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
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
Cryptocurrencies stood out this week as bank stocks tumbled and the global liquidity crunch rocked the stock market. For the week ending March 17, bitcoin finished up 34%, making it the cryptocurrency’s best week since January 2021 – which marked the start of the institution-led bull run this that year. Coin Metrics measures a week … Read more
BlackRock has denied reports that it is preparing a takeover bid for troubled Swiss lender Credit Suisse. The Financial Times had said the US asset manager was working on a bid to acquire the bank, citing people familiar with the matter. UBS has also been mooted as a potential buyer, with the FT reporting on … Read more
Credit Suisse is undergoing a massive strategic overhaul aimed at restoring stability and profitability after a litany of losses and scandals, but markets and stakeholders still seem unconvinced. On Friday, the Financial Times reported that UBS was in talks to take over all or part of Credit Suisse, citing several people involved in the talks. … Read more
For the stock market, forecasts announce storms with a risk of crisis. Stocks have alternated between sharp rises and steep declines over the past week amid a series of bank blasts and attempts to consolidate the financial system. Movements in the bond market and interest rate futures were even more extreme. The volatility in trading … Read more
Shares of regional banks fell on Friday even after the nation’s biggest lenders agreed to inject $30 billion in uninsured deposits into First Republic Bank . The bailout, involving several of the largest US banks, including Bank of America (ticker: BAC), Citigroup (C) and JPMorgan Chase (JPM), initially brought some relief to regional bank stocks, … Read more
Here are Friday’s biggest calls on Wall Street: JPMorgan moves Chubb from neutral to overweight JPMorgan said the insurance company was on the defensive. “Our long-term fundamental outlook for CB is positive, but we have been reluctant to recommend the stock due to concerns over slowing price gains in the tradelines market and the stock’s … Read more
