News

Finance minister Nirmala Sitharaman to review state of economy at meeting of FSDC Amid global and domestic challenges, Finance minister Nirmala Sitharaman may review the state of the economy at a meeting of the Financial Stability and Development Council (FSDC) on May 08, 2023. The 27th meeting of the high-level panel will be attended by all financial sector regulators, including RBI Governor Shaktikanta Das. This would be the first meeting of the FSDC after the passage of Rs 45 lakh crore Budget for 2023-24 with greater emphasis on capital expenditure with an outlay of Rs...
Finance minister Nirmala Sitharaman to review state of economy at meeting of FSDC
Finance minister Nirmala Sitharaman to review state of economy at meeting of FSDC
Source: Accord Fintech
8/05/2023 9:38:27 AM
IndiGo shares surge after smaller rival Go First files for bankruptcy Shares of India's largest airline IndiGo surged over 8% on Wednesday as smaller rival Go First's bankruptcy filing raised hopes of market share gains and improved yields. Cash-strapped airline Go First filed for bankruptcy on Tuesday, blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet and taking lenders by surprise. Lessors may also be keen to allocate some of the Go First aircraft to IndiGo, within India itself, given similar fleet ...
IndiGo shares surge after smaller rival Go First files for bankruptcy
IndiGo shares surge after smaller rival Go First files for bankruptcy
Source: Reuters
3/05/2023 10:34:42 AM
$68 billion withdrawn from Credit Suisse before collapse Collapsed banking giant Credit Suisse says 61.2 billion Swiss francs ($68.6 billion) left the bank in the first three months of the year. The announcement gives an insight into the scale of the bank run that caused the 167-year-old lender to fail and triggered its state-backed rescue, the BBC reported. It came as the bank reported what are expected to be its last ever financial results. Its forced sale to rival Swiss bank UBS is expected to be completed soon. Credit Suisse's f...
$68 billion withdrawn from Credit Suisse before collapse
$68 billion withdrawn from Credit Suisse before collapse
Source: IANS
24/04/2023 12:01:50 PM
Gold, silver rally to 10% gains this year  Safe haven assets, especially gold and silver have seen a fantastic rally since the start of this year, positing 10 per cent year to date (YTD) gains, Motilal Oswal Financial Services said in a report. It probably is the year of safe havens, as along with global growth slowdown, geo-political uncertainties, there are also expectations regarding slower interest rate hikes which really is a positive scenario for gold prices, the report said. Demand and supply factors historically ha...
Gold, silver rally to 10% gains this year
Gold, silver rally to 10% gains this year
Source: IANS
20/04/2023 2:11:37 PM
Italy`s economic outlook remains `positive`: ISTAT Italy's economy continues to struggle, but slowing inflation and growing consumer and business confidence are seen as precursors of a positive turn, the country's National Statistics Institute (ISTAT) said. After registering double-digit inflation for four consecutive months until January, inflation started to decrease in February and dropped to 8.2 per cent in March year-on-year, ISTAT added on Thursday. The employment levels remained broadly stable, with demand for female work...
Italy`s economic outlook remains `positive`: ISTAT
Italy`s economic outlook remains `positive`: ISTAT
Source: IANS
14/04/2023 12:33:54 PM
UBS considers retaining Credit Suisse`s India unit - Bloomberg News UBS Group AG is considering retaining Credit Suisse Group AG's private banking unit in India after the emergency rescue of its smaller rival last month, Bloomberg News reported on Wednesday citing people familiar with the matter.
UBS considers retaining Credit Suisse`s India unit - Bloomberg News
UBS considers retaining Credit Suisse`s India unit - Bloomberg News
Source: Reuters
12/04/2023 10:45:09 AM
World stocks survive banking turmoil - but for how long Banking sector turmoil has not dented demand for equities, with MSCI's world stock index up 7% so far this year. Hopes that the Federal Reserve and others could soon pause the most aggressive interest rate hiking cycle in decades has supported stocks even as sentiment more generally has been rattled by the failures of two U.S. lenders and Credit Suisse's shotgun merger with UBS. But under the surface, bad omens for world stocks are building. 1/ TIGHTER CREDIT Customers hav...
