Financial Highlights in Switzerland
Microsoft Switzerland announced that “with immediate effect, Christian Thier has assumed the newly created function of Head of the Financial Services Industry”. He reports directly to Catrin Hinkel, CEO Microsoft Switzerland, and is part of the Swiss Executive Board. This change is a cornerstone of Microsoft’s strategy to better support customers and their respective industries. The financial services industry is now a separate business unit, reflecting the importance of this area.” the company said in a statement Tuesday.
Financial Highlights in the World
UK: The annual inflation rate in the UK rose to 10.1% in September of 2022 from 9.9% in August. Food costs jumped 14.6% in the year to September – the biggest rise since 1980 – with bread, cereal, meat, and dairy prices all climbing. After these results, investors are waiting to see what the Bank of England’s next move will be.
EUROPE: The Eurozone annual inflation rate was revised slightly down to 9.9 percent in September 2022 from a preliminary estimate of 10.0 percent. The September estimate sees prices for food, alcohol, tobacco, non-energy industrial goods, and services increase in July and August. They also see energy inflation at 40.8 percent, up over two percentage points compared with 38.6 percent in August.
USA: Housing starts in the US slumped 8.1 percent to an annualized rate of 1.439 million in September 2022, down from a revised 1.566 million in the previous month and well below the market consensus of 1.475 million.
Building permits in the US, a proxy for future construction, went up 1.4% month-over-month to an annualized 1.564 million in September of 2022, beating market expectations of 1.53 million.
Financial Highlights in Companies
Goldman Sachs reported its results this Tuesday. While it beat expectations with a net income of $3.1 billion, that figure still marks a 43% decline over last year’s results. After the results, they talked about their business changes. They will focus on Trading and Investment Banking.
Goldman’s three new divisions will be Wealth Management, Global Banking, and Markets and Platform Solutions.
The leading Swiss reinsurer, Swiss Re, announced on Tuesday that it expects a loss at the Group level of around USD 0.5 billion for the third quarter of 2022 due to the consequences of Hurricane Ian.
