Commentary While the market was surprised by the stronger-than-expected U.S. economic data like jobs, the Purchasing Managers’ Index (PMI), and CPI, a run on the Silicon Valley Bank occurred resulted in its collapse. Ironically, some analysts were recommending banking stocks based on their interest rate hike argument. It turns out that the prices of these…
Euro, Swiss Franc Recover a Touch as Market Mood Improves, Traders Await ECB Meet
SINGAPORE/LONDON—The euro and Swiss franc regained some lost ground on Thursday, as markets reacted positively to the Swiss central bank’s support for Credit Suisse, ahead of a difficult meeting for ECB rate setters. The euro was up 0.4 percent at $1.06225 having lost 1.4 percent a day earlier, its biggest percentage fall in six months,…
ECB Rate Hike Expected After Switzerland Backs Credit Suisse
March 16, 2023
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LONDON—European markets rebounded on Thursday, as a 50 billion Swiss franc ($53.94 billion) lifeline for beleaguered lender Credit Suisse teed traders up for an European Central Bank interest rate decision later. Credit Suisse’s shares leapt more than 20 percent and the main European indexes and Swiss franc all rose around 1 percent in early trading,…
Wholesale Inflation Falls, Retail Sales Slump, Investors Bet Fed Will Stop Hiking Rates
March 15, 2023
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Wholesale inflation slowed sharply in February as retail sales turned negative, a sign that inflationary pressures may be easing and bolstering investor bets that the Federal Reserve will slow it blistering pace of interest-rate hikes as the economy cools. The Producer Price Index (PPI), which reflects prices charges by manufacturers, farmers, and wholesalers, fell by…
What Will Happen at the Next Federal Reserve Meeting?
March 15, 2023
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Commentary “The 10-year note yield is where it was in mid-October [2022] when the funds rate was barely north of 3 percent. Bond market is saying recession/disinflation is in our future,” said economist David Rosenberg, on Mar. 9. This statement was issued before Silicon Valley Bank (SVB), Silvergate Bank, and Signature bank had their collective…
Investor Carl Icahn Issues Grim Warning on US Economy ‘Breaking Down’
Billionaire investor Carl Icahn said that the U.S. economy is at a breaking point, blaming “worse than mediocre” leadership and warning that soaring inflation threatens to topple America’s position on the world stage. Icahn made the remarks during an interview on CNBC’s “Closing Bell” program on Tuesday. “The system is breaking down, and we absolutely…
Investor Carl Icahn Issues Grim Warning on US Economy
Billionaire investor Carl Icahn said that the U.S. economy is at a breaking point, blaming “worse than mediocre” leadership and warning that soaring inflation threatens to topple America’s position on the world stage. Icahn made the remarks during an interview on CNBC’s “Closing Bell” program on Tuesday. “The system is breaking down, and we absolutely…
Wall Street Opens Lower as Credit Suisse Renews Bank Worries
Wall Street’s main indexes opened lower on Wednesday as turbulence at Credit Suisse renewed fears of a banking crisis, while U.S. economic data kept alive hopes of a less aggressive monetary policy move by the Federal Reserve next week. The Dow Jones Industrial Average fell 395.53 points, or 1.23 percent, at the open to 31,759.87….
Credit Suisse Woes Knock Euro, Sterling, Swiss Franc
LONDON—European currencies fell sharply on Wednesday after Credit Suisse’s tumble to a new low renewed worries about the European banking sector following Silicon Valley Bank’s collapse. Credit Suisse shares fell around 20 percent after its biggest investors said it could not provide more backing. The Swiss lender woes led the wider European banking index to…
Oil Slips as Banking Fears Return, Offsetting China Demand Hopes
March 15, 2023
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LONDON—Oil extended losses on Wednesday as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery. Early signs of a return to calm and stability faded after Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance, sending its shares and broader European stocks…
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