World stocks survive banking turmoil - but for how long
World stocks survive banking turmoil - but for how long
Source: Reuters
6/04/2023 11:03:51 AM
Dollar to log quarterly drop as rate hike bets recede The dollar tracked toward a second consecutive quarterly loss on Friday, as investors see U.S. interest rates close to peaking and expect the dollar's yield advantage is in decline. A modest boost from a rush to safety around mid-March as banking jitters hit global markets seems to be fading, and the dollar index is down 1.3% for the quarter. Moves in the Asia session on Friday were modest, as a tense calm settled on traders, who still have an eye on the prospect of further deposit ...
Dollar to log quarterly drop as rate hike bets recede
Dollar to log quarterly drop as rate hike bets recede
Source: Reuters
31/03/2023 8:46:05 AM
Asian stocks rally as banking anxiety eases; Alibaba surges Asian shares rose sharply on Wednesday while the dollar was on the defensive as easing concerns over the banking sector revived risk appetite, while Alibaba's stock soared on the internet behemoth's plans to split into six units. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.82% higher, while Japan's Nikkei advanced 0.49%. Hong Kong's Hang Seng index surged over 2%, buoyed by Alibaba after the Chinese e-commerce conglomerate announced its break-up ...
Asian stocks rally as banking anxiety eases; Alibaba surges
Asian stocks rally as banking anxiety eases; Alibaba surges
Source: Reuters
29/03/2023 8:43:27 AM
Dollar steady as banking crisis fears keep investors jittery The dollar was firm on Monday, while the yen hovered near its seven-week peak as investors assessed moves made by authorities and regulators to rein in worries over the global banking system. The dollar index, which measures the currency against six rivals, was up 0.078% at 103.060, having gained 0.5% on Friday amid banking jitters, with shares of Deutsche Bank sliding nearly 9%. Global banking stocks have been battered through the month in the wake of the sudden collapse of two U.S. le...
Dollar steady as banking crisis fears keep investors jittery
Dollar steady as banking crisis fears keep investors jittery
Source: Reuters
27/03/2023 8:42:59 AM
Uncertainty, volatility to dominate last week of financial year's trading It was an extremely tough and volatile week at the bourses. Markets were all over the place and the small net change at the end of the week, does not convey the overall movement or the sentiment that prevailed. Markets gained on two of the five sessions and lost on three. BSESENSEX lost 462.80 points or 0.80 per cent to close at 57,527.10 points while NIFTY lost 155 points or 0.91 per cent to close at 16,945.05 points. The broader indices saw BSE100, BSE200 and BSE500 lose 0.97 per cent, 0...
Uncertainty, volatility to dominate last week of financial year's trading
Uncertainty, volatility to dominate last week of financial year's trading
Source: IANS
26/03/2023 3:11:06 PM
FM Nirmala Sitharaman reviews PSBs` performance amid banking crisis in US, Europe Union Finance Minister Nirmala Sitharaman chaired a meeting on Saturday to review the performance of Public Sector Banks (PSBs) on various financial health parameters. The Finance Minister underlined that PSBs "must look at business models closely to identify stress points, including concentration risks and adverse exposures". Sitharaman also exhorted PSBs to use "this opportunity" to frame detailed crisis management and communication strategies. During the review...
FM Nirmala Sitharaman reviews PSBs` performance amid banking crisis in US, Europe
FM Nirmala Sitharaman reviews PSBs` performance amid banking crisis in US, Europe
Source: IANS
25/03/2023 5:58:03 PM
Bank shares across Europe fall sharply ank shares across Europe have fallen sharply as worries over the financial strength of the sector return, media reports said. Shares in Germany's Deutsche Bank saw the biggest fall, dropping 13 per cent, and there was also a sharp jump in the cost of insuring against losses on its debt, BBC reported. Investors have already been spooked by the collapse of two US banks and the rushed takeover of Swiss giant Credit Suisse by its rival UBS. Stock markets in London, Germany and France...
