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Overview: The big bond and stock market seen yesterday has continued today. The Reserve Bank of Australia’s reversion to a quarter-point hike stokes hope that the aggressive tightening cycle more broadly is set to slow. The UN’s Conference on Trade and Development became the latest to warn that the synchronized tightening risks a global recession and a prolonged period of stagnation. The large equity markets in the Asia Pacific region rose 2.0%-3.75%.  Europe’s Stoxx...

SIX Digital Exchange (SDX) announced the addition of SIX SIS to its Central Securities Depository (CSD), making it the first regulated CSD to have direct access to SDX. The addition is expected to increase the accessibility of natively digital CHF-denominated bonds to the wider market and enable investors to purchase a digital bond and hold it in SIX SIS. SDX offers issuance, listing, trading, settlement, servicing, and custody of digital securities. The platform is...

Online trading platform Swissquote has launched a cryptocurrency exchange called SQX that aims to provide a more competitive and secure trading environment. Unlike other crypto exchanges, SQX says that it prides itself on being a centralised trading platform as it believes that currency markets function on the back of long-standing bilateral relationships. As such, Swissquote added that SQX’s new central order book, which sources and aggregates liquidity from...

Senior Credit Suisse executives spent the weekend reassuring large clients, counterparties and investors about the Swiss bank’s liquidity and capital position in response to concerns raised about its financial strength. Executives hit the phones after spreads on the bank’s credit default swaps, which offer protection against a company defaulting, rose sharply on Friday, indicating investor worries over its financial health. “The teams are actively engaging with...

The University of Zurich and ETH Zurich ranked third and 27th respectively on CoinDesk’s latest annual best universities for blockchain rankings. The rankings were made from a shortlist of 240 institutions around the world, calculated based on their scholarly, industrial and pedagogical impact on blockchain. Metrics that were taken into account included the institutions’ blockchain research publications, courses, degrees, conferences, clubs and industry partnerships...

The link between the transatlantic slave trade and industrial growth in Britain is a recurring theme in public discussions. There is a widespread assumption that the profitability of the slave trade requires Britain to compensate the descendants of Africans, since slavery helped to enrich some institutions. It is true that the slave trade made profits, but its contribution to the economy was marginal. Technological change rather than the slave trade was the force...

If those on the opposite side of the trade are viewed as threats rather than friends, it’s time to revise the analysis. Of the many self-generated dangers investors face, few are more dangerous than confirmation bias, the comfort we experience seeking out views that confirm our own positions and our resistance to studying opposing views. Confirmation bias is both self-evident and complex. We all understand the psychologically soothing feeling when others heartily...

Electricity consumption in Switzerland remained at normal levels last month despite a government appeal for households and industry to make savings. On August 31, ministers urged the population to voluntarily reduce consumption ahead of anticipated shortages this winter. Recommended measures included turning heating down and switching off lights. Both the Tages Anzeiger and Neue Zürcher Zeitung showed figures on Saturday that suggests this plea has so far fallen...

Are investors at the point of maximum pessimism? Alhambra CEO Joe Calhoun talks about a horrible 3rd quarter, sentiment, and where investors can look right now. [embedded content] [embedded content] Tags: Alhambra Research,Bonds,commodities,currencies,economy,Featured,Federal Reserve/Monetary Policy,Markets,newsletter,Real Estate,stocks

Goodbye and good riddance to the third quarter of 2022. That was one of the wildest 3 months I’ve experienced in my 40 years of trading and investing. The quarter started off great with the S&P 500 rising 14% from July 1 to August 16 but ended with a 17% swan dive into the end of the quarter. And we closed on the low of the year. The 10-year Treasury yield rose from 2.97% to 4% just a few days before the end of the quarter. The 3-7 year Treasury index – our...