Trade Finance

The Brexit effect may soon overturn its heavy impact on the labor market in London. While the UK economy is likely to fall into a recession, the employees of the City dearly the outcome of the referendum, with results that range, at best, from moving to another EU country to job loss.

Credit Suisse titled "Mayday! Mayday! "His latest note to clients in which he speaks of the danger of loss of well 500 thousand jobs because of Brexit. The feeling of the Swiss bank, also shared by many other analysts, is that the UK will end in recession as a result output by the European Union.

Accounts falling for JPMorgan Chase yet exceeds expectations. In the second quarter, the banking giant reported a net profit of $ 6.2 billion, $ 1.55 per share, compared with 6.29 million, $ 1.54 per share, for the same period last year.

The expectations of analysts have been beaten: they expected profits to $ 1.43 per share. The turnover rose by 2.4% 24,380,000,000. The turnover rose to 25.21 billion from 24.16 billion expected by analysts.

SIX Swiss Exchange has accepted the request to exit from the Stock Exchange of Zurich-based Kuoni Group. The tour operator had requested on June 14 withdrawal of all its registered shares with a nominal value of one franc.

The output from the stock exchange will take place at a date yet to be determined, said SIX in a statement. The exact term will be announced five days earlier.

Deutsche Bank had expressed interest in purchasing the portfolio loans to the greek shipping industry, currently owned by Royal Bank of Scotland (RBS), as reported by Sky News. The value is around $ 3 billion.

The major German bank is not the only one to have expressed interest in the assets of RBS. China Merchants and Credit Suisse have already begun negotiations, but has not yet signed any official agreement. The news comes at a time of high volatility on Deutsche Bank shares, considering the announcement last week, in which the German Institute announced it would sell its "shipping loan portfolio" at least $ 1 billion.

Investors need not fear: Credit Suisse is now "safer than ever", supports the chairman of the management Tidjane Thiam, pointing out that the institution is making progress in its transformation process.

"The course of action should not be confused with the security of the bank and with the solidity of the budget," Thiam said in an interview published yesterday by the NZZ am Sonntag. In fact, the bank is working with a long-term strategy that will bear fruit later. "The course of action will move when they give you the results and when our strategy will give a good account of himself", he says he is convinced Thiam.

The exit of Britain from the European Union sent the financial markets crisis and forces companies that looked at the IPO as a concrete option to review their plans. According to a study by PriceWaterhouseCooper, placements in Europe will not collect more than 25 billion euro by the end of 2016, less than half of the 57.4 billion of 2015.

Philipp Hildebrand, vice president of the American asset manager Blackrock and former president of the Swiss National Bank, is afraid that Brexit is the prelude of a "catastrophe" in European financial markets.

"Nine years after the financial crisis now is coming the second wave," Hildebrand said in an interview with "Süddeutsche Zeitung". To worsen the scenario is the fact that Europe, at this time, has not healed their own banking system and "it was a big mistake." An unforeseeable event such as voting and unwanted output from Britain by the EU, leading financial markets to question the actual stability of European banks.

The vote on Brexit will curb the British economic growth because of its effects on confidence even if the increased risk resulting outcome of the referendum is a political contagion among the EU countries.

It is the opinion of Moody’s, which reduced its estimates for growth in the UK to 1.5% for 2016 and 1.2% for 2017, from the previous forecast of 1.8% and 2.1%.