Bank shares across Europe fall sharply
Bank shares across Europe fall sharply
Source: IANS
25/03/2023 9:59:59 AM
Gold prices dip as traders assess Fed rate-hike pause Gold prices slipped on Friday as the dollar edged higher, while investors assessed the U.S. central bank's hints at a potential pause in its rate-hike trajectory. Spot gold was down 0.4% at $1,986.40 per ounce at 0707 GMT, after two sessions of sharp gains. U.S. gold futures also fell 0.4% to $1,988.90. Non-yielding bullion, which becomes more attractive in a low-interest-rate environment, gained 2% after the Federal Reserve signalled it might pause further rate increases after the ...
Gold prices dip as traders assess Fed rate-hike pause
Gold prices dip as traders assess Fed rate-hike pause
Source: Reuters
24/03/2023 1:44:26 PM
Credit Suisse bailout creates a bank twice the size of Swiss economy The last-minute rescue of Credit Suisse may have prevented the current banking crisis from exploding, but its a raw deal for Switzerland, according to a media report. Worries that Credit Suisse's downfall would spark a broader banking meltdown left Swiss regulators with few good options, CNN reported. A tie-up with its larger rival, UBS, offered the best chance of restoring stability in the banking sector globally and in Switzerland, and protecting the Swiss economy in the near term...
Credit Suisse bailout creates a bank twice the size of Swiss economy
Credit Suisse bailout creates a bank twice the size of Swiss economy
Source: IANS
24/03/2023 8:58:16 AM
Finance Minister Nirmala Sitharaman to meet public sector banks chiefs on March 25 Amid the failure of banks in the US and the liquidity crisis being faced by Credit Suisse, Finance Minister Nirmala Sitharaman is expected to meet chiefs of public sector banks on March 25. This would be the first meeting of the Finance Minister with banks' chiefs after the presentation of the budget, where, according to sources, the discussion is likely to be on the areas highlighted by the budget. Sitharaman is also likely to review the credit flow to key sectors like agriculture,...
Finance Minister Nirmala Sitharaman to meet public sector banks chiefs on March 25
Finance Minister Nirmala Sitharaman to meet public sector banks chiefs on March 25
Source: IANS
23/03/2023 4:43:59 PM
Emerging market investors turn increasingly bullish for Q2 -HSBC survey  Nearly half of emerging market investors are bullish on prospects for developing markets in the second quarter, a survey by HSBC showed on Thursday, thanks to rising optimism following the reopening of the Chinese economy. Some two thirds of the respondents expected emerging equities to outperform those of the developed economies in the next three months, the survey of 138 investors from 133 institutions, conducted between Jan. 24 and March 6, found. More than two thirds of the re...
Emerging market investors turn increasingly bullish for Q2 -HSBC survey
Emerging market investors turn increasingly bullish for Q2 -HSBC survey
Source: Reuters
23/03/2023 3:14:43 PM
US banks face scrutiny as Fed rate decision looms A scramble by troubled U.S. lender First Republic Bank to secure a capital infusion kept worries about the broader banking sector alive on Wednesday as authorities considered steps to further strengthen financial stability. While recent market turmoil has eased, the Federal Reserve's meeting later in the day is now a major focus for investors, with traders split over whether the U.S. central bank will be forced to pause its hiking cycle to ensure financial stability. The Fed's r...
US banks face scrutiny as Fed rate decision looms
US banks face scrutiny as Fed rate decision looms
Source: Reuter
22/03/2023 8:50:55 AM
Dollar subdued ahead of Fed rate decision The dollar was pinned near five-week lows on Wednesday ahead of the conclusion of the U.S. Federal Reserve's policy meeting, with investors awaiting clarity on the path the central bank is likely to take in the wake of global banking turmoil. Investor attention is zeroed in on whether the Fed will stick to its hawkish path to fight sticky inflation or pause interest rate hikes given recent trouble among banks which has included bankruptcy and last-minute rescues. The U.S. dollar ind...
