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[1/2] The Credit Suisse logo adorns a sign at the entrance to their campus in Research Triangle Park in Morrisville, North Carolina, U.S., March 15, 2023. In its statement early Thursday, Credit Suisse said it is exercising its option to borrow from the Swiss National Bank up to 50 billion Swiss francs ($54 billion). They said the bank could access liquidity from the central bank if needed. Credit Suisse said it welcomed the statement of support from the Swiss National Bank and FINMA. The U.S. Treasury also said it is monitoring the situation around Credit Suisse and is in touch with global counterparts, a Treasury spokesperson said.

☆ A risk gauge for European banks is surging after SVB collapse: Here are the worst impacted
▼ + stars: | 2023-03-16 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Risk indicators such as the rates on credit default swaps are rising for the European banking sector following the failure of Silicon Valley Bank last week. CDS — a type of financial derivative — rise in value as the risk of default increases. CDS rates above one percentage point are an extremely rare event seen only during market stress, such as the height of the euro zone debt crisis in 2012. No other European bank had rates above this level. CDS rates were at about 0.6% for Germany's largest lender Deutsche Bank , the second highest currently, which saw a nine basis point jump in CDS rates since the beginning of March.

As part of the overhaul announced in October, it is seeking to spin off merger advice and leveraged finance into a new entity named Credit Suisse First Boston (CSFB), for which it has been seeking buyers. Credit Suisse is most valuable in separate parts, and there are high-level M&A talks taking place, said a senior banker who advises banks on deals. TAKEOVERSelling off parts of Credit Suisse could require time, which markets may not give. The two have complementary investment banking businesses -Credit Suisse is stronger in credit and UBS in equities. However, some have faith that Credit Suisse can still make it safely to the end of the tight rope.

March 15 (Reuters) - Swiss regulators pledged a liquidity lifeline to Credit Suisse (CSGN.S) in an unprecedented move by a central bank after the flagship Swiss lender's shares tumbled as much as 30% on Wednesday. They said the bank could access liquidity from the central bank if needed. Credit Suisse said it welcomed the statement of support from the Swiss National Bank and FINMA. Hoping to quell concerns, FINMA and the Swiss central bank said there were no indications of a direct risk of contagion for Swiss institutions from U.S. banking market turmoil. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022.

March 15 (Reuters) - Swiss regulators said Credit Suisse (CSGN.S) can access liquidity from the central bank if needed, racing to assuage fears around the lender after it led a rout in European bank shares on Wednesday. The U.S. Treasury is monitoring the situation around Credit Suisse and is in touch with global counterparts about it, a Treasury spokesperson said. They slid again as a crisis of confidence gripped Credit Suisse on Wednesday after its largest investor said it could not provide Credit Suisse with more financial assistance because of regulatory constraints. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. Ralph Hamers, CEO of Credit Suisse rival UBS (UBSG.S) said market turmoil has steered more money its way.

Two supervisory sources told Reuters that the European Central Bank (ECB) had contacted banks on its watch to quiz them about their exposures to Credit Suisse. The Swiss National Bank declined to comment on Switzerland's second-largest bank, after its largest investor said it could not provide Credit Suisse with more financial assistance because of regulatory constraints. Credit Suisse had appealed to the Swiss National Bank and Swiss financial watchdog FINMA for a public show of support, the Financial Times reported. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. Ralph Hamers, CEO of Credit Suisse rival UBS (UBSG.S) said market turmoil has steered more money its way.

The drop in Credit Suisse shares led a 7% fall in the European banking index (.SX7P), while five-year credit default swaps (CDS) for the flagship Swiss bank hit a new record high, highlighting increasing investor concerns. We move from the problems of American banks to those of European banks, first of all Credit Suisse," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. The Swiss National Bank declined to comment on Switzerland's second-largest bank, after its largest investor said it could not provide Credit Suisse with more financial assistance because of regulatory constrains. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. Ralph Hamers, CEO of Credit Suisse rival UBS (UBSG.S) said it has benefited from market turmoil and seen money inflows.

