Global Markets –Global stocks increased after the Federal Reserve revealed most officials expected to slow the pace of interest rate increases. Japan’s Nikkei 225 climbed 1% and Hong Kong’s Hang Seng added 0.8%. In afternoon trading in Europe, the Stoxx Europe 600 rose 0.5%.
Credit Suisse – Credit Suisse warns of a $1.6 billion dollar loss as wealthy clients withdraw funds leading to a large drop in liquidity and potentially breaching regulatory limits. The stock is down about 58% this year.
Berkshire Hathaway – Warren Buffett’s Berkshire Hathaway has spent about $9 billion investing in stocks in third quarter with roughly a third of that going towards energy companies such as Occidental Petroleum and Chevron Corp.
AUD – The Australian dollar has strengthened this week with the minutes from the US Federal Reserve meeting revealing interest rates may not increase as much as expected. The AUD is currently at 0.68 cents versus the USD with the dollar currently at its highest in more than 2 months.
US Economy – U.S. Supplier Price Increases eased in October, rising 8% and although still high, Indications are that it is easing with supplier price rises down from the 11.7 % increase in March.
Click here to open a POEMS trading account
This publication has been prepared solely for the information of the particular person to whom it was supplied by Phillip Capital Limited (“PhillipCapital”) AFSL 246827. This publication contains general securities advice. In preparing the advice, PhillipCapital has not taken into account the investment objectives, financial situation and particular needs of any particular person. Before making an investment decision on the basis of this advice, you need to consider, with or without the assistance of a securities adviser, whether the advice in this publication is appropriate in light of your particular investment needs, objectives and financial situation. PhillipCapital and its associates within the meaning of the Corporations Act may hold securities in the companies referred to in this publication. PhillipCapital believes that the advice and information herein is accurate and reliable, but no warranties of accuracy, reliability or completeness are given (except insofar as liability under any structure cannot be excluded). No responsibility for any errors or omissions or any negligence is accepted by PhillipCapital or any of its directors, employees or agents. This publication must not be distributed to retail investors outside of Australia.