Dollar subdued ahead of Fed rate decision
Dollar subdued ahead of Fed rate decision
Source: Reuters
22/03/2023 8:41:25 AM
Oil slips after unexpected build in U.S. crude stocks Oil fell in early Asian trade on Wednesday, paring two straight days of gains after an industry report showed U.S. crude inventories rose unexpectedly last week in a sign fuel demand may be weakening. Brent futures, which have risen more than 3% this week, were down 48 cents, or 0.6%, at $74.84 a barrel at 0203 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 47 cents, or 0.7%, at $69.20. Data from the American Petroleum Institute on Tuesday showed U.S. crude inventories ...
Oil slips after unexpected build in U.S. crude stocks
Oil slips after unexpected build in U.S. crude stocks
Source: Reuters
22/03/2023 8:38:38 AM
Quote on Banking sector outlook : Additionally, the investment is more into Government Sec on SLR account Says Ajit Kabi, LKP Securities Below the Indian Banking sector outlook from Ajit Kabi, Banking analyst at LKP Securities   The current global banking crisis, especially Credit Suisse and few USA Banks is likely to bring some regulatory measures across the global banking system. The Auditing and financial reporting may be more stringent along with addressing liquidity and duration risk in a strict way. Post Great Financial crisis, the regulatory changes have put more emphasis on Credit risk, howeve...
Quote on Banking sector outlook : Additionally, the investment is more into Government Sec on SLR account Says Ajit Kabi, LKP Securities
Quote on Banking sector outlook : Additionally, the investment is more into Government Sec on SLR account Says Ajit Kabi, LKP Securities
Source: LKP Securities Ltd
21/03/2023 5:20:00 PM
Fed, US banks in focus as mood improves on Credit Suisse rescue Investors on Tuesday took some heart from the rescue of troubled lender Credit Suisse by its Swiss rival UBS, though concerns lingered about the risk of shockwaves further damaging credit markets and smaller U.S. banks. Attention is now on this week's meeting of the U.S. Federal Reserve, with traders wondering whether the central bank's relentless rate hikes - blamed by some for sparking the crisis - might be at an end. The 3 billion Swiss franc ($3.2 billion) deal for Credit Su...
Fed, US banks in focus as mood improves on Credit Suisse rescue
Fed, US banks in focus as mood improves on Credit Suisse rescue
Source: Reuters
21/03/2023 12:35:20 PM
US bank First Republic's shares crash more than 46% Shares in the troubled First Republic Bank crashed more than 46 per cent after reports the San Francisco-based bank may need to raise more funds despite a $ 30 billion rescue last week. As the growing banking crisis spread into a new week, the credit rating of the regional bank was downgraded deeper into junk status by S&P Global, the Guardian reported. The agency said that the bank, which caters to wealthy clients, probably faced "high liquidity stress with substantial outflow...
US bank First Republic's shares crash more than 46%
US bank First Republic's shares crash more than 46%
Source: IANS
21/03/2023 12:17:23 PM
Dixit Joshi, the Indian-origin CFO of Credit Suisse Dixit Joshi, the Indian-origin Chief Financial Officer (CFO) of Credit Suisse, has been a Member of the Executive Board of Credit Suisse Group AG and Credit Suisse AG since 2022. Born in 1971, the 51-year-old Joshi is a British citizen. Before moving to Credit Suisse, he was with Deutsche Bank as Group Treasurer (2017-2022), Head of ICG Debt, Listed Derivatives and Markets Clearing (2016-2017), Head of Global Prime Finance (2015-2016), and Head of APAC Equities (2011-2015). Joshi als...
