*Julius Specht

[*Julius Specht @specht_julius]

Credit Suisse offering a 6.5% annual rate on new three-month deposits of $5 million or above - and a rate as high as 7% for one-year deposits — far above matched maturity Bills, and suggesting that to attract a client, the bank is forced to eat a GIANT loss.

2/4

[AlphaSense @AlphaSenseInc]

$VEEV Earnings:

- Total revenues for the fourth quarter were $630.6 million, up from $563.4 million one year ago, an increase of 12% year over year. Subscription services revenues for the fourth quarter were $521.5 million, up from $460.2 million one year ago, an increase of 13% year over year.
- Fourth quarter net income was $147.4 million, compared to $188.5 million one year ago, a decrease of 22% year over year. Non-GAAP net income for the fourth quarter was $226.3 million, compared to $186.3 million one year ago, an increase of 21% year over year.
- For the fourth quarter, fully diluted net income per share was $0.90, compared to $1.16 one year ago, while non-GAAP fully diluted net income per share was $1.38, compared to $1.15 one year ago.
- Fourth quarter operating income was $135.3 million, compared to $108.9 million one year ago, an increase of 24% year over year. Non-GAAP operating income for the fourth quarter was $239.1 million, compared to $209.4 million one year ago, an increase of 14% year over year.

"The fourth quarter was a strong finish to an important year for Veeva," said CEO Peter Gassner. "Executing on our long-term industry cloud opportunity, we delivered the Veeva Compass Suite of data products, established the Clinical Platform, and progressed our new Commercial Cloud. These advances will fuel our growth and have a major impact on the industry for years to come."

https://t.co/7UPbbCDpLh

[*Julius Specht @specht_julius]

US avg. #mortgage rates just surged above 7.5% for the first time in 23 years! Prices are steady:

1. Buyers can’t afford the rates;
2. Sellers would be insane to sell a home with a significantly lower rate to buy another at 7.5%.

The #housingmarket is frozen🧊

$SPY $QQQ

[*Julius Specht @specht_julius]

@JazRodOfficial @SJosephBurns I feel like this is some sort of propaganda

[Holger Zschaepitz @Schuldensuehner]

Oil jumped 7.5% at the week’s open after OPEC+ unexpectedly announced crude output cuts on Sunday, w/Saudi Arabia leading the way w/500,000 barrels a day of reductions from May. (via BBG)

[*Julius Specht @specht_julius]

@BurryArchive θ=1

[Holger Zschaepitz @Schuldensuehner]

Good Morning from #Germany, where Deutsche Bank has shredded its outperformance of the past 3yrs in record time. Shares of Germany's largest lender tumbled another 9% this week The cost to insure against its default using credit-default swaps soared to highest levels since 2020.

[Wall Street Mav @WallStreetMav]

Capitol One Credit Default Swaps are now surging faster then during the global predicaments of early 2020.

This banking crisis is far from over.

[*Julius Specht @specht_julius]

Bill Ackman expects an acceleration of deposit outflows from banks after Janet Yellen “walked back” comments about guaranteeing all deposits & Fed raised its benchmark rate to 5%. The 5% rate threshold makes bank deposits “much less attractive.”

#FOMC #FED #FinancialCrisis

[*Julius Specht @specht_julius]

Although the annual figure is below the previous 40-year high of 11.1%, this puts huge pressure on the Bank of England (#BoE) which is set to announce latest monetary policy decision on Thursday.

With CPI at 10.4%, the current BoE base rate is 4%.

Mind the gap.

3/3

[*Julius Specht @specht_julius]

UK Inflation: Breaks 3-Month Stretch of Declines With Surprise Rise to 10.4% 🔥

This is a big hit to central banks who are stuck between a rock and a hard place: Raise rates to tame inflation or pause to prevent possible bank contagion?

Read the thread!

1/3

#Inflation #UK

[*Julius Specht @specht_julius]

Food and energy prices drove annual #CPI above the forecasted rate of 9.9%. The largest contributors were restaurants, cafes, food and clothing.

2/3

[*Julius Specht @specht_julius]

Since 2000, Credit Suisse has been fined over 50 times for a total of $11.4 billon. That's almost 4 times the acquisition price paid by UBS...

#CreditSuisse #BankingCrisis $CS $SPY $QQQ

[The Kobeissi Letter @KobeissiLetter]

Credit Suisse, $CS, Fines by Year:

- 2022: $700 million
- 2021: $280 million
- 2018: $90 million
- 2017: $5.4 billion
- 2016: $240 million
- 2014: $3.7 billion
- 2012: $120 million
- 2009: $536 million
- 2008: $15 million
- 2003: $275 million
- 2002: $350 million

Credit Suisse has been fined over 50 times for a total of $11.4 billion since 2000, an average of $570 million/year.

That's almost four times the $3.25 billion that UBS just paid to acquire them.

They dug their own grave.

[*Julius Specht @specht_julius]

Fed raises rate 25bps to 5% as expected. FOMC noted that future increases are not assured and will depend largely on incoming data.

Still, the #Fed projections call for another rate hike this year... Project the fed funds rate will end 2023 at 5.1%

#FOMC $SPY $QQQ #inflation

[*Julius Specht @specht_julius]

Amid this uncertainty, Treasury secretary Janet Yellen has said authorities are prepared to take further steps to shore up the financial system if necessary.

8/8

[*Julius Specht @specht_julius]

FOMC in 10 minuts — Here is what do you need to know👇

Rate decision is anticipated as a 25 bps hike with 89.3% probability...

Read the thread!🧵

1/8

#FOMC #FED #ratehike #Inflation #Banking $SPY $QQQ

[*Julius Specht @specht_julius]

Proponents of further rate rises say economic conditions do not warrant a pause, especially following strong labour market and inflation data published since the February policy meeting.

7/8