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S&P Global Ratings has upgraded Raiffeisen Bank International's outlook from negative to stable, affirming its 'A-/A-2' ratings. This change follows the bank's strategic exit from Belarus and significant reduction of operations in Russia, which has mitigated non-financial and reputational risks. Despite a projected decline in net profit for 2024, the bank's strong financial performance and robust risk management practices are expected to sustain its creditworthiness amid ongoing geopolitical uncertainties.
The ECB's banking supervisors are intensifying their focus on geopolitical and cyber risks, emphasizing the need for robust risk management as digitalization in finance grows. ECB President Christine Lagarde highlighted the challenges posed by geopolitical instability, including the war in Ukraine and trade tensions, which test banks' resilience. Supervisors are concerned about the rising frequency of cyberattacks and are working with banks to enhance their defenses, while also monitoring liquidity and currency risks amid unpredictable U.S. policies.
Goldman Sachs has raised its end-2025 gold price forecast from $3,100 to $3,300 per troy ounce, citing strong ETF inflows and central bank demand. The bank anticipates an average of 70 tonnes per month in central bank purchases, with potential prices exceeding $4,200 under certain scenarios. Meanwhile, Bank of America has also increased its gold price target to $3,500 per ounce within two years, reflecting a broader bullish sentiment in the market.
US equities fell as President Trump announced a 25% tariff on foreign-made vehicles and parts, effective April 3, raising supply chain concerns. The S&P 500 dropped 1.1%, while defensive sectors like consumer staples led a rotation. In Europe, the ECB's discussions on monetary policy and credit growth data are pivotal, as Norges Bank is expected to cut rates despite rising inflation. Geopolitical tensions persist with stalled ceasefire talks between Ukraine and Russia, as EU leaders convene to address security concerns.
Polymarket is under scrutiny for a $7 million bet related to a mineral deal in Ukraine. The situation raises questions about the legality and ethical implications of such high-stakes wagers in the context of ongoing geopolitical tensions.
Shortly before Russia's invasion of Ukraine, Raiffeisen Bank International reportedly facilitated cash deliveries totaling over nine billion euros, with some arriving as Russian troops advanced. This financial support has drawn criticism for potentially aiding the Kremlin's military efforts, as the bank continues operations in Russia despite the ongoing conflict.
Raiffeisen International transferred billions to Russia just before the onset of the war in Ukraine. Significant cash shipments reportedly arrived in Moscow on the very day of the invasion, raising concerns about the timing and implications of these financial movements.
Leonardo shares fell nearly 3% after UBS downgraded its rating from "Buy" to "Neutral," while raising the target price from 31 to 50 euros. The downgrade reflects limited upside potential following a remarkable 90% increase in the stock over the past three months, and a staggering 587% rise since the onset of the Ukraine war.
President Trump announced a full pardon for Devon Archer, a former business partner of Hunter Biden, during the NCAA wrestling championships in Philadelphia. Archer, who faced legal troubles linked to a deal with Hunter, expressed gratitude for the pardon, highlighting the Biden family's disregard for truth and justice. This move comes as Archer's testimony has been pivotal in exposing alleged corruption involving the Biden family.
Swiss banks are experiencing record gold trading as geopolitical uncertainties drive demand. With gold prices soaring, many customers are selling their gold holdings, while banks report significant increases in transactions. However, investors should be cautious, as gold does not yield interest and is subject to price risks.
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