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By Swissquote Analysts
Morning News

Germany Launches €10 Billion Bailout for Gazprom’s Local Unit

Germany moved to stabilize its energy supply Tuesday, injecting about €10 billion into the German subsidiary of Gazprom PJSC as the Russian gas giant said it would nearly halve the flow of fuel through a major pipeline connecting the two countries. Berlin said the loan, equivalent to approximately $10.4 billion, from German state development bank KfW had become necessary to shield the business from the fallout of the sanctions war between the West and Moscow after its forces invaded Ukraine.

By
Mathieu VILLARD
Morning News

Bitcoin Revisits Late-2020 Levels as It Suffers Fresh Selloff

The deepening rout in cryptocurrencies pushed the price of bitcoin down by almost a fifth to its lowest level since 2020, as part of a broader market selloff fanned by concerns about rising U.S. interest rates. Digital currencies fell Monday after a fresh inflation shock heightened investors' fears that the Federal Reserve might act more aggressively to tame surging prices. Bitcoin dropped 18% from its Friday evening level to trade at $23,824. Ethereum, another cryptocurrency, fell 27% to $1,222, according to CoinDesk.

By
Mathieu VILLARD
Morning News

Tesla Plans 3-for-1 Stock Split, Joining Other Big Tech Companies

Tesla Inc. plans a 3-for-1 stock split, joining other technology companies with lofty share prices that have taken such a step to make ownership more accessible to individual investors. The electric-car maker on Friday detailed the plan in a regulatory filing ahead of its planned Aug. 4 annual shareholder meeting. Tesla in March said it would seek shareholder approval for a stock split at that gathering, but at the time didn’t provide details.

By
Mathieu VILLARD
Morning News

Bayer Wins Roundup Trial in Missouri Court

A Missouri court has ruled in favor of Bayer AG's Monsanto in a trial regarding claims that its Roundup weed-killer causes cancer, the company said late Thursday. "The jury's verdict in favor of the company brings this trial to a successful conclusion and is consistent with the evidence in this case that Roundup does not cause cancer and was not the cause of Mr. Shelton's cancer," Bayer said.

By
Nadine PEREIRA
Morning News

State Street focused on latest acquisition, no comment on CS

U.S. financial services group State Street declined to comment on press reports about a possible takeover of Credit Suisse, saying it remained focused on completing an acquisition announced last year. "As we have said before, we are focused on our pending acquisition of Brown Brothers Harriman's investor services business," a State Street spokesman said.

By
Mathieu VILLARD
Morning News

Credit Suisse Warns Another Quarterly Loss Is Likely

Credit Suisse Group AG said Wednesday that it is likely to post a loss for the second quarter, as it continues to face challenging market conditions while it presses on with a restructuring. The Swiss lender said it faced more volatile markets, weak customer flows and continued debt reduction by clients, especially in the Asia-Pacific and China region. The past two quarters have been unprofitable for the bank. The investment bank’s performance was depressed in April and May, and the unit will likely post a quarterly loss, Credit Suisse said. The division is being trimmed down amid a decision to reduce risk and shift focus on wealth management.

By
Mathieu VILLARD
Morning News

Elon Musk Threatens to End Twitter Deal Over Lack of Information

Elon Musk threatened to terminate his deal to buy Twitter Inc. in a letter accusing the company of not complying with his request for data on the number of spam and fake accounts on the social-media platform. Mr. Musk said Twitter has refused to provide the data necessary for Mr. Musk to facilitate his own evaluation of the number of spam and fake accounts. In April, Twitter accepted Mr. Musk’s $44 billion bid to take over the company and go private. As part of the deal, Mr. Musk waived detailed due diligence that buyers typically perform on targets.

By
Nadine PEREIRA
Themes Trading

Whats next for stocks?

Market volatility has moved into nausea-inducing levels. The S&P 500 has fallen 16% year-to-date, and according to some experts, we’re on a slippery slope – and yet to reach the bottom.

By
Peter Rosenstreich
Morning News

Microsoft Cuts Earnings, Revenue Guidance Citing Foreign Exchange

Microsoft shares recovered from early losses to finish up $2.16, or 0.8%, to $274.58, rising with the broader market. The software company cut sales and earnings guidance for the current quarter, citing the impact of foreign-exchange rates as the stronger U.S. dollar takes a toll. The software giant said in a securities filing Thursday that it now expects fiscal fourth-quarter sales of between $51.94 billion and $52.74 billion, down from its prior guidance of $52.4 billion to $53.2 billion. The quarter ends June 30. Earnings are expected to be between $2.24 a share and $2.32 a share, down from prior guidance of $2.28 a share to $2.35 a share. Economic weakness in other parts of the world has helped propel the U.S. dollar to multi-decade highs against its trading partners, which comes as U.S. inflation is at or near its highest level in nearly 40 years.

By
Mathieu VILLARD
Morning News

CEO of Deutsche Bank’s DWS Resigns After Police Raid on Offices

The chief executive of Deutsche Bank AG’s (+0.8%) asset-management subsidiary DWS Group (-6.2% in Frankfurt) will step down, the German lender said Wednesday, a day after a raid by German authorities on its Frankfurt offices. Asoka Woehrmann, who has run the group since late 2018, will resign after DWS Group’s annual general meeting on June 9. He will be succeeded by Stefan Hoops, currently head of Deutsche Bank’s corporate bank, on June 10.

By
Nadine PEREIRA