Citi economists said, “We have long been discussing our view that China can be a major growth hedge this year – if anything, recent global banking stresses perhaps have strengthened this thesis.” The decision by the People’s Bank of China to cut its required reserved ratio showed “reassurance of policy support amid global volatilities,” Citi … Read more
Federal Reserve Board Chairman Jerome Powell holds a news conference following a Federal Open Market Committee meeting at the Federal Reserve on March 22, 2023 in Washington, DC. Alex Wong | Getty Images News | Getty Images This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors … Read more
CNBC Pro: RBC names 5 global financial stocks to buy right now as banks sell off The recent share price falls in European financial institutions have presented a buying opportunity, according to RBC Capital Markets. The investment bank named five stocks to buy during the share price dip, noting that these financial institutions are not … Read more
A credit crunch is a significant tightening of lending standards among banks. Loans are harder to get and become more costly. The banking crisis triggered by the failures of Silicon Valley Bank and Signature Bank will likely lead small and midsize institutions to prioritize having a healthy balance sheet. The prospect of recession led banks … Read more
An Hour Ago European banking stocks slide Bank stocks slid at the open Monday, with Credit Suisse and UBS driving the fall. Banking stocks were down 2.75% by 9:17 a.m. London time, paring some losses. Credit Suisse shares were down 58%, while UBS recovered slightly to trade 9% lower by 9:17 a.m. London time after … Read more
Regulators in Asia issued reassuring statements Monday that their banking systems remained robust and stable after Swiss banking giant UBS agreed to buy its rival Credit Suisse. Swiss regulators played a key role in orchestrating the forced takeover, to stem a larger banking crisis that would threaten the global system. From Hong Kong to Australia … Read more
56 Mins Ago China leaves 1-year and 5-year loan prime rates unchanged The People’s Bank of China left the loan prime rates for 1-year and 5-year unchanged, after cutting the reserve requirement ratio for almost all banks by 0.25 percentage points last week. The 1-year LPR stayed at 3.65% while the 5-year LPR remained at 4.3%, … Read more
Talks over rescuing Credit Suisse rolled into Sunday as UBS sought $6 billion from the Swiss government to cover costs. UBS is under pressure from the Swiss authorities to take over its local rival to get the crisis under control, two people with knowledge of the matter said. Regulators want a resolution before markets reopen on Monday, but … Read more
18 Mins Ago Saudi National Bank says panic over Credit Suisse is unwarranted The chairman of Credit Suisse’s largest shareholder, Saudi National Bank, told CNBC’s Hadley Gamble that the recent market turmoil in the banking sector is “isolated” and stems from “a little bit of panic.” “If you look at how the entire banking sector has … Read more
2 Mins Ago Credit Suisse shares tumble ADR shares of Swiss lender Credit Suisse tumbled 21% in premarket trading. Saudi National Bank said it could not provide more funding, Reuters reported. “We cannot because we would go above 10%. It’s a regulatory issue,” Saudi National Bank Chairman Ammar Al Khudairy told Reuters Wednesday. The troubled … Read more