Credit Suisse fell below 2 Swiss francs ($2.18) for the first time after Saudi National Bank said it could not go above 10% ownership due to a regulatory issue. Credit Suisse shares fell by as much as 23.8% and were last down 20.2%. An index of European bank stocks (.SX7P) fell in morning trading and was last down 6.1%, hitting its lowest since January 3. Fears of contagion after the collapse of tech-focused lender SVB (SIVB.O) and New York-based Signature Bank (SBNY.O) last week have weighed on European bank stocks. We move from the problems of American banks to those of European banks, first of all Credit Suisse," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan.

Credit Suisse's shares were trading down nearly 22% in Zurich on Wednesday, and the cost of buying insurance against the risk of a Credit Suisse default hit a new record high, according to S&P Global Market Intelligence. Customers withdrew billions from Credit Suisse last year, contributing to the bank’s biggest annual loss since the global financial crisis in 2008. On Tuesday, it acknowledged “material weakness” in its financial reporting and scrapped bonuses for top executives. Outflows from the bank had “significantly moderated” after customers withdrew 111 billion francs ($122 billion) in the three months to December, Körner added. Körner said the collapse of SVB was “somewhat of an isolated problem.” Credit Suisse follows “materially different and higher standards when it comes to capital funding, liquidity and so on,” he added.

Credit Suisse Group AG shares fell more than 25% Wednesday and hit a fresh record low, reflecting increasing concerns that troubles that hit regional U.S. banks have migrated across the Atlantic. Other major European banks took hits, with shares in France’s two major international banks, Société Générale SA and BNP Paribas SA, both down more than 10%. Shares in Germany’s Deutsche Bank AG slid 8%.

☆ Zara owner Inditex sees 2023 sales keep pace, but capex plans disappoint
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +2 min

In-store and online sales for the world's biggest fashion retailer rose 18% to 32.6 billion euros ($34.99 billion) from 2021 and were 15% higher than in 2019, before the pandemic hit. The pace of sales continued in the first six weeks of Inditex's current fiscal year to Jan. 31, 2024. Between Feb. 1 and March 13, Inditex said sales jumped by 13.5% from the same period a year earlier. Excluding Russia, where Inditex stores have been closed since the Ukraine conflict started just over a year ago, sales in that period increased by 17.5% in constant currency terms. But Inditex surprised investors with a hike in capital expenditure to 1.6 billion euros from 1.1 billion euros in the previous year, a higher level than expected by the market.

Investors had begun to doubt the ECB's commitment to another big rate hike this week after the collapse of Silicon Valley Bank (SVB) in the U.S. sent ripples through global financial markets. The source added that formal proposals for the meeting had not yet been distributed but policymakers had seen the new quarterly projections. They were likely to push back against committing to further rate increases and say instead that any new move would depend on incoming data. The ECB can push through decisions with a simple majority though President Lagarde has been known to seek the broadest possible consensus. Investors have sharply cut their bets on further rate rises since the SVB collapse, with the deposit rate now seen peaking at 3.65% in the autumn, compared with an outlook last week of more than 4%.

☆ Zara owner Inditex's profit jumps in Marta Ortega's first year in charge
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +2 min

MADRID, March 15 (Reuters) - Zara owner Inditex (ITX.MC) on Wednesday posted a 27% increase in net profits in 2022 as sales exceeded pre-pandemic levels in the first full year since Marta Ortega, daughter of founder Amancio Ortega, took over as company chair. Between Feb. 1 and March 13, Inditex said its sales jumped by 13.5% from the same period a year earlier. The 2022 revenues were in line with analysts' expectations as the company benefited from shoppers' appetite for fashion as COVID-19 lockdowns ended. The results may also lessen investor doubts about Marta Ortega succeeding the veteran Pablo Isla as non-executive chair in April, in a generational handover that began a decade ago when her father retired. Also on Wednesday, rival H&M (HMb.ST) reported a 12% increase in net sales for its December-February period.

