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*DAYBREAK - NEED TO KNOW (25 Nov 2022 )*
Credit Suisse lost hundreds of wealthy Asian clients to UBS's Asia Pacific wealth management business over the past three months as the bank became mired in an existential crisis of confidence. UBS plans to re-allocate staff to handle the expanding accounts, people familiar said. Morgan Stanley is also among the banks benefiting. The world economy will be as weak next year as it was in 2009 as the war in Ukraine may become a "forever war," the Institute of International Finance said. Global growth is expected to slow to 1.2% in 2023, the IIF said. The euro-area will shrink by 2%, while US GDP will rise 1% and Latin America will grow 1.2%. The biggest driver next year will be China, where loosening Covid curbs are likely. Asian equity futures gained after European stocks advanced. The dollar fell. Trading volumes are lower due to the Thanksgiving holiday, with no cash US equity market trading. Wall Street futures rose after the S&P closed at a two-month high Wednesday. Oil was flat, while gold and iron ore rose. Bitcoin nudged up. Australia's pensions industry is rethinking investments from bonds to equities and cash to private markets as it steels itself for slower global growth. Here's how five funds with about A$430 billion of combined assets are positioning themselves. And BlackRock said its dropped its 2022 defensive view on emerging-market debt and favors bonds from the likes of Mexico, Indonesia and maybe Poland. Amazon faces Black Friday protests and walkouts in 40 countries as thousands of warehouse workers plan to take part in protests. Employees in India, Japan, Australia, the US, South Africa and across Europe want better pay and conditions in a campaign led by trade unions. At Twitter, Elon Musk said it will vastly expand the reinstatement of banned users from next week. In response to a poll conducted by Musk, about 72% of participants voted in favor of a general amnesty for suspended accounts provided that they haven't broken the law or engaged in "egregious spam." The company lost its two remaining employees in the regulatory hub of Brussels in the past week, people familiar said. JPMorgan and Deutsche Bank were accused of enabling sexual abuse by Jeffrey Epstein in New York lawsuits that claim they turned a blind eye in order to churn profits. JPMorgan was said to have financially benefited from participating in the sex trafficking by providing financial support from 1998 to August 2013. Deutsche was accused of knowing it would earn millions from its relationship with him. EU oil rift. European diplomats are arguing over how strict a price cap on Russian oil should be. Poland rejected the proposed price of $65 as being too soft on Russia. Greece, a massive player in the oil shipping industry, doesn't want to go below $70. Talks that were due to resume Thursday evening were delayed as diplomats need more time to overcome differences, people familiar said. Vladimir Putin told his Iraqi counterpart a cap will have a negative effect on the global energy market. Chart of the Day: The 14-month RSI Index of the Hang Seng completed a crossover — falling below 30, then surging back above that threshold — for the first time since 1967. To chartists, the rare switch signals the gauge may have reached a bottom after lockdowns, government policies and a property implosion in China drove it 53% below its pandemic-era peak. A similar formation on the S&P in 2009 marked the start of a multiyear bull-run.
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