Dixit Joshi, the Indian-origin CFO of Credit Suisse
Dixit Joshi, the Indian-origin CFO of Credit Suisse
Source: IANS
21/03/2023 9:12:31 AM
US stocks rise as markets digest UBS takeover of Credit Suisse US stocks rose on Monday as investors digested UBS's takeover of embattled Swiss lender Credit Suisse, according to a media report. UBS on Sunday agreed to buy Credit Suisse for 3 billion Swiss francs ($3.25 billion), which is about 60 per cent less than what the bank was worth at Friday's market close, CNN reported. Shares of Credit Suisse tumbled 56 per cent. Shares of New York Community Bancorp, which said on Monday it would buy $38.4 billion worth of assets and virtually all...
US stocks rise as markets digest UBS takeover of Credit Suisse
US stocks rise as markets digest UBS takeover of Credit Suisse
Source: IANS
21/03/2023 9:04:01 AM
Dollar languishes as bank crisis fears ebb on Credit Suisse rescue The dollar regained some ground on Tuesday but was pinned near a five-week low as traders tiptoed back into riskier assets after UBS' state-backed takeover of Credit Suisse allayed some fears of a widespread, systemic banking crisis. Market sentiment remained fragile, however, as investors struggled to determine the scale of the ramifications from a sector hit that began with Silicon Valley Bank's collapse, putting a cap on risk appetite and giving some support to the safe haven do...
Dollar languishes as bank crisis fears ebb on Credit Suisse rescue
Dollar languishes as bank crisis fears ebb on Credit Suisse rescue
Source: Reuters
21/03/2023 8:49:42 AM
Safe-haven yen rises as investors assess Credit Suisse rescue Japan's yen climbed on Monday as investors reacted nervously to UBS' cut-price takeover of its beleaguered rival Credit Suisse. Under the deal, holders of $17 billion of Credit Suisse Additional Tier-1 (AT1) bonds will be wiped out. That angered some of the holders of the debt, who thought they would be better protected than shareholders, and unnerved investors in other banks' AT1 bonds. The yen - long seen as a safe haven at times of stress - rallied as a fall in Asian bank...
Safe-haven yen rises as investors assess Credit Suisse rescue
Safe-haven yen rises as investors assess Credit Suisse rescue
Source: Reuters
20/03/2023 5:48:55 PM
CoCo bonds fall sharply over Credit Suisse deal  Derivatives that track the value of riskier bank debt  the sort that is being wiped out in the Credit Suisse takeover are falling sharply now, according to a media report. Invesco's AT1 Capital Bond exchange-traded fund, which tracks the value of AT1 debt issued by banks, is down 15 per cent, The Guardian reported. These AT1 bonds, known as "contingent convertible" debt or CoCos, are designed to be triggered at times of market turbulence. They are basically shoc...
CoCo bonds fall sharply over Credit Suisse deal
CoCo bonds fall sharply over Credit Suisse deal
Source: IANS
20/03/2023 4:59:55 PM
European bank shares drop after Credit Suisse bailout European bank shares are proving volatile as investors remain concerned about wider problems in the industry. Major falls were seen in early trading in Germany's Deutsche Bank and France's BNP Paribas, although shares in both have since recovered some losses, the BBC reported. BNP is still down about 5 per cent and Deutsche Bank 6 per cent. In the UK, shares in Standard Chartered, HSBC and Barclays also took an early hit. UBS, which was responsible for buying out its troub...
European bank shares drop after Credit Suisse bailout
European bank shares drop after Credit Suisse bailout
Source: IANS
20/03/2023 3:49:09 PM
6 central banks to boost flow of US dollars through global financial system Central banks have moved globally to keep credit flowing after an unsettled period in the US banking sector and the Credit Suisse merger. Six central banks, including the Bank of England, announced they would boost the flow of US dollars through the global financial system, the BBC reported. On Sunday, the struggling Credit Suisse was taken over by UBS in a Swiss government backed deal. The US dollar liquidity "swap line" arrangement will run from Monday. In a statement,...