☆ Crypto group DCG seeks new partners for portfolio firms amid SVB collapse - CoinDesk
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Crypto conglomerate Digital Currency Group (DCG) is looking to find new banking partners for portfolio companies following the collapse of Silicon Valley Bank (SIVB.O), Signature Bank (SBNY.O) and Silvergate (SI.N), CoinDesk reported on Tuesday, citing messages viewed by the outlet. Santander (SAN.MC), HSBC (HSBA.L) and Deutsche Bank (DBKGn.DE) are still willing to connect with crypto firms, CoinDesk said, after recent banking failures in the United States left crypto firms and tech startups stranded and hunting for new banking partners. DCG has also reached out to BlackRock (BLK.N), JPMorgan (JPM.N) and Bank of America (BAC.N), the report added. Banks may restrict some services for crypto firms, such as brokerage and money market services and the ability to wire money to third parties, according to the messages seen by CoinDesk. Traditional banks may set up banking accounts for crypto firms, but would place restrictions based on the level of crypto exposure, the report added.

☆ Silicon Valley Bank collapse throws up uncertainty for a European Central Bank hoping to hike rates
▼ + stars: | 2023-03-15 | by ( Annette Weisbach | ) www.cnbc.com time to read: +1 min

Christine Lagarde, president of the European Central Bank (ECB). Bloomberg | Bloomberg | Getty Imageswatch nowCore inflation — the key focus right now for policymakers — accelerated to 5.6% from 5.3%. That is reinforcing expectations that the European Central Bank will have to push borrowing costs ever higher. The ECB's key rate currently stands at 2.5%. Elsewhere, ECB watchers are also monitoring a lack of unity at the Frankfurt institution when it comes to what level its benchmark rate will peak at.

☆ Credit Suisse was losing the faith of investors long before the SVB debacle. Here's why the situation came to a head this week.
▼ + stars: | 2023-03-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Credit Suisse shares tumbled more than 25% on Wednesday as fears grew of a banking crisis. Here's a closer look at why Credit Suisse is worrying investors. The latest slump in Credit Suisse stock can partly be explained by recent events in the US banking industry. Credit Suisse CEO Ulrich Koerner has also faced questions about his plans to cut costs, staunch losses, and turn around his company. There's no clear reason to believe Credit Suisse is at risk of failure.

☆ Credit Suisse plunge sends traders flocking to its U.S-listed options
▼ + stars: | 2023-03-15 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

That made Credit Suisse the fourth most heavily traded single-stock name in the U.S. options market on Wednesday. The surge in trading followed a near 31% tumble in Credit Suisse shares on Wednesday after Saudi National Bank (SNB) (1180.SE), which holds 9.88% of Credit Suisse (CSGN.S), said it would not buy more shares on regulatory grounds. Trading in Credit Suisse puts outnumbered that in its call options 1.7-to-1. "There's a lot of moving parts in the Credit Suisse trade right now with respect to a major credit event, European bank contagion, and the possibility of ECB intervention," said Steven Place, an independent options trader in Destin, Florida. For SPDR S&P regional banking ETF (KRE.P), the options trading action was a mix of investors taking profits on existing hedges while putting on new defensive positions, Susquehanna's Murphy said.

Big hedge funds including Marshall Wace and Odey Asset Management added to short positions against Europe's banks, regulatory filings seen by Reuters and data from Breakout Point showed. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. The banks included BAWAG (BAWG.VI), FinecoBank (FBK.MI), Handelsbanken (SHBa.ST), CaixaBank (CABK.MC), NatWest Group (NWG.L) and PKO Bank Polski (PKO.WA). BNP Paribas shares fell by as much as 12% on Wednesday before recovering to show a loss of 9%, while Deutsche Bank shares fell almost 9%. In the week to Wednesday, some 120 billion euros ($126 billion) had been wiped off the value of European bank shares.

