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Credit Suisse: Does Qatar Break From Other Shares? | News

Friday, September 15th, 2017 | Economy

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The long-standing major shareholder Qatar separates from shares of Credit Suisse – this message went on the morning of August 16 as a runfire around the globe.
The trigger was a disclosure report to the Swiss stock exchange SIX. The smaller of the two major Swiss banks informed the exchange operator that the share of voting rights held by the shares had shrunk from 5.01 to 4.94 percent.
At the same time, the Scheichtum had also launched a part of the mandatory convertible bonds purchased in 2008 during a rescue operation. The backdrop was a decline in the theoretical share of votes, including the shares underlying these bonds, from 17.98 to 15.91 percent. However, these speculations could never be made.
Rather, the dilution effect on the mandatory convertible bonds can be explained by the capital increase of 4 billion Swiss francs, which should not have been altered in the portfolio – unlike the shares themselves.
The reasons for the slight dilution of the share package can only be considered in retrospect. It was probably a tactical maneuver.

Price performance of Credit Suisse shares since the end of August (Source: www.cash.ch)
If Qatar wants to repel further parts of the Credit Suisse package over the next few weeks, the major shareholder can do so undisturbed. According to the Swiss Stock Exchanges Act, it is only when the threshold of 3 percent for the shares falls below the threshold or a theoretical percentage of voting rights falls below 15 percent that the visibility does not become apparent to the public as a seller.
Saudi Arabia, Egypt, Bahrain and the United Arab Emirates, Qatar presented support for terrorists and ended their diplomatic and economic relations with the neighboring country months ago. Since then the currency reserves of the Katari have been melting like ice on the Wüstensonne.
At least since yesterday's announcement of a reduction in the shareholding of the American jewelery specialist Tiffany, we are again worried about the fact that it could separate itself from other shares of Credit Suisse.
These fears are particularly evident in New York's short-term buyers. As can be seen from the statistics of the New York Stock Exchange, the bets against the American Deposit Receipts of the Swiss bank, which are traded there, swelled by 5 per cent to 5.15 million shares within two weeks.
If the share price trend for the heart of a listed company is, the asset manager GAM has now moved from the intensive care unit to the regular department.
In retrospect, the shareholders lost sight of the shareholders who lost their nerves in February with courses below 10 francs and threw the towel. Courage at that time proved Franklin Resources. After its entry in January, the well-known American substance investor continued to expand its stake in the following weeks to 4.19 percent.
Now Franklin Resources is again taking money from the table. According to a disclosure report to the Swiss stock exchange SIX, the Americans have reduced their stake to 2.93 percent. Of this amount, 2.14 percent are attributable to the shares themselves. The major shareholder seems to hold the difference over derivatives.
Just as at the time of the spring start, the reduction in the company's shareholding by the well-known American substance investor is likely to have a signal effect.
In the last few years, the representatives of the Swiss National Bank (SNB) have had no opportunity to mark the franc as "clearly overvalued". On the occasion of the monetary policy assessment of yesterday, for the first time, something more conciliatory. The last weaker franc was still considered "highly valued".
According to Commerzbank's monetary strategy, this rhetoric points to a certain tireless interest in the SNB. One seems to be satisfied with the current exchange rates to some extent, he concludes – as in the past, we have to criticize our monetary guaranties. According to his calculations, the franc is still almost 30 percent higher than the equilibrium after purchasing power parity. The latter compares the cost of living in two currency areas by means of a representative commodity basket, which can lead to a different balance of prices depending on the composition of the commodity basket.

With the EUR / CHF the air at courses over 1.15 in each case is thin (Source: www.cash.ch)
With 1.60 francs to the euro, the balance of equilibrium calculated by Commerzbank is significantly higher than with other banks.
In principle, it can be said that more and more of these banks expect a weaker franc. Even the currencies of the Commerzbank recently felt compelled to rethink its position.
The cash insider records and interprets market rumors as well as strategy, industry or corporate studies. Market rumors are deliberately not checked for their truth content. Rumors, speculation and everything that interested traders and market participants should be passed on to the readers. No responsibility is assumed for the correctness of the contents. The personal opinion of the cash insider does not have to coincide with that of the cash editorial department. The cash insider itself is active on the stock market. This is the only way to reach the necessary market proximity for this kind of news. The opinions expressed do not constitute a recommendation to buy or sell to the reader.


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