“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
Federal Reserve Board Chairman Jerome Powell holds a news conference following a meeting of the Federal Open Market Committee at the Federal Reserve on March 22, 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 … Read more
Chinese tech giant Tencent reported better-than-expected quarterly revenue on Wednesday, helped by growth in ads within its growing “video accounts” business. However, ads still make up less than a fifth of Tencent’s overall revenue – which barely rose in the fourth quarter and fell for the whole of 2022 as Covid lockdowns dampened economic growth. … Read more
CNBC’s Jim Cramer said on Wednesday the market was distracted by Janet Yellen’s remarks about bank failures rather than focusing on the stability reflected in the Fed’s rate hike. During Fed Chairman Jerome Powell’s press conference, the market fell before falling in response to Yellen’s comments, according to Cramer. CNBC’s Jim Cramer said the Federal … Read more
Bitcoin is up almost 70% so far this year – and industry insiders who spoke to CNBC remain optimistic, with one saying the world’s largest cryptocurrency could grow new heights. Marshall Beard, chief strategy officer of US-headquartered cryptocurrency exchange Gemini, said $100,000 could be a possibility for bitcoin. Part of the industry’s positive view of … Read more
A major Wall Street firm ranks financial instability over inflation as the biggest economic risk for the next three months. In an interview following the Federal Reserve’s quarter-point interest rate hike, Michael Schumacher of Wells Fargo Securities suggested that policymakers are underestimating how rapidly tightening credit conditions could hurt the economy. “The Fed doesn’t really … Read more
Stocks were flat on Wednesday as Wall Street braced for the Federal Reserve’s first potential rate hike since the recent fallout in the banking sector. THE Dow Jones Industrial Average fell 22 points, or 0.07%. THE S&P500 fell by 0.10%, while Nasdaq Compound fell by 0.07%. The major averages posted solid gains in the previous … Read more
The Fed should raise its key rate. Google launches its AI product Bard for testing. Nike sees momentum in China after Covid-induced crisis. Here are the most important information investors need to start their trading day: Decision day has arrived. Will the Federal Reserve raise its benchmark rate by another quarter point, as has long … Read more
“In light of the strains in the banking system, we no longer expect the FOMC to raise rates at its next meeting on March 22,” Goldman economist Jan Hatzius said in a note. Sunday. The firm expects the latest measures to “provide substantial liquidity to banks facing deposit outflows” and bolster depositor confidence. Goldman Sachs … Read more
27 minutes ago China’s Silicon Valley Bank firm says balance sheet is ‘independent’ The Chinese joint venture of the closed Silicon Valley Bank said its operations were “independent and stable” amid the collapse of its US parent last week SPD Silicon Valley Bank is a 50/50 joint venture between Silicon Valley Bank and Shanghai Pudong … Read more