6 central banks to boost flow of US dollars through global financial system
6 central banks to boost flow of US dollars through global financial system
Source: IANS
20/03/2023 12:36:32 PM
Asia Pacific markets edge lower after UBS rescue of Credit Suisse Asia Pacific markets edged slightly lower on Monday as investors reacted to news of a Credit Suisse bailout by its bigger rival UBS. In Hong Kong, the Hang Seng Index tumbled 1.5 per cent at its opening, CNN reported. Japan's benchmark Nikkei index fell 0.7 per cent, while South Korea's Kospi was flat in morning trade. The S&P/ASX 200 in Australia slipped 0.8 per cent. On Sunday, Switzerland's biggest bank, UBS, agreed to buy Credit Suisse in an emergency rescue de...
Asia Pacific markets edge lower after UBS rescue of Credit Suisse
Asia Pacific markets edge lower after UBS rescue of Credit Suisse
Source: IANS
20/03/2023 11:47:47 AM
Swiss giant UBS in talks to take over all or part of Credit Suisse Swiss banking giant UBS is in discussions to take over all or part of Credit Suisse, after a day in which the troubled banking giant continued to see its share price fall despite a $ 54 billion cash injection, The Guardian reported. The Financial Times reported that the boards of the two banks are set to meet separately over the weekend in talks initiated by the Swiss National Bank, which provided Credit Suisse a lifeline, and regulator Swiss Finma. The expected talks come as a senior C...
Swiss giant UBS in talks to take over all or part of Credit Suisse
Swiss giant UBS in talks to take over all or part of Credit Suisse
Source: IANS
19/03/2023 9:31:18 AM
First Republic Bank`s financial woes deepen despite cash infusion First Republic Bank's financial woes appeared to be deepening despite an industry-led emergency cash infusion, CNN reported. The beleaguered bank is trying to raise money through a private issue of new shares, according to the New York Times, which cited people familiar with the situation. The news comes just 24 hours after First Republic secured a cash infusion of $30 billion from a consortium of banks, CNN reported. A full sale of the bank remains on the table, according to one...
First Republic Bank`s financial woes deepen despite cash infusion
First Republic Bank`s financial woes deepen despite cash infusion
Source: IANS
18/03/2023 3:14:54 PM
Credit Suisse meets to weigh options, under pressure to merge with UBS Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS AG. Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings over the weekend to assess strategic scenarios for the bank, people with knowledge of the matter said on Friday. The 167-year-old bank is the biggest name ensnared in market turmoil unleashed by the collapse of U.S. lenders Si...
Credit Suisse meets to weigh options, under pressure to merge with UBS
Credit Suisse meets to weigh options, under pressure to merge with UBS
Source: Reuter
18/03/2023 12:32:04 PM
Credit Suisse faces crucial weekend with its future in balance Credit Suisse Group AG headed into a make-or-break weekend after some rivals grew cautious in their dealings with the struggling Swiss lender, and its regulators urged it to pursue a deal with UBS AG. Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings over the weekend to assess strategic scenarios for the bank, people with knowledge of the matter said on Friday. Swiss regulators are encouraging UBS and Credit Suisse to merge, one source with knowledge of ...
Credit Suisse faces crucial weekend with its future in balance
Credit Suisse faces crucial weekend with its future in balance
Source: Reuter
18/03/2023 10:12:28 AM
US investors in Credit Suisse file legal action US investors in Credit Suisse have hit the beleaguered Swiss bank with legal action, claiming that it overstated its prospects before this week's shares crash, The Guardian reported. The lender suffered a rapid sell-off with shares plunging as much as 30 per cent on Wednesday after comments from Credit Suisse's largest shareholder, Saudi National Bank (SNB), which said it was unable to pump in more cash because of regulatory restrictions limiting its holding to below 10 per cent. ...
