The nation's AA- rated debt fell so quickly that central bank intervention was needed to prevent the collapse of pension funds, which were forced to sell off gilts to satisfy margin calls. So far so logical, after newly-minted Chancellor Kwasi Kwarteng threw a molotov cocktail of expansionary fiscal policy- just as the Bank of England was trying to put a lid on inflation by reducing money supply. September's worst-performing ETF tracks gilts. It's got an interactive storage level map that's extremely neat, if I do say so myself. If any of that comes as news to you, it's high time to read Senior International Editor Valerio Baselli's second explainer of Europe's energy crisis. Continued pipeline deliveries are necessary to keep up the pressure needed to even tap the gas we do have in storage. But it's too early to declare the energy crisis over, because even completely full tanks don't even come close to covering European countries' consumption during winter. I spoke to Morningstar's credit and equities experts for European banks to find out how worried you should be.Įuropeans breathed a sigh of relief when their gas storage facilities were filled to 80% by early autumn. This came to a head over the weekend, when credit default swaps suddenly priced in a 1-in-20 chance of default, and shares responded with a rollercoaster ride, currently on a lift hill. The bank is on its third CEO since Tidjane Thiam was ousted amid a spying scandal in 2020, leaving investors wondering about its strategy and direction of travel. Not Credit Suisse- a string of failures from the departure of its star wealth manager, losses from its relationship with disgraced family office Archegos Capital and written-off loans to failed financier Greensill have weighed on the stock. All that wealth management clout seemed to separate them from declining European banks and their police raids, survival-by-kitchen-sinking and mass layoffs. Swiss banks were supposed to be different. Oh yes, there's a long-Cramer version too. Tuttle Capital Management, creators of the fantastically successful anti-Cathie-Wood ETF, have filed preliminary prospectuses with the SEC for short and long Jim Cramer ETFs. Whether you hate Cramer for bad picks or because he (let's be fair, correctly) spoke out against meme stonks, you may soon be able to bet on his on-screen recommendations proving wrong. Younger audiences probably know him as a de-facto spokesman for smart money, incensed by hordes of stimmy-armed Redditors launching a banzai charge against short sellers. Few financial TV personalities are as divisive as CNBC's Mad Money host James Cramer, who gained infamy with full-throated stock picks that sometimes made his viewers good money, and sometimes proved comically wrong.
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