State Street at Risk of Losing $52 Billion Swiss Pension Mandate
State Street Corp. is at risk of losing a $52 billion pile of Swiss pension assets as citizens start to worry that their savings might become a bargaining chip in Donald Trump's deepening trade war with Europe.
Lawmakers in Bern are scheduled to vote on Thursday on a bill that seeks to order the state agency Compenswiss to move custody of the assets back to a hometown bank. It would be the latest sign that the US banking behemoth is at risk of losing key business in Europe after State Street had mandates pulled by pension funds in the UK and Scandinavia.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 minutes ago
- Yahoo
Oil prices ease but hover near two-month highs as Middle East tensions escalate
Oil prices fell on Thursday morning, easing back after rallying but hovered around their highest point in two months, as investors eyed escalating tensions in the Middle East and a potential disruption to supply. Brent crude futures (BZ=F) fell 0.9% to $68.31 a barrel, at the time of writing, while West Texas Intermediate futures (CL=F) declined 0.9% at $67.56 a barrel. US president Donald Trump said on Wednesday that some of US personnel were being moved out of the Middle East because "it could be a dangerous place to be". This came following reports earlier in the day that the US was preparing a partial evacuation of its embassy in Baghdad, Iraq. CBS News reported that US officials had been told Israel was ready to launch an operation into Iran and that the US anticipated Iran could retaliate on certain American sites in Iraq. Read more: FTSE 100 LIVE: Stocks slump as UK GDP contracts in blow to Rachel Reeves Trump said in an interview with the New York Post, released earlier on Wednesday, that he was "less confident" about getting Iran to agree to halt its nuclear programme. In a press briefing on Wednesday, Iran's defence minister Aziz Nasirzadeh said: "Some officials on the other side threaten conflict if negotiations don't come to fruition. If a conflict is imposed on us ... all US bases are within our reach and we will boldly target them in host countries." Matt Britzman, senior equity analyst at Hargreaves Lansdown, said that oil prices remain near a two-month high "driven by rising US-Iran tensions and fears of supply disruptions. At the same time, optimism about energy demand grew after the US and China reached a trade framework, and US crude stockpiles fell more than expected, signalling strong consumption." Gold prices jumped on Thursday morning, as Middle East tensions buoyed demand for the safe-haven asset. Gold futures (GC=F) surged nearly 1% to $3,376 per ounce at the time of writing, while the spot gold price advanced 0.1% to $3,359.49 per ounce. The precious metal is considered to be a safe haven asset, in acting as a hedge amid political and economic uncertainty. Britzman said: "Gold was another winner, with its safe-haven appeal gaining traction amid rising Middle East tensions and softer US inflation data, which gave a modest boost to expectations for rate cuts." Read more: UK economy shrinks by 0.3% in April Data released on Wednesday showed that the US consumer prices index (CPI) rose by 0.1% month-on-month, which was below April's 0.2% rise and lower than economists' estimates of a 0.2% monthly gain in prices. On an annual basis, CPI rose 2.4% in May, a slight uptick from April's 2.3% gain, which marked the lowest yearly increase since February 2021. Investors were also monitoring the latest trade developments, after Trump said in a social media post on Wednesday afternoon that Washington's deal with China is "DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME". The pound rose slightly against the dollar (GBPUSD=X) on Thursday morning, up 0.2% to $1,3571, despite a bigger than expected contraction in UK economic growth. The Office for National Statistics (ONS) said that the UK's gross domestic product (GDP) — the standard measure of an economy's value — shrank by 0.3% in April, which was more than the 0.1% contraction expected by economists. The fall followed growth of 0.2% in March and a 0.7% rise in GDP in the first quarter. This latest economic data comes a day after chancellor Rachel Reeves delivered the UK spending review, sharing details of governmental department budgets for the next few years. Key announcements included a £29bn per year increase in funding for the NHS, while the government's defence budget is set to increase from 2.3% to 2.6% of the country's gross domestic product (GDP) from 2027. Reeves also shared details of a £39bn boost to funding for affordable housing and £15.6bn for transport projects in England's largest city regions outside of London. Stocks: Create your watchlist and portfolio Danni Hewson, head of financial analysis at AJ Bell, said: "It's hard not to look at today's headline fall in economic growth as anything other than inevitable. Company after company had warned the chancellor that the decisions taken during last year's budget would impact business growth and create huge uncertainty about existing staffing levels." "Rachel Reeves has said she is determined to deliver growth, and her spending