Deutsche Bank, Activision, Block, Scholastic, Ouster and many more market drivers

UBS (UBS), the bank that bought Credit Suisse for about $3 billion, fell 0.9% after being downgraded to Hold from Buy by Jefferies analysts. Activision Blizzard (ATVI) rose 5.9% after the UK Competition and Markets Authority said it no longer feared Microsoft (MSFT) would use its $68.7 billion deal to video game maker hooks Call … Read more

Deutsche Bank shares fall 9% after surge in cost of insuring against its default

Shares of the German lender have fallen for a third straight day and have now lost more than a fifth of their value so far this month. A logo is displayed above the headquarters of Deutsche Bank AG at Aurora Business Park in Moscow, Russia. Andrei Rudakov | Bloomberg | Getty Images Shares of Deutsche … Read more

China is a “relative safe haven” in the face of banking stress

Citi economists said: “We have long debated our view that China can be a major growth hedge this year – if anything, the recent global banking strains may have bolstered this thesis. “ The People’s Bank of China’s decision to cut its reserve requirement ratio showed “assurance of political support amid global volatilities,” Citi economists … Read more

Janet Yellen changed the mood – again

US Treasury Secretary Janet Yellen testifies before a subcommittee on March 23, 2023 in Washington, DC. Alex Wang | Getty Images News | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open updates investors on everything they need to know, wherever they are. Like what you … Read more

Banks step up use of new Fed facility created during crisis

Institutions borrowed $53.7 billion from the banks’ term funding program on Wednesday, up sharply from $11.9 billion last week. Another category of loans issued primarily to shuttered banks to meet depositor obligations and other expenses also surged. These borrowings jumped to $179.8 billion from $142.8 billion last week. The new bank financing program was introduced … Read more

The SVB sale is close. The FDIC is seeking a settlement by Monday.

The Federal Deposit Insurance Corp. plans to announce its decision on the sale of Silicon Valley Bank this weekend, Barron’s Advisor has learned. A person familiar with the FDIC’s plans says the banking regulator hopes to introduce a resolution to the auction over the weekend. There are still many moving coins at the auction, which … Read more

Fed’s Powell vs Inflation vs Markets

Fed Chairman Jerome Powell at yesterday’s press conference. Photo: Alex Wong/Getty Images On Wednesday afternoon, the Federal Reserve did more than raise interest rates for the ninth consecutive time in the face of a banking crisis. He also claimed that his plans for the year remain more or less intact and that nearly all of … Read more

Swiss regulator defends controversial $17 billion writedown of Credit Suisse bonds

“AT1 instruments issued by Credit Suisse contractually provide that they will be fully written down in the event of a ‘viability event’, particularly if extraordinary government support is provided,” FINMA said in a statement on Thursday. “As Credit Suisse received extraordinary liquidity assistance loans secured by a Federal Default Guarantee on March 19, 2023, these … Read more

US banking regulators slammed in EU after SVB collapse

Regulators and officials across the European Union are worried about possible contagion to their banking sectors after the recent turmoil in the United States. However, they believe that the United States should learn from some of the regulatory work put in place in the euro zone. Basel III is a set of reforms that strengthens … Read more