US investors in Credit Suisse file legal action
US investors in Credit Suisse file legal action
Source: IANS
17/03/2023 4:26:43 PM
Jefferies sees softer impact of Credit Suisse crisis on India  India's banking sector will likely have a softer impact from the troubles at Credit Suisse, given the Swiss lender's relatively small presence in the country, equity analysts at Jefferies said on Thursday. Credit Suisse has a 1.5% share among foreign banks' assets in India and a 'small' 0.1% share of overall banking assets in the country, Jefferies estimated. It has only 1 branch in India and total assets of over 200 billion rupees ($2.42 billion), it said. &qu...
Jefferies sees softer impact of Credit Suisse crisis on India
Jefferies sees softer impact of Credit Suisse crisis on India
Source: Reuters
16/03/2023 5:13:07 PM
Credit Suisse thrown $54 billion lifeline in rush to ward off global bank crisis Credit Suisse said on Thursday it would borrow up to $54 billion from Switzerland's central bank to shore up liquidity and investor confidence, after a slump in its shares had intensified fears about a global banking crisis. The bank's announcement, which came in the middle of the night in Zurich, prompted a 24% rise in Credit Suisse shares and helped reverse some of the heavy losses on stock markets driven by investor fears over potential bank runs across the world. Credit Suis...
Credit Suisse thrown $54 billion lifeline in rush to ward off global bank crisis
Credit Suisse thrown $54 billion lifeline in rush to ward off global bank crisis
Source: Reuters
16/03/2023 5:06:27 PM
Credit Suisse secures $54 billion lifeline as authorities rush to avert global bank crisis Credit Suisse on Thursday said it would borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence after a slump in its shares intensified fears about a global banking crisis. The Zurich-based bank's announcement helped reverse some of the heavy share market losses and restored confidence in wider financial markets, which were battered on Wednesday and into Asia trade on Thursday as investors fretted about potential runs on global bank deposits. ...
Credit Suisse secures $54 billion lifeline as authorities rush to avert global bank crisis
Credit Suisse secures $54 billion lifeline as authorities rush to avert global bank crisis
Source: Reuters
16/03/2023 3:34:36 PM
Credit Suisse secures $54 billion lifeline as authorities rush to avert global bank crisis Credit Suisse on Thursday said it would borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence after a slump in its shares intensified fears about a global banking crisis. The Zurich-based bank's announcement helped reverse some of the heavy share market losses and restored confidence in wider financial markets, which were battered on Wednesday and into Asia trade on Thursday as investors fretted about potential runs on global bank deposits. ...
Credit Suisse secures $54 billion lifeline as authorities rush to avert global bank crisis
Credit Suisse secures $54 billion lifeline as authorities rush to avert global bank crisis
Source: Reuters
16/03/2023 1:07:45 PM
Rupee weakens against US dollar on Thursday Indian rupee weakened against the US dollar on Thursday amidst continued outflow of foreign funds from the capital market, while investors are cautious ahead of next week´s Federal Open Market Committee meeting. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 1,271.25 crore, exchange data showed. Meanwhile, India's February exports contracted for the third consecutive month, falling 8.8% to $33.88 billion ...
Rupee weakens against US dollar on Thursday
Rupee weakens against US dollar on Thursday
Source: Accord Fintech
16/03/2023 1:01:44 PM
Gold stalls as traders strap in for more banking news Safe-haven gold paused its rally on Thursday as traders positioned for more developments surrounding the banking sector crisis after Credit Suisse became the latest focal point. Spot gold ticked 0.1% lower to $1,916.89 per ounce, as of 0648 GMT, after jumping more than 1% to $1,937.28 on Wednesday. U.S. gold futures shed 0.5% to $1,922.00. Slowing some of the selloff in equity markets, Credit Suisse Group AG said on Thursday it intended to borrow up to 50 billion francs ($54 billion) fr...
