuity in Swiss monetary policy. Additionally, Petra Tschudin will join the Governing Board as its third member, becoming only the second female interest-rate setter in SNB history. [Extracted from the article]

Two Japanese institutional investors have stated that they are unlikely to purchase more French government bonds due to concerns about political turmoil and potential further declines in value. The yield spread between French and German bonds has widened significantly, and there is a possibility that it could widen even further. While one investor plans to take a wait-and-see approach to assess the political situation, another investor is reducing its holdings of hedged foreign bonds but will maintain its current balance of French debt. French bonds are the second-most popular overseas debt for Japanese investors after US notes. [Extracted from the article]

Two Japanese institutional investors have expressed hesitation in buying more French government bonds due to concerns about political turmoil. The yield spread between France's 10-year bonds and safer German notes has widened significantly, prompting caution from investors. While one investor plans to hold onto their French government notes for now, they acknowledge the risk of being forced to sell if the bonds weaken further. The other investor is adopting a wait-and-see approach to assess the political situation before making any additional investments. [Extracted from the article]

The yen has rebounded after weakening to a level that prompted suspected intervention by Japan to support the currency. The yen's weakness is due to the wide gap in yields between Japan and other major economies, which has led investors to seek higher returns elsewhere. Despite rising Japanese bond yields, pressure on the yen has not diminished. The yen has also depreciated against European currencies and is near its lowest level since 2008 against the pound. Japanese authorities have not confirmed whether they intervened in the currency market, and there may be pushback from trading partners if they do. US Treasury Secretary Janet Yellen has stated that currency intervention should be used sparingly and with fair warning. The market expects a rate hike by the Bank of Japan in July. [Extracted from the article]

The yen has fallen to a four-week low against the dollar, prompting suspected intervention by Japan to support the currency. However, the impact of intervening in the market has been limited. The weakness of the yen is due to the wide gap in yields between Japan and other major economies, which has led investors to seek higher returns elsewhere. The sustained weakness of the yen is expected to continue unless there are significant changes in interest rates by the Federal Reserve or the Bank of Japan. [Extracted from the article]

The yen has fallen below a key level, prompting suspicions of intervention by Japan to support the currency. However, the impact of intervening in the market appears to be limited. Japanese authorities may have purchased around ¥3.5 trillion ($22 billion) of the currency, but they have not confirmed this. The rate of change in the yen has slowed compared to a month ago, and Japan needs to consider the potential backlash from its trading partners. US Treasury Secretary Janet Yellen has emphasized that currency intervention should be rare and that fair warning should be given. It may be difficult for Japan to intervene now, given recent remarks from Yellen and the strengthening of currencies with higher yields. [Extracted from the article]

Chinese travel stocks, including Trip.com Group Ltd., have seen a rally as more tourists begin to travel again. Chinese President Xi Jinping has called for the development of the country's tourism sector, which may further boost the industry. Despite challenges in other sectors, travel has remained strong, with travelers making 28.2% more trips during the Labor Day holiday compared to pre-pandemic levels. Outbound and inbound international travel is also expected to increase, as visa requirements have been eased for 11 countries since July 2023. While some categories, such as air carriers and high-end travel, may still face challenges, the overall outlook for the travel industry in China is positive. [Extracted from the article]

Chinese travel stocks, including Trip.com Group Ltd., have seen a rally as more tourists begin to travel again. Trip.com shares reached a record high in Hong Kong and are up 58% this year. The company is seen as both an enabler and beneficiary of inbound travel. Despite challenges in other sectors, travel has remained strong and is one of the stronger consumption categories in China. Outbound and inbound international travel is expected to increase, with Beijing easing visa requirements for 11 countries since July 2023. The profitability of bookings overseas is higher than domestic ones, and outbound travel numbers are approaching pre-pandemic levels. Trip.com is expected to report a 26% increase in revenue for the first quarter. Hotel groups, such as H World Group Ltd., are also expected to rally. However, air carriers may struggle due to declines in pricing as airlines add back capacity on major routes. High-end travel spending is still down from 2019, but school holidays in July and August are expected to provide a catalyst for further travel. [Extracted from the article]

The yen has weakened due to calls from the US for caution on intervention, as well as expectations of continued pressure on the currency due to a wide yield gap between the US and Japan. Some market participants are predicting a slide back to 160 yen per dollar after Treasury Secretary Janet Yellen reiterated that interventions will be rare and consultation will take place. While Japan's top currency official declined to comment on Yellen's remarks, he stated that it is desirable for currency markets to move in line with fundamentals. Analysts expect the yen to weaken further towards 160 yen per dollar due to the yield gap and trade deficits. The Bank of Japan is closely monitoring the impact of the weak yen on prices, and there is speculation about the sustainability of Japan's yen buying. Japan's reliance on energy imports and the potential rise in crude oil prices could also negatively affect the yen. [Extracted from the article]

The yen has weakened due to US calls for caution on intervention and expectations of continued pressure on the currency. Some market participants predict a slide back to 160 yen per dollar after Treasury Secretary Janet Yellen reiterated that interventions will be rare. Japan's top currency official stated that government intervention is only necessary if currency moves are disorderly. Analysts expect the yen to weaken further due to the yield gap and trade deficits. Japan's reliance on energy imports and potential rise in crude oil prices may also negatively impact the yen. [Extracted from the article]

