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This year’s presidential elections are completely overshadowed by the Covid crisis. The magnitude of the economic crisis is forcing the two parties on the political spectrum to converge. Therefore, to a large extent, economic policies for the coming years will follow a pre-set course. Support for households and businesses will be financed with large fiscal...
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Oil prices plummeted yesterday, with the future of the WTI for the first time in history trading in negative territory Despite the vertigo produced by seeing negative prices, these can be explained by a combination of both fundamental and technical factors. Furthermore, it is reassuring to see that both Brent crude prices and long-term future...
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After yesterday US congressional leaders agreed on a relief package for the US economy of historic proportions, another critical milestone has been passed. The fiscal and monetary firewalls that have been erected should be sufficient to allow the economy to hail from a sudden slowdown in activity. However, there is still a fundamental unknown to...
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Yesterday’s sharp market correction was triggered by the new coronaviruses cases reported over the weekend. The new outbreaks are qualitatively different, since they have arisen in regions far away from China, such as Iran or Italy, which increases the risk that the new disease can become a pandemic. However, since health authorities and the population...
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Tweet War Since Trump’s tweets last Sunday threatening to impose new tariffs on China, the stock markets have fallen from levels close to their all-time highs, with the S&P 500 down 3.5% in the week. Although both technical factors and increased volatility due to being in the middle of the earnings season may have had...
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Markets tumbled yesterday after president Trump announced further trade tariffs, this time aimed exclusively at China. The extent of the fall indicates that despite some protectionist measures already being priced in to the market, the recent ousting of moderate senior figures in the White House is translating into a more belligerent administration, hence causing market...
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The U.S. is seeking to impose sanctions on ABLV Bank, the third largest financial institution in Latvia by assets. FinCen, the U.S. Financial Crimes Enforcement Network, released the following memo on 13th February: WASHINGTON – The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) today issued a finding and notice of proposed rulemaking...
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The sharp correction of the last two days is a reminder of how inherently unstable markets are. The trigger, a larger than expected increase in Average Hourly Earnings in the US, cannot itself explain such a violent gyration. In fact, US Treasury yields have been steadily rising since the summer (see graph below), when macro...
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We have been informed by the Swiss Bank “UBS” that there has been an internal review of bank accounts which are ultimately owned by Ukrainian Tax Residents. These guidelines apply to both existing and new clients of the bank, and are as follows: Natural Person Bank Accounts Clients will need to provide a self declaration...
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