Hong Kong and Tokyo: Why Asian markets declined after Credit Suisse’ takeover March 20, 2023 Asian stock markets fell on Monday after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis. Ahead of a Federal Reserve meeting to decide on more possible interest rate hikes, markets in Hong Kong, Tokyo and Sydney declined. While in Shanghai, stocks edged up. Oil prices also retreated. [...]
Traders nervy at FTSE open after Asian bank stocks tank – despite Credit Suisse rescue March 20, 2023 The global sigh of relief at the rescue of Credit Suisse does not appear to have lasted long, with big banks battered in trading overnight in Asia. HSBC and StanChart both took more than a six per cent hit in Hong Kong as investors, already spooked by volatility in banking across the world, took flight. [...]
UBS agrees to buy Credit Suisse to avoid “unthinkable” consequences March 19, 2023 THE SWISS government last night brokered a discount $3bn (£2.6bn) deal that will see UBS rescue Credit Suisse from bankruptcy and avoid “irreparable” damage to the global financial system. In an extraordinary press conference last night, the Swiss President said deposit outflows on Friday at Credit Suisse on Friday meant it was “no longer possible [...]
Credit Suisse’s timeline of misfortune March 19, 2023 Credit Suisse is on the verge of being taken over by its Swiss rival UBS having suffered a bruising few years in which the bank has stumbled from one crisis to another. From “tuna bonds” to Greensill, City AM looks back at the series of scandals which have brought the 167-year old lender to the [...]
UBS ‘$1billion’ deal for Credit Suisse to be fast-tracked past shareholders: reports March 19, 2023 UBS’s possible $1bn acquisition of Credit Suisse is being fast tracked to ensure its completion before markets open on Monday morning in a dramatic attempt to preserve financial stability. According to the Financial Times, Swiss authorities are considering using emergency measures to bypass normal takeover rules. It reported that UBS indicated emergency powers would be [...]
Credit Suisse weighs up survival options as 167-year-old bank faces pressure to merge with rival UBS March 18, 2023 Credit Suisse Group began a make-or-break weekend after some rivals grew cautious in their dealings with the bank and regulators urged it to pursue a deal with Swiss rival UBS. 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 [...]
FTSE 100 live: London index joins European markets to close in the red as jitters over Credit Suisse contagion continue March 17, 2023 A dramatic week for European markets has ended on a low, with a number of interventions from global banks failing to calm the nerves of jittery investors. London’s FTSE 100 closed firmly in the red despite seeing gains in early trading on Friday. It followed a group of US banking giants injecting 30 billion US [...]
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. [...]
FTSE 100 close: Credit Suisse share price shoots up 30 per cent as HSBC and Lloyds climb in London March 16, 2023 London’s FTSE 100 today partly clawed back yesterday’s losses that saw it clock its worst day in over a year as the index was ensnared by global markets sweating over the health of the European banking system. The capital’s premier index jumped 0.89 per cent to 7,410.04 points, while the domestically-focused mid-cap FTSE 250 index, [...]