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Credit Suisse Lost $68 Billion in Assets Last Quarter, Outflows ContinueApr 24, 2023 - 06:17:26 PDT
Credit Suisse said on Monday that 61 billion Swiss francs ($68 billion) in assets left the bank in the first quarter and that outflows were continuing, underscoring the challenge faced by UBS Group in rescuing its rival.
Remote work and e-commerce are reducing demand for office and retail space. Landlords are contending simultaneously with a cyclical market downturn and with secular changes in the way people work, live and shop. The sudden surge in interest rates caused property values to fall, while the rise of remote work and e-commerce are reducing demand for office and retail space.
US central bank officials are considering whether tighter credit conditions offset the need for many more rate rises
US banks are becoming increasingly worried about falling commercial property valuations and the risk they pose to lenders’ balance sheets, senior executives said this week.
Moody’s Downgrades 11 Regional Banks, Including Zions, U.S. Bank, Western Alliance: WSJApr 24, 2023 - 06:06:18 PDT
The recent failures of Silicon Valley Bank and Signature have focused attention on regional lenders’ weaknesses. The downgrades hit lenders including U.S. Bancorp USB -3.57%, with some $682 billion in assets, Zions Bancorp ZION -5.69%, with $89 billion, and Bank of Hawaii Corp., BOH -1.77% with $24 billion.
First Republic Earnings Report to Shed Light on Depth of Bank Crisis: WSJApr 24, 2023 - 06:04:55 PDT
Quarterly results will give investors insight into the extent of the damage after sharp deposit outflows at the bank.
Deposit flight and higher funding costs risk squeezing small businesses and lending beyond big cities.
Federal Reserve officials are on track to raise interest rates a quarter percentage point next month and signal a potential pause from the steepest hiking campaign in decades.
Deposit levels were more stable than feared, but regional banks still faced higher rates and a costlier mix in their funding.
The divergence between one-month and three-month bills is the largest on record.
Americans Escaping Pricey Cities Bring Higher Housing Costs, Inflation With Them: WSJApr 24, 2023 - 05:54:22 PDT
Inflation in some warm-weather metro areas is more than 2 percentage points higher than the national rate.
Even as the outlook brightens for emerging-market debt, bonds from a handful of the riskiest countries are being left behind. And there is little evidence that’s about to change.
Hedge funds are betting on higher Treasury yields in a market that’s divided over whether the US economy can avoid recession and Federal Reserve interest-rate cuts.
A rally in US stocks leading up to this earnings season presents a near-term risk to equities given the prospect of further Federal Reserve rate hikes and fading profit growth, according to Morgan Stanley’s Michael Wilson.
Norway and Sweden are no longer the place to go for currency investors hunting richer returns in Europe.
Professional investors see the dollar sliding even further from last year’s two-decade highs, as the market has underpriced the Federal Reserve’s oncoming easing cycle.
Retail Store Closures ‘To Sharply Accelerate Going Forward’: UBS ResearchApr 24, 2023 - 05:44:06 PDT
Bed Bath & Beyond's (BBBY) bankruptcy filing on Sunday likely foreshadows other retail busts in the years ahead.
"The consensus expects it is too early to see any adjustments yet to the BoJ's Yield Curve Control policy - though changes may be forthcoming at the June meeting," strategists at ING said in a daily note. Meanwhile, the head of Belgium's central bank said in an FT article on Monday that investors are underestimating how much euro zone borrowing costs will rise.
The Conference Board Leading Economic Index (LEI) for the US fell by 1.2% in March. It was the 12th straight month of declines in the LEI.
Peter Schiff: A Higher Debt Ceiling Won't Solve the Problem; It Will Make the Problem WorseApril 24, 2023
In January, the US government ran up against the debt ceiling, kicking off another fake debt ceiling fight. Three months later, Congress still hasn't agreed on a plan to raise the borrowing limit. Peter Schiff talked about it in his podcast, saying the lack of a higher debt ceiling isn't the problem; the ever-increasing spending and the debt are the problems. Refusing to raise the ceiling would provide the solution.