Investors on European and American stock exchanges are facing a shortened trading week as there is no trading on Good Friday. The US government’s important employment report will be released that day.
The corporate calendar is still quite empty. Earnings season in the US will start in mid-April. Until then, the market mainly awaits developments related to the takeover of troubled Swiss bank Credit Suisse by competitor UBS. This acquisition avoided bankruptcy, which would have damaged the entire Swiss banking sector.
Criminal investigation
The British business newspaper the Financial Times reported on Sunday that the Swiss judiciary has launched a criminal investigation into the state-backed takeover of Credit Suisse. According to a report, the prosecution is investigating possible criminal violations by government officials, regulators and executives of the two banks.
In addition, the Swiss newspaper SonntagsZeitung announced that UBS will reduce its workforce by 20 to 30% after the completion of the Credit Suisse acquisition. This means that up to 36,000 jobs will be cut worldwide, around 11,000 of them in Switzerland.
Employment relationship
On the macroeconomic front, in addition to the US jobs report, investors will have to contend with new data on economic activity in Europe and the US.
A positive point is that April is traditionally a good month for investments. In any case, the first quarter of the year was a good period for securities traders. For example, the leading Amsterdam stock market index AEX is up nearly 10% despite financial turmoil, cryptocurrency debacles and major economic uncertainties. On Wall Street, the major S&P 500 was up 7%, the Nasdaq technology gauge was up nearly 17%.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