The Bank of Japan has decided to keep interest rates steady and simplify its language on bond-buying and policy. This decision has caused the yen to reach a fresh 34-year low and has created market jitters. Despite higher inflation forecasts and a commitment to raise interest rates if projections are met, the yen continues to weaken. The central bank did not signal a reduction in bond purchases, leading to speculation about the bank's future actions. [Extracted from the article]

Former US President Donald Trump met with former Japanese Prime Minister Taro Aso in New York to discuss the US-Japan alliance, challenges posed by China and North Korea, and the importance of bilateral ties. The meeting took place amidst Trump's trial in New York on charges of falsifying business records. Aso's visit is seen as a sign that Japan is preparing for a possible Trump return to the White House. Trump has advocated for a weaker dollar to boost US exports, while Japanese officials have expressed concerns about the yen's weakness. [Extracted from the article]

Investors are increasingly betting against the yen, with net yen shorts reaching their highest level in 17 years. This comes as the yen approaches a key level that could trigger intervention from Japan. Despite warnings from officials, investors believe the yen has further room to weaken due to the interest-rate gap between Japan and the US. The Bank of Japan's rate hike has had little impact on the yen, which is near a 34-year low. The currency's weakness has raised concerns among officials, who have pledged to take action against excessive moves. US inflation data could potentially trigger sharp movements in the yen, depending on the strength of price growth. [Extracted from the article]

Israel's economy experienced a significant contraction of 19.4% in the final quarter of 2023 due to the outbreak of war with Hamas. This decline was worse than expected and resulted from the paralysis of businesses, evacuations, and a record call-up of reservists. Despite this contraction, the economy still managed to expand by 2% for the full year, matching the central bank's projection. The war's impact on the economy was severe, leading to disruptions comparable to those seen during the Covid-19 pandemic. The Palestinian territories, particularly Gaza, have experienced even more devastating economic shockwaves as a result of the war. The Israeli government has taken unprecedented measures to contain the market fallout, including selling reserves to support the local currency. While the worst fears of a full-blown regional conflict have not materialized, the threat of further escalation still poses a risk to the economy. [Extracted from the article]

The International Monetary Fund (IMF) has lowered its growth forecast for South Africa, citing logistical challenges that are hindering economic activity in the country and the wider region. South Africa's economy is expected to grow by only 1% this year, significantly slower than the IMF's previous forecast of 1.8%. The IMF Chief Economist highlighted disruptions in the energy sector and logistics, such as transportation, freight, and ports, as major factors contributing to the downgrade. The IMF also expressed concerns about South Africa's fiscal position and high levels of public debt, emphasizing the need for fiscal consolidation and increased tax revenues. The country's weak performance is impacting the entire Sub-Saharan Africa region, which is facing headwinds from external factors and struggling to reduce inequality. [Extracted from the article]

Meiji Yasuda Life Insurance Co., a Japanese insurer with total assets of ¥46 trillion ($316 billion), plans to avoid buying Japan's super-long sovereign bonds until yields rise. The company typically increases purchases of these bonds towards the end of the fiscal year, but investor appetite has been sluggish due to falling yields. Speculation about an early interest rate cut by the Federal Reserve and the recent earthquake in Ishikawa Prefecture have also affected yields. Meiji Yasuda plans to shift more towards non-hedged foreign bonds and expects the Bank of Japan to end its negative interest rate in April. [Extracted from the article]

Israel's central bank has cut interest rates for the first time since the pandemic began, but warned that the government's fiscal response to the war against Hamas could lead to increased debt and hinder further monetary easing. The central bank's research department has revised the estimated budget deficit and fiscal costs of the war, and called for adjustments to reduce expenditure and increase income. The central bank's decision to cut rates indicates a shift in priorities towards supporting the economy, with a focus on stabilizing markets and reducing uncertainty. However, risks remain as the government and central bank differ on fiscal plans and the potential for the war to escalate. [Extracted from the article]

More needs to be done to understand the reality of floods on a warmer planet, according to Hattermann, as looking at past flooding events has limitations. This type of extreme flooding is not uncommon - the study identified 510 such floods from 1999 to 2021 in Europe alone - and towns and cities are often not prepared for the catastrophic impacts. (Bloomberg) -- Megafloods, or flood events more severe than any previously recorded in a given place, can be predicted by analyzing past flooding in other similar regions of the same continent, according to a study published this week in Nature Geoscience. [Extracted from the article]

(Bloomberg) -- Russia's central bank raised interest rates far more than forecast, alarmed that inflationary risks are still on the rise even after a reimposition of capital controls took pressure off the ruble. Despite the world's biggest currency rally over the past month, the central bank is extending a cycle of monetary tightening that began in July when the pace of the ruble's depreciation was just picking up. [Extracted from the article]

Despite the world's biggest currency rally over the past month, the central bank is extending a cycle of monetary tightening that began in July when the pace of the ruble's depreciation was just picking up. (Bloomberg) -- Russia's central bank raised interest rates far more than forecast, alarmed that inflationary risks are still on the rise even after a reimposition of capital controls took pressure off the ruble. [Extracted from the article]

