Flash note
Our short answer: Revolut is not a threat to the Swiss private banking model. It is a threat to Swiss private banks that have stopped practising it.
Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts.
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U.S. equities ended mixed as weaker employment data reduced expectations for an October Fed hike, while elevated Treasury yields, volatile oil prices, and U.S.-Iran tensions weighed on sentiment. The Nasdaq and S&P Mid Cap 400 advanced; the Dow and S&P 500 declined. On the macro data front, September payrolls rose just 29,000, versus 90,000 expected. Prior months were revised down by 60,000, and unemployment increased to 4.2%. Treasury yields fell following the release but remain higher on the week. Other macro indicators were mixed: private hiring improved, vacancies declined, and jobless claims remained low. Inflation stayed sticky, with headline PCE at 3.4% annually and core PCE at 3.0%. Second-quarter GDP growth was revised up to 2.2%, while underlying private demand expanded 4.6%. Manufacturing grew for a ninth consecutive month, with the ISM PMI at 54.5.
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