☆ Zara owner Inditex's profit jump in first year with Marta Ortega at helm
▼ + stars: | 2023-03-15 | by ( ) www.cnbc.com time to read: +1 min

Zara owner Inditex on Wednesday posted a 27% net profit increase in 2022 as sales exceeded pre-pandemic levels in the first full year since Marta Ortega, daughter of founder Amancio Ortega, took over at the helm of the company. In-store and online sales for the world's biggest fashion retailer reached 32.6 billion euros ($34.99 billion), 18% more than the 27.71 billion euros posted last year and 15% higher than in 2019, before the pandemic hit. The company net income soared to 4.1 billion euros ($4.40 billion). The fashion giant revenues were in line with what analysts expected as the company benefited from shoppers' appetite for fashion in the post-Covid period. Inditex's strong results will appease initial investor concerns about Marta Ortega succeeding the veteran Pablo Isla as non-executive chair in April, in a generational handover that began a decade ago when her father retired.

☆ 9 questions you should always ask when buying a car
▼ + stars: | 2023-03-15 | by ( Alexa St. John | ) www.businessinsider.com time to read: +9 min

Many of the car brands with more inventory on lots than others might also have higher loan payments. "The role of a dealer isn't just to sell them a car, it's to help them find the lowest interest rate possible, and that's both new car dealers and used car dealers. "Even based on the specific car, one bank may provide a lower interest rate on a specific sort of make and model." The used car market might be even more complicated for car shoppers than the new market right now. As a result, far fewer car shoppers have opted to lease a car in recent years.

☆ Financial shares fall as Credit Suisse becomes latest crisis for the sector
▼ + stars: | 2023-03-15 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

Shares of the Swiss bank fell more than 24% after its biggest backer said it won't provide further financial support. Credit Suisse announced on Tuesday that it had found " material weakness " in its financial reporting process from prior years. Bank stocks were under pressure on Wednesday as the sharp drop of Credit Suisse rattled a segment of the market that was already reeling from two large bank failures in the past week. Some regional bank stocks saw even bigger declines. Credit Suisse struggles come on the heels of the collapse of Silicon Valley Bank and Signature Bank in the U.S. Those failures caused steep sell-offs in regional bank stocks on Monday.

In an interview with Bloomberg, the chairman of the Saudi National Bank said it would not increase its stake in Credit Suisse. The Saudi National Bank — which describes itself as the kingdom’s biggest bank — committed $1.5 billion of the $4 billion in new capital Credit Suisse raised to fund its overhaul. Credit Suisse declined to comment. Customers withdrew billions from Credit Suisse last year, contributing to the bank’s biggest annual loss since the global financial crisis in 2008. Körner said the collapse of SVB was “somewhat of an isolated problem.” Credit Suisse follows “materially different and higher standards when it comes to capital funding, liquidity and so on,” he added.

☆ Here are Wednesday's biggest analyst calls: Charles Schwab, Meta, Nike, Netflix, Truist, FedEx & more
▼ + stars: | 2023-03-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Wednesday's biggest calls on Wall Street: Oppenheimer reiterates Netflix as outperform Oppenheimer said investors should buy the dip in Netflix shares. Bank of America upgrades W.R. Berkley to buy from neutral Bank of America said buy the dip in shares of the insurance company. "A recent sell-off in financial and insurers more specifically gives an opportunity to upgrade shares of WRB." Deutsche Bank reiterates Nike as buy Deutsche said it's staying bullish on shares of Nike heading into earnings next week. Bank of America reiterates FedEx as buy Bank of America said it's standing by its buy rating on FedEx heading into earnings on Thursday.

☆ Crypto group DCG looking for new partners following SVB collapse - CoinDesk
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

☆ History of financial shocks shows this banking tumult could be a buying opportunity
▼ + stars: | 2023-03-14 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

If history is any guide, financial events like the collapse of Silicon Valley Bank could present an attractive buying opportunity for investors in the months ahead. Data compiled by Deutsche Bank macro strategist Alan Ruskin tracking several major financial events in recent history shows that the S & P 500 has gained a median of 19% a year after those incidents. While the fallout from SVB's failure could present more problems than many recent financial events, the aftershocks should fall short of the havoc wreaked in the wake of 2008's financial crisis, he wrote in a Tuesday note. Despite the wreckage the failures brought to financial markets — and regional banking stocks — history shows that these incidents could present a good buying opportunity for investors, with interest rates typically declining in their wake. Aside from the 1987 stock market crash and 1994 Orange County bankruptcy, history also shows that these incidents can also result in good news for rates.

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