An additional tightening of monetary policy is needed "to limit the upward deviation of inflation from target and return it to 4% in 2024", the central bank said in a statement, without indicating the likely direction of its next move. (Bloomberg) -- Russia's central bank raised interest rates far more than forecast, alarmed that inflationary risks are still on the rise even after a reimposition of capital controls took pressure off the ruble. [Extracted from the article]

"The interest rate path, and the use of additional monetary policy tools, will be determined in accordance with this purpose and with developments in the war, as well as with data on economic activity and the inflation dynamics, in order to continue supporting the markets' stability and achieving the policy objectives and the needs of the economy, the central bank said. (Bloomberg) -- Israel left interest rates at their highest since 2006 despite the likely toll on its economy from the war with Hamas, as the central bank focuses on propping up the shekel after it fell to an 11-year low. [Extracted from the article]

The conflict will likely create "offsetting effects" on prices, according to Bank Leumi, which predicts the central bank will cut rates by "a limited degree" at one of its coming meetings. (Bloomberg) -- Israel is set to offer its first accounting of the toll on the economy from the violent conflict with Hamas, as the central bank reviews interest rates just over two weeks after attacks by the militant group forced emergency measures to stabilize markets. [Extracted from the article]

The two mid-size Chinese developers' net debt-equity ratio stood at 61% and 48%, respectively, well above the risk ratio of Hong Kong's larger firms; local giant Sun Hung Kai Properties Ltd.'s ratio was 18% in June. Real estate firms are now pricing apartments 10% to 20% lower than the peak of a couple of years ago, said Roen Yeung, senior associate director at Centaline Property Agency Ltd.'s research department. [Extracted from the article]

Tinubu, who came to power in May, has reorganized the country's foreign-exchange system, abolished costly gasoline subsidies and taken steps to boost tax revenue to galvanize Africa's biggest economy. (Bloomberg) -- The International Monetary Fund welcomed reforms that are being implemented by Nigerian President Bola Tinubu's government, and it forecast faster economic growth in the West African nation and other key economies on the continent. [Extracted from the article]

The Bank of Israel has made clear hikes aren't yet off the table, with Governor Amir Yaron saying in July that rates might continue going higher "if we see evidence that the inflation environment is not moderating at a suitable pace." Israel Faces "Last Minute" Rate Call on Following Fed (Bloomberg) -- Israel's central bank has a close call to make as it considers breaking with the US Federal Reserve's last decision to raise interest rates, even with the shekel having depreciated near a three-year low in recent weeks. [Extracted from the article]

(Bloomberg) -- Israel's central bank has a close call to make as it considers breaking with the US Federal Reserve's last decision to raise interest rates, even with the shekel having depreciated near a three-year low in recent weeks. "But similar to Fed decisions, the rate decision in Israel will be made at the last minute." Israel Faces "Last Minute" Rate Call on Following Fed. [Extracted from the article]

ECM Equity Capital Management, a private equity firm focused on small and mid-cap companies, was one of the first investors in wind turbine maker Vestas and earlier this year sold dermatology practice chain Dermatologikum Group to Bergman Clinics. (Bloomberg) -- Synopsys Inc., a US company that makes software for designing semiconductors, said it has completed its acquisition of closely held German software company PikeTec GmbH, strengthening its autonomous driving operations. [Extracted from the article]

PikeTec, owned by the German private equity firm ECM Equity Capital Management, makes testing and verification of automotive software for control unit systems. (Bloomberg) -- Synopsys Inc., a US company that makes software for designing semiconductors, said it has completed its acquisition of privately held technology company PikeTec GmbH. [Extracted from the article]

PikeTec, owned by the German private equity firm ECM Equity Capital Management, didn't respond to a request for comment. (Bloomberg) -- Synopsys Inc., a US company that makes software for designing semiconductors, is in advanced talks to buy privately held technology company PikeTec, according to people familiar with the matter. [Extracted from the article]

Yaron said the central bank is "determined to return inflation to its target and to ensure price stability in Israel." (Bloomberg) -- Israel's central bank left interest rates unchanged for the first time in over a year, halting an unprecedented cycle of monetary tightening but signaling it's still on alert for the threat of faster inflation. [Extracted from the article]

(Bloomberg) -- Israel's central bank left interest rates unchanged for the first time in over a year, halting an unprecedented cycle of monetary tightening but signaling it's still on alert for the threat of faster inflation. Yaron said the central bank is "determined to return inflation to its target and to ensure price stability in Israel.". [Extracted from the article]

Yet, the restructuring of the central bank may also provide opportunities for some who left recently to make a comeback, said Peter Tulip, a former senior member of the RBA's economic research department. RBA Exodus Is "Double-Edged Sword" for Overhaul of Central Bank (Bloomberg) -- A rising number of senior staff quitting Australia's central bank may prove a "doubled-edged sword" for efforts to overhaul the institution - resulting in both an injection of new talent and a loss of corporate memory, according to former officials and economists. [Extracted from the article]