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Analysis-Investors stick to bets on early end to ECB hikes as uncertainty grows
Credit Suisse $54 billion lifeline offers limited respite to global banks
Date: March 16, 2023
By John Revill, Amanda Cooper and Tom Sims (Reuters) -Credit Suisse sought to shore up its liquidity and restore investor confidence on Thursday by borrowing up to $54 billion from Switzerland’s central bank, though the move proved to offer only limited respite to global banking stocks. The Swiss lender is the first major global bank...
Instant View: ECB sticks with big rate hike even as bank fears roil markets
Date: March 16, 2023
(Reuters) – The European Central Bank pushed through another big increase in interest rates on Thursday, sticking with its question to fight inflation despite turmoil in financial markets that has raised fears about a global banking crisis. The ECB raised its three policy rates by 50 basis points in its sixth consecutive rate hike and...
Oil prices steady as news of Saudi, Russia meeting calms investors
Date: March 16, 2023
By Shariq Khan BENGALURU -Oil prices steadied on Thursday after dropping to near 15-month lows earlier in the session, supported by reports that top producers Saudi Arabia and Russia met to discuss ways to enhance market stability. Brent crude futures rose 26 cents, or 0.4%, to $73.95 a barrel by 12:08 p.m. EDT (1608 GMT),...
Big ECB hike adds fuel to the banking sector fire
Date: March 16, 2023
By Joice Alves LONDON (Reuters) – Euro zone bank shares hit a ten-week low on Thursday after the European Central Bank (ECB) raised rates by half a point, even though some investors had thought the turmoil in financial markets would deter it from delivering another hefty hike. The rising cost of borrowing added pressure on...
Explainer-Credit Suisse: How did it get to crisis point?
Date: March 16, 2023
By Anshuman Daga (Reuters) – Credit Suisse said on Thursday it would borrow up to $54 billion from the Swiss central bank to shore up liquidity after a slump in its shares and bonds intensified fears about a global banking crisis. Analysts said they think that might not be enough. WHAT EVENTS LED TO THE...
EU announces plans to lead green industrial revolution
Date: March 16, 2023
By Philip Blenkinsop BRUSSELS (Reuters) -The European Commission presented the centrepieces of a strategy on Thursday to ensure its industry can compete with the United States and China in making clean tech products and accessing raw materials required for the green transition. The EU executive’s Net-Zero Industry Act and Critical Raw Materials Act, part of...