To The Moon

Last week's trend in the U.S. financial markets is very interesting, whether it is stocks, foreign exchange, bonds or precious metals, all show a downward trend.

But not because of a single major cause, but because there is no major data or events to drive the market, so each market is driven by individual factors: the stock market because there is a large single knock into 4050 put options and scare the market; bond market is driven by the 30-year U.S. bond auction performance is poor to push up the yield, etc..

The other thing that caught the market's attention was Credit Suisse's financial report. 22Q4 continued to lose CHF 1.39 billion, which was worse than the market's expectation of a loss of 1.32 billion, and the annual loss reached CHF 7.3 billion, which was also worse than the expected 6.53 billion, the worst loss since the financial crisis!

What's more, Credit Suisse's 22Q4 net capital outflows reached CHF 110.5 billion, with total capital outflows reaching CHF 123.2 billion in 2022, compared to CHF 30.9 billion in 2021, and total assets under management declining by about 20% compared to the same period in 2021.

In retrospect, we can see why the Swiss central bank borrowed money from the Fed, because if it didn't, a run on Swiss credit would probably have broken out! With the central bank as a backer, things have slowed down a bit, but you can still keep an eye on the Swiss central bank to see if it borrows from the FED again.

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