Banks, bonds, inflation, recession and energy: Five lessons the markets taught us this week March 17, 2023 The third week of March proved to be a rollercoaster for the world’s investors, with a rout on banks and the spectre of inflation, recession and the growing cost of living making their presence felt. These themes may indeed play on in future, so here are the five lessons we’ve learned from the markets this [...]
Now US shareholders sue beleaguered bank Credit Suisse for downplaying impact of losses March 17, 2023 US shareholders are suing Credit Suisse for giving false and misleading public statements and downplaying the impact of its losses, in the latest knock to the beleaguered bank. The Rosen Law Firm, a global investor rights law firm, filed a class action lawsuit in New Jersey against the Swiss banking giant on behalf of investors. [...]
Oil prices show signs of recovery after banking crisis subsides and commodity investors reassured March 17, 2023 Oil prices suffered their biggest weekly falls since December as a banking crisis rocked financial markets and spooked investors.
First Republic: US stocks rally after 11 banks including JP Morgan, Citi and Goldman stump up $30bn in rescue effort March 17, 2023 US stocks rallied on Thursday after a group of big banks offered a lifeline to the bank that investors had zeroed in on in their hunt for the industry’s next victim. The S&P 500 jumped 1.8 per cent for its best day in nearly two months after 11 of the biggest banks said they would [...]
‘No trade off between price stability and financial stability,’ ECB president Christine Lagarde says after rate rise March 16, 2023 The recovery in European banking stocks slowed slightly on Thursday afternoon as the European Central Bank (ECB) stuck to its guns and raised interest rates by 50 basis points. With the meeting taking place amidst a nervous backdrop in the banking sector, ECB President Christine Lagarde said “there is no trade off between price stability [...]
Credit Suisse crisis: What’s going on and what will happen next? March 16, 2023 Credit Suisse was once one of the world’s largest and most respected financial institutions but this week its shares have been on a downward spiral. Although the Swiss bank had been caught up in market speculation over the health of the global financial system it has been beset with problems over the last few years [...]
Credit Suisse shares rebound following £44bn support from Swiss central bank as top shareholder slams ‘unwarranted’ sell off March 16, 2023 Credit Suisse’s shares rebounded over 20 per cent on Thursday morning as markets reacted positively to the embattled lender’s announcement that it will tap a CHF50bn (£44bn) liquidity line from the Swiss Central Bank. Credit Suisse’s shares jumped over 22 per cent in morning trading. The cost of insuring company bonds against default also dropped [...]
Investec profits set for £100m hike with bank latest to enjoy a boost from rising interest rates March 16, 2023 Banking and wealth management group Investec said it would report a significant increase in profit compared to last year, with rising interest rates boosting the firm’s bottom line. Releasing a statement ahead of the bank’s year-end on 31 March, Investec expects to report an adjusted operating pretax profit of between £782.8m and £833.6m. Last year’s [...]
Credit Suisse crisis: Swiss lender taps central bank for emergency £35bn loan backstop March 16, 2023 CREDIT SUISSE overnight announced it would take advantage of a 50bn franc facility offered by the Swiss National Bank after a day in which its stock price sank by 25 per cent. The embattled Swiss lender’s tumble was triggered yesterday morning by comments from its largest shareholder, Saudi National Bank, that it would not inject [...]
KPMG stands behind audit of Silicon Valley Bank, accounting firm’s US chief says March 15, 2023 The chief executive of KPMG’s US business has said the Big Four accounting firm stands behind its audit of Silicon Valley Bank, after it gave the California financier a clean bill of health just two weeks before its collapse. KPMG chief Paul Knopp told an event at New York University that “we stand behind the [...]