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Search resuls for: "Chris Prentice Dhara Ranasinghe"


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Signs of calm and stability in banking stocks, which have tanked in the past week following the collapse of Silicon Valley Bank (SVB), soon paved way for renewed selling as Credit Suisse shares fell to record lows. Reuters GraphicsThe STOXX 600 (.STOXX) index fell 1.67%, while Europe's broad FTSEurofirst 300 index (.FTEU3) fell 51.58 points, or 2.91%Investors rushed back into safe haven investments. "The Credit Suisse share price is falling and government bonds are rallying on the back of that. Markets are "spooked" by Credit Suisse headlines, said Richard McGuire, head of rates strategy at Rabobank in London. "For today Credit Suisse is the dish of the day but we don't think this will be a longer lasting trend," he said.
[1/3] Switzerland's national flag flies above a logo of Swiss bank Credit Suisse in front of a branch office in Bern, Switzerland November 29, 2022. Reuters GraphicsThe STOXX 600 (.STOXX) index fell 1.29%, while Europe's broad FTSEurofirst 300 index (.FTEU3) fell 44.48 points, or 2.51%. "The Credit Suisse share price is falling and government bonds are rallying on the back of that. Markets are "spooked" by Credit Suisse headlines, said Richard McGuire, head of rates strategy at Rabobank in London. "For today Credit Suisse is the dish of the day but we don't think this will be a longer lasting trend," he said.
The pound touched its highest level since Sept. 13, continuing its rally after Rishi Sunak became Britain's prime minister. U.S. new home sales decreased 10.9% and mortgage rates reached their highest level in 20 years last week, data showed. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rallied more than 1%, while Japan's Nikkei (.N225) hit its highest level since Sept. 20. Market participants became cautious after major state-owned banks were spotted selling the dollar on Tuesday to stabilize the market, traders said. U.S. Treasury yields fell, helped by a weaker dollar and Fed hopes.
The U.S. dollar index fell to a five-week low as the pound touched its highest since Sept. 13, continuing its rally after Rishi Sunak became Britain's prime minister. The Dow Jones Industrial Average (.DJI) rose 0.51%, the S&P 500 (.SPX) lost 0.13% and the Nasdaq Composite (.IXIC) dropped 0.97% at 10:37 a.m. EDT (1437 GMT)MSCI's World Stock Index (.MIWO00000PUS) was up 0.36% and touched a five-week high. Europe's Stoxx 600 (.STOXX) also touched a five-week high in choppy trade. Market participants became cautious after major state-owned banks were spotted selling the dollar on Tuesday to stabilize the market, traders said. Elsewhere in commodities, oil prices rose on the weaker dollar and supply concerns.
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