34 minutes ago European banking stocks slide 31 minutes ago European stocks open lower European stocks were down at the start of trade as investors valued a news-rich weekend that culminated in UBS’s takeover of Credit Suisse. The Stoxx 600 index was down 1.4% at 8.30am London time, with losses across major exchanges and across … Read more
The global automotive industry is in transition as consumers increasingly shun internal combustion engine vehicles for electric vehicles. That means electric vehicles are grabbing a bigger share of the global car market, according to French investment bank Societe Generale, with a third of cars sold in China now electric. The “sharp acceleration” in EV adoption … Read more
Asian regulators issued reassuring statements on Monday that their banking systems have remained robust and stable after Swiss banking giant UBS agreed to buy rival Credit Suisse. Swiss regulators played a key role in orchestrating the forced takeover, to stem a wider banking crisis that would threaten the global system. From Hong Kong to Australia … Read more
50 minutes ago China leaves 1- and 5-year prime lending rates unchanged The People’s Bank of China left the prime rates for 1-year and 5-year loans unchanged, after cutting the reserve requirement ratio for almost all banks by 0.25 percentage points last week. The 1-year LPR remained at 3.65% while the 5-year LPR remained at … Read more
The tech sector was a beacon of hope last week as the banking crisis rocked markets. The Nasdaq Composite rose 4.4% during the week, while the Nasdaq 100 – which includes the largest non-financial companies in the index – rose 5.8%. Big tech and semiconductor stocks such as Nvidia and Microsoft rose around 12% during … Read more
A branch of First Republic Bank is pictured in Midtown Manhattan in New York, March 13, 2023. fresh mike | Reuters First Republic Bank has seen its credit ratings sink further into rotten status by S&P Global, which said the lender’s recent injection of $30 billion in deposits from 11 major banks may not solve … Read more
The headquarters of the Federal Deposit Insurance Corp. (FDIC) in Washington, DC, U.S. on Monday, March 13, 2023. Al-Draco | Bloomberg | Getty Images Four prominent U.S. banking lawmakers said on Sunday they would consider whether a higher federal insurance limit on bank deposits was needed to stem a financial crisis marked by a flight … Read more
A sale to UBS, which could be completed as early as tonight, values Credit Suisse at around $7 billion below its market value at Friday’s close. It comes after Credit Suisse shares posted their worst weekly decline since the start of the coronavirus pandemic. This is despite news that it would have access to a … Read more
Red pedestrian signs outside a bank branch of Credit Suisse Group AG in Basel, Switzerland, Tuesday, October 25, 2022. Stefan Wermuth | Bloomberg | Getty Images Rescue Talks Swiss credit rolled into sunday like UBS asked the Swiss government for $6 billion to cover the costs if it were to buy its struggling rival, a … Read more
Talks on bailing out Credit Suisse continued on Sunday as UBS demanded $6 billion from the Swiss government to cover the costs. UBS is under pressure from Swiss authorities to take over its local competitor to bring the crisis under control, two people with knowledge of the matter said. Regulators want a resolution before markets … Read more