plans have been given a cautious welcome by business groups up and down the country — but the caution speaks volumes," she said. "Can the government's trade policies and spending plans deliver the promised growth or was the energy demonstrated by the UK economy at the start of the year merely a tease?" In other currency moves, the pound fell 0.4% against the euro (GBPEUR=X), trading at €1.1743 at the time of writing. More broadly, the the FTSE 100 (^FTSE) was little changed, trading at 8,863 points at the time writing. For more details, on broader market movements check our live coverage here. Read more: Bitcoin price dips as markets cool after US-China tariff talks What you need to know about UK's private stock market Pisces UK house prices remain flat as buyer demand and sales steadyError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16 minutes ago
- Yahoo
Crude Oil: Uptrend May Extend on Cautious Trade Deal Optimism, Supply Risks
Oil prices rose 5% on hopes of a US-China trade deal boosting demand. Tensions with Iran and weak nuclear talks raise the risk of regional conflict and price spikes. OPEC+ supply shortfalls and falling US inventories point to a possible crude shortage. Looking for actionable trade ideas to navigate the current market volatility? Subscribe here to unlock access to InvestingPro's AI-selected stock winners. Oil prices jumped by as much as 5% yesterday, bringing WTI crude close to $70 per barrel. The main reason for the rise is positive news about a possible trade deal between China and the US, though no final agreement has been reached yet. At the same time, talks with Iran over its nuclear program have not made much progress. If the negotiations fail completely, there is a risk of military conflict, which often pushes oil prices higher. Adding to the upward pressure, US oil inventories fell more than expected for the third month in a row. Looking at the different parts of the ongoing tariff war, the situation with China seems to have the biggest impact on financial markets, including oil. The latest statement says that the deal is almost complete, but both Donald Trump and Xi Jinping still need to sign it. Given how quickly things can change, nothing is certain yet. Still, the market is already hoping for a return to normal trade, especially for semiconductors and rare earth metals, which appear to be the key negotiating points for both countries. A revival in trade and a stable long-term deal would help GDP growth, which would also increase demand for oil. Yesterday's decision to withdraw some staff from the US embassy in Baghdad is a bad sign for the US-Iran talks on stopping Iran's nuclear program in exchange for easing Western sanctions. People involved in the talks say that Iran is demanding more, and although negotiations are still ongoing, the chances of a deal look slim. In the worst case, the US could launch strikes on Iran's nuclear sites. If that happens, Iran may retaliate, and the conflict could spread across the region, pushing oil prices much higher. Last month, OPEC+ announced a production increase of 310,000 barrels per day but managed to raise output by only 180,000 barrels. Key producers, led by Saudi Arabia, were unable to boost production as planned. Combined with falling US oil inventories, this points to a possible, at least short-term, shortage of crude on the global market, especially if trade activity and GDP growth in the US pick up. WTI crude oil has broken through the resistance level around $65 per barrel, opening the way for further gains. The next target for buyers is the supply zone near $72 per barrel, which is where a strong downward move started in early April. Any possible pullbacks are likely to face support near the intersection of the rising trend line and the previously broken resistance, which now acts as support. In a very bullish scenario, if prices break above $72 per barrel, they could even move toward this year's highs just below $80 per barrel. *** Be sure to check out InvestingPro to stay in sync with the market trend and what it means for your trading. Whether you're a novice investor or a seasoned trader, leveraging InvestingPro can unlock a world of investment opportunities while minimizing risks amid the challenging market AI: AI-selected stock winners with a proven track record. InvestingPro Fair Value: Instantly find out if a stock is underpriced or overvalued. Advanced Stock Screener: Search for the best stocks based on hundreds of selected filters and criteria. Top Ideas: See what stocks billionaire investors such as Warren Buffett, Michael Burry, and George Soros are buying. This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that all assets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk rests with the investor. We also do not provide any investment advisory services. Related articles Crude Oil: Uptrend May Extend on Cautious Trade Deal Optimism, Supply Risks Silver: Potential Break Above $35 Could Unleash the Next Leg Up Amid Tight Supply Gold Eyes Breakout Above $3,380 as Long-Term Drivers Stay Firmly in Place
Yahoo
20 minutes ago
- Yahoo
Trump lied about LA protests to deploy the National Guard. He wants violence.
