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BNP Paribas remains a market leader and is well-capitalized, though it experienced a 4.47% decline recently. In the weekly performance, Commerzbank led with a 2.52% increase, while Sberbank faced a significant drop of 67.53%. Year-to-date, Societe Generale saw the highest gain at 78.49%.
Turkey has secured a method to continue paying for Russian natural gas imports, utilizing Austria's Raiffeisen Banking Group after US sanctions on Gazprombank expired. This workaround allows Turkey to process payments through a subsidiary in Russia not affected by sanctions, with US approval.Additionally, Turkish Foreign Minister Hakan Fidan is set to visit Russia for talks with high-level officials, including President Vladimir Putin, focusing on enhancing bilateral relations in trade, energy, and tourism.
JPMorgan Chase & Co. has launched its Center for Geopolitics (CfG), an advisory division aimed at providing clients with strategic insights into the complex global political and economic landscape. Led by Derek Chollet, the CfG will leverage expertise from the bank's International Council, which includes prominent figures like Paul Ryan and Condoleezza Rice. This initiative responds to CEO Jamie Dimon's concerns about the current geopolitical climate, offering critical analysis on issues such as the Middle East and the future of Russia and Ukraine.
Apple Inc. focuses on designing, manufacturing, and marketing computer hardware and music support products. Its net sales are primarily driven by telephone products, particularly the iPhone, which accounts for 51.4% of revenue, followed by peripheral devices, computers, and music support. Geographically, sales are strongest in the Americas, followed by Europe and Asia.
The UK’s Financial Conduct Authority has banned Detelina Subeva, a former Credit Suisse vice president, for her involvement in the Mozambique "tuna bond" scandal, where she accepted $200,000 in kickbacks. This follows similar bans for Andrew Pearse and Surjan Singh, who received $45 million and $5.7 million, respectively, for arranging corrupt loans totaling $1.3 billion for Mozambique. The scandal, which led to significant financial turmoil in Mozambique, has resulted in ongoing legal actions and substantial penalties for Credit Suisse.
The UK's Financial Conduct Authority has banned former Credit Suisse Vice President Detelina Subeva for her role in the Mozambique loan scandal, following her guilty plea for money laundering. Subeva accepted $200,000 in kickbacks as part of a scheme involving over $2 billion in fraudulent loans, which led to significant financial turmoil in Mozambique. She joins two other former Credit Suisse bankers, Andrew Pearse and Surjan Singh, who were previously convicted and banned for similar offenses.
The oil market faces renewed pressure as OPEC+ considers a significant supply increase for July, shifting focus from price defense to market share. A 411k b/d increase is anticipated, keeping Brent price forecasts steady at US$59/bbl for Q4. Meanwhile, US natural gas prices fell 3.4% following a larger-than-expected storage increase, now 3.9% above the five-year average.
UBS has updated its palladium price forecast, predicting a 16% decline in 2024 despite a continued undersupply for the thirteenth year, with a deficit of 501,000 ounces. While mine supply increased slightly, total demand fell by 2.7%, primarily due to a drop in automotive sector needs. For 2025, UBS anticipates a 300,000-ounce undersupply, though trade tensions could impact this outlook.
UBS has revised its palladium price forecast for 2025, predicting a supply deficit of around 300,000 ounces, despite a smaller anticipated deficit of 17,000 ounces according to Johnson Matthey. The palladium market remains in deficit for the thirteenth consecutive year, with a notable drop in prices attributed to surplus stock releases by mining producers. While overall demand fell by 2.7% in 2024, investment demand surged significantly, indicating shifting market dynamics.
The Swiss stock market continued its upward trend, with the SMI rising 0.5% to 12,420 points, fueled by optimism over potential trade deals and peace talks regarding Ukraine. Sika led the blue-chip gains with a 1.9% increase, while UBS faced pressure amid concerns over stricter capital requirements. VAT Group's shares fell 2.6% as it revised its sales growth outlook for 2025-2029.
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