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Credit Suisse Ignites Fresh Bank Turmoil as SVB Collapse Spills Into Europe; US Stocks TumbleMar 15, 2023 - 05:44:41 PDT
Credit Suisse's biggest backer won't add more cash to the troubled Swiss lender, sending shares to a fresh record low.
'Rushed action leads to more pain,' one financial adviser says.
China’s central bank echoed President Xi Jinping’s warning that the US is seeking to suppress the world’s second-largest economy, an unusual move that suggests the central bank could be looking for ways to safeguard against possible further sanctions.
(Bloomberg) -- As banking stress sparked turmoil on Wall Street last week, a familiar bogeyman is being blamed for making things worse: Thin liquidity.
Dow Futures Dive Over 500 Points as Credit Suisse Woes Reignite Bank Sector AngstMar 15, 2023 - 05:36:20 PDT
U.S. stock futures were sliding on Wednesday as fresh concerns over the health of Credit Suisse sparked renewed banking sector anxiety, while investors awaited fresh retail sales and producer price index data.
SVB Blowout May Drive SoftBank Shares Below Son’s Pain Point, Trigger BuybackMar 15, 2023 - 05:34:40 PDT
The sudden collapse of Silicon Valley Bank looks set to increase scrutiny of SoftBank Group Corp. investments, and possibly drive its share price to Masayoshi Son’s pain point.
The cost of insuring the bonds of Credit Suisse Group AG against default in the near-term is approaching a rarely-seen level that typically signals serious investor concerns.
An acceleration in monthly core consumer prices seems likely to reinforce the Federal Reserve’ determination to raise interest rates to fight inflation, though the decision on next week’s move will be a tough call amid ongoing concern about financial turmoil.
Liquidity in the World’s Largest Bond Market Is Evaporating on US Banking CrisisMar 15, 2023 - 05:24:04 PDT
The deterioration in liquidity signals uncertainty about the Fed’s rate-hike path after the collapse of three US lenders underscored the damage wrought by higher borrowing costs. The volatility risks spreading into other assets that use Treasuries as a benchmark, with traders fearful that a wider US banking crisis may be brewing.
Bonds rallied, reversing earlier declines, and traders pared wagers on higher interest rates as fears grew that turmoil in the US banking sector could spread to Europe.
Global Investment Giant Credit Suisse Plunges Record Low as Biggest Backer Rules Out Investing MoreMar 15, 2023 - 05:14:45 PDT
Credit Suisse lost almost a quarter of its value on Wednesday, dropping to a new record low after its largest investor said it could not provide the Swiss bank with more financial assistance. The Saudi lender acquired a stake of almost 10% last year after taking part in Credit Suisse's capital raising and committed to investing up to 1.5 billion Swiss francs ($1.5 billion).
U.S. stock futures were sharply lower Wednesday morning ahead of February’s retail sales print as fresh turmoil at Credit Suisse (CS) weighed on sentiment.
The crash spilled over into other European banking shares, with French and German banks such as BNP Paribas, Societe Generale, Commerzbank and Deutsche Bank falling between 8% and 10%.
The annual rise in the Consumer Price Index (CPI) for February came in at 6%. This was down from the 6.4% annual increase charted in January. The eighth straight monthly decline in CPI seems to have restored faith that the Federal Reserve is winning the inflation fight. But everybody should probably stop and remember that the target is 2%.Six percent is a lot bigger than 2%.
On June 14, 2022, Peter Schiff appeared on Ingraham Angle, and he said, "Thanks to the Federal Reserve, everybody has so much debt that we can't afford to pay an interest rate high enough to fight inflation. But it is going to be high enough to cause a massive recession and another financial crisis that's worse than the one we had in 2008."On March 13, 2023, Peter was on Ingraham Angle again, this time to talk about the beginning of that financial crisis.
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China's central bank announced it had bought more gold — nearly 25 metric tons — in February, the fourth consecutive monthly increase, a move that experts said will constantly fine-tune the country's international reserves portfolio and cushion the impact of growing geopolitical uncertainties and lingering high inflation in developed economies such as the United States.
The retail price of gold in Japan has hit an all-time high of 9,000 yen ($66.94), according to data released by one of the country’s largest producers and sellers of precious metals, Tanaka Kikinzoku, on Monday.
Prices for precious metals divided Tuesday with those for silver and palladium advancing, registering fresh settlement highs, and those for gold and platinum falling. Gold for April delivery shed $5.60, or 0.3%, to settle at $1,910.90 an ounce on the Comex division of the New York Mercantile Exchange. "Gold prices are weaker in midday U.S.
The average rate on the popular 30-year fixed mortgage dropped to 6.57% Monday, according to Mortgage News Daily.