Donald Trump, the president who glibly pardoned the men and women convicted in the Jan. 6 attack on the U.S. Capitol in 2021, wants you to believe that the second most populated city in America is in ruins, destroyed by 'insurrectionist mobs.' That's nonsense. Trump inhabits an imaginary, dystopian America spun from his opportunistic lies. The president wants you to believe, because it's politically expedient for him, that predominantly peaceful protests in Los Angeles over intentionally provocative raids by agents from the U.S. Immigration and Customs Enforcement agency are vast and violent. He wants you to believe that Los Angeles has burned. He wants you to believe that, as he posted on social media June 8, 'violent, insurrectionist mobs are swarming and attacking our Federal Agents,' and that the city is under siege from a 'Migrant Invasion.' I'll say it again: Our president inhabits an imaginary, dystopian America spun from his opportunistic lies. After promising to target 'criminals,' Trump's administration, to make up for the paltry number of actual criminals ICE agents have been able to find and deport, has resorted to going after immigrants waiting for work in Home Depot parking lots. It's targeting immigrants who are properly following the immigration process, posting ICE agents outside courthouses to snatch noncriminals who are seeking a better life. It's making a point of hitting a liberal city with a large immigrant population for one reason and one reason alone: Trump wants violence. He wants you to believe there are hordes of murderous immigrants making America dangerous and unlivable. He used that baseless imagery to justify ordering National Guard troops to Los Angeles, against the wishes of the California governor. Trump wants to normalize this kind of power grab. Opinion: Manufacturing down, food expensive and ICE is deporting moms. Happy now, MAGA? Because that's the kind of power you want if you exist in an imaginary version of America spun from opportunistic lies. Republican leaders want all of this as well. Trump is living, breathing evidence that the GOP wants power at any cost, and Republican lawmakers are more than happy to parrot their leader's xenophobic fearmongering. Despite years of screaming about 'government overreach,' they'll sit back and gladly watch Trump sic U.S. soldiers on American citizens and use a blue-state city as a test model for tyranny. Why? Because our president and members of his party inhabit an imaginary, dystopian America spun from their opportunistic lies. Opinion: Republicans, be so for real. This embarrassing government is what you wanted? California officials, from Gov. Gavin Newsom to Los Angeles Mayor Karen Bass, have made clear they don't want or need the National Guard in the city. Over the weekend, there were isolated incidents involving property damage, vehicles burned and, as KLTA-5 reported, "LAPD said officers encountered demonstrators throwing 'concrete, bottles and other objects.' " Police responded with sizable force, from tear gas to rubber bullets and flash bangs. But overall, officials have said, and widespread reporting has supported, that the protests have been small and predominantly peaceful. Still, Trump told his millions of social media followers that he was sending federal forces to 'liberate Los Angeles from the Migrant Invasion, and put an end to these Migrant riots. Order will be restored, the Illegals will be expelled, and Los Angeles will be set free.' I repeat, because it bears repeating: Trump inhabits an imaginary, dystopian America spun from his opportunistic lies. On June 8, the same day Trump and Republicans were telling Americans that Los Angeles was a chaotic war zone, the Los Angeles Pride Parade went off in Hollywood without a hitch. And The New York Times reported: 'The chaotic demonstrations that consumed social media and cable news in recent days were concentrated around only a couple parts of the region ‒ the working-class suburb of Paramount, where federal agents clashed with protesters near a Home Depot, and downtown Los Angeles.' Opinion: Trump's mass deportation scheme is an insult to all of us The city is immense. The chaos, in terms of people and the extent of any damage, has been minimal. Yet Trump and his Republican enablers choose to live in an imaginary, dystopian America spun from their opportunistic lies. Making all of this worse, of course, is that the supposed need for mass deportations is built on lies. Lies about a 'migrant crime wave.' Lies about America being unsafe because of immigrants. If the ICE raids targeting Los Angeles are necessary, why aren't they also necessary in the red states one would assume Trump is more inclined to protect? Why are ICE agents not searching for undocumented workers on farms in Nebraska or in meat-packing plants in Indiana? Why are anti-ICE protests in red states not being met with equal federal force? Why go to one of the bluest cities in one of the bluest states? Why doesn't Trump simply let those Democrats deal with the alleged 'migrant crime' and focus on the 'real Americans' he claims to care about? Perhaps because this is all nonsense. Or a distraction from Trump's recent clash with Elon Musk or the criticism of his deficit-ballooning tax bill making its way through Congress. Opinion alerts: Get columns from your favorite columnists + expert analysis on top issues, delivered straight to your device through the USA TODAY app. Don't have the app? Download it for free from your app store. Newsom was asked late June 8 what he wanted to say to Trump about the situation in Los Angeles and the decision to federalize the National Guard and send soldiers in. The governor said: 'Where's your decency, Mr. President? Stop. Rescind this order, it's illegal and unconstitutional, and I said it, I'll say it again, it's immoral. You're creating the conditions that you claim you're solving, and you're not. And you're putting real people's lives at risk.' One last time: Trump inhabits an imaginary, dystopian America spun from his opportunistic lies. And that, unlike fabricated 'migrant riots,' puts every American in danger. Follow USA TODAY columnist Rex Huppke on Bluesky at @ and on Facebook at You can read diverse opinions from our USA TODAY columnists and other writers on the Opinion front page, on X, formerly Twitter, @usatodayopinion and in our Opinion newsletter. This article originally appeared on USA TODAY: Trump is using LA as a testing ground for tyranny | Opinion
