Vertem

peppers up by 21%, 26% and 32% respectively the previous month.  This is in a stark contrast to the Eurozone and the USA which saw marginal decreases in inflation in February, showing that a cooling of inflation taking place in other regions of the world.

Headline CPI inflation New data from Kantar shows that UK grocery prices have soared by 17.5% in the last year.  Namely, the individual items that were rising fastest were cheese, milk and eggs with similar cost increases in cucumbers, tomatoes and

UBS shares were volatile in the wake of the announcement but the divergence in share price performance between both has been notable since early 2021.

COTW: Debit Suisse Late in the weekend UBS agreed to buy ill-fated Credit Suisse following a protracted period of significant client fund withdrawals for the latter and pressure from the Swiss National Bank (SNB) on the former.

UBS purchased Credit Suisse for a shade over $2bn, 60% lower than where the equity was trading on only Friday last week and 95% lower than its all-time high.

Court cases are likely to be heard on the matter.

There is some controversy as to the treatment of investors holding AT1 convertible bonds, given their holdings have been written down to zero despite conventionally sitting higher in the capital structure than the Credit Suisse equity.

The rationale was such that the bankruptcy of Credit Suisse would represent a systemic risk to global financial markets and therefore the SNB have backstopped both the deal & the banks with $100bn of liquidity.

- Markets reacted by selling off last week, though reaction to Friday’s payrolls & employment data has not been of note given the woes surrounding Silicon Valley Bank which have instigated panic in relation to financial stocks across the globe.

- Last week, Fed Chair Jay Powell warned that US interest rates rises may come through at a larger quantum than signaled given recent US economic data, despite citing a cooling of inflationary factors in February’s meeting.

US Nonfarm Payrolls Update 📈 The latest US employment nonfarm payrolls data suggests that jobs growth is chugging along with 311k jobs added, confounding a market poll that was expecting +225k jobs. In addition, avg. hourly earnings were +4.6% y/y(expected +4.7%).

A great day was had by all at The Eider Chase @NewcastleRaces and a Big Thanks to @johngrossick for the photos. The Eider Chase winner was Kitty's Light trained by @CWilliamsRacing, a big congratulation to you all. See you all next year for another great day of racing.......

Only a few weeks to go until our annual Vertem Eider Chase @NewcastleRaces 🐎🏆 The National Hunt race features 26 fences over 4 miles and is always a fantastic day for all who attend #verydifferentstockbrokers 🎫: bit.ly/3rkqaR3

The Eider Chase is just around the corner... The National Hunt race features 26 fences over 4 miles and half a furlong, and is considered a trial for the Grand National. Are you joining this year? 🎫  bit.ly/3rkqaR3

From all of us here at Vertem we would like to wish our clients and followers a very happy new year! #HappyNewYear2023🥳🎉

A massive thank you to @DoncasterRaces and @arenaracingco for all the hospitality this past weekend, A fantastic weekend for all involved. 📸: @nigekirby

Congratulations to Aidan O'Brien, Ryan Moore and all connections to Auguste Rodin for impressively winning our annual Vertem Futurity Trophy @DoncasterRaces 🏆 📸: @nigekirby

3 days to go until our annual Vertem Futurity Trophy two day fixture on Friday 21st & Saturday 22nd of October @DoncasterRaces. The final Group 1 race of the English flats season and an overall great day out for all 🐎🏆 #LeadingTheField Book now bit.ly/3qQSI4m

1 week to go until the Vertem Futurity Trophy on Friday 21st & Saturday 22nd October.   Where Stars Are Born. It’s the final Group 1 race of the English season & its roll of honour includes numerous horses who have won Classics the following year Book now bit.ly/3qQSI4m