Gold stalls as traders strap in for more banking news
Gold stalls as traders strap in for more banking news
Source: Reuters
16/03/2023 1:01:12 PM
Troubled bank Credit Suisse to borrow up to $54bn from Swiss central bank Troubled banking giant Credit Suisse says it will borrow up to $54 billion from the Swiss central bank to shore up its finances. The lender said it was taking decisive action to strengthen its liquidity as it looked to become a simpler bank, the BBC reported. Shares in Credit Suisse fell 24 per cent on Wednesday after it said it had found "weakness" in its financial reporting. This prompted a general sell off on European markets, and fears of a wider financial crisis. Cr...
Troubled bank Credit Suisse to borrow up to $54bn from Swiss central bank
Troubled bank Credit Suisse to borrow up to $54bn from Swiss central bank
Source: IANS
16/03/2023 12:52:59 PM
Oil regains a bit of ground as Credit Suisse handed a lifeline Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse was thrown a financial lifeline by Swiss regulators. But battered by fears of a deepening crisis for banks worldwide, market sentiment remained fragile with both benchmarks giving up some early Thursday gains that saw Brent climb by more than $1. As of 0639 GMT, Brent crude futures were up 59 cents or 0.8% to $74.28 per barrel. West Texas I...
Oil regains a bit of ground as Credit Suisse handed a lifeline
Oil regains a bit of ground as Credit Suisse handed a lifeline
Source: Reuters
16/03/2023 12:49:29 PM
Stock markets across Asia fall as global banking fears widen Stock markets across Asia fell on Thursday as troubles at international banking giant Credit Suisse intensified fears of a wider bank crisis. Major indexes in Japan, Hong Kong and Australia fell by over 1 per cent amid heavier losses in bank shares, the BBC reported. This comes as Credit Suisse said it would borrow up to $54 billion to shore up its finances. Shares in the bank plunged after it found "weakness" in its financial reporting. As a result, Japan's Nikkei 2...
Stock markets across Asia fall as global banking fears widen
Stock markets across Asia fall as global banking fears widen
Source: IANS
16/03/2023 12:47:55 PM
Credit Suisse woes knock European currencies, UK budget in focus LONDON - European currencies fell sharply on Wednesday after Credit Suisse's tumble to a new low renewed worries about the European banking sector following Silicon Valley Bank (SVB)'s collapse. The euro, sterling and the Swiss franc saw sharp declines against the U.S. dollar as Credit Suisse shares plummeted around 30% after its biggest investor said it could not provide any more backing. Concerns around the Swiss lender led the wider European banking index to its lowest s...
Credit Suisse woes knock European currencies, UK budget in focus
Credit Suisse woes knock European currencies, UK budget in focus
Source: Reuters
15/03/2023 7:23:32 PM
Gold bounces back as Credit Suisse compounds banking woes By Ashitha Shivaprasad Gold reversed course and rose on Wednesday, as a tumble in Credit Suisse shares rekindled fears about the banking sector and hammered appetite for riskier assets. Spot gold was up 0.3% at $1,906.79 per ounce as of 1118 GMT. U.S. gold futures rose 0.1% to $1,912.10. Europe's bank stocks came under pressure again, with Credit Suisse shares sliding after its largest investor said it could not provide the Swiss bank with more financial assistance. "A...
Gold bounces back as Credit Suisse compounds banking woes
Gold bounces back as Credit Suisse compounds banking woes
Source: Reuters
15/03/2023 7:15:01 PM
Credit Suisse leads Europe bank rout in renewed SVB fallout By Noele Illien, Francesco Canepa and Rae Wee European bank stocks fell sharply on Wednesday, with embattled Credit Suisse tumbling to a new low, on renewed investor concerns about stresses within the sector triggered by Silicon Valley Bank's sudden collapse. Regulators and financial executives around the world have sought to assuage contagion fears after tech-focused lender SVB and another U.S. bank failed last week, but worries persist. A more than 20% drop in Credit Suisse sha...
Credit Suisse leads Europe bank rout in renewed SVB fallout
Credit Suisse leads Europe bank rout in renewed SVB fallout
Source: Reuters
15/03/2023 7:08:22 PM