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☆ Saudi National Bank not looking at international opportunities
▼ + stars: | 2023-03-15 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

RIYADH, March 15 (Reuters) - The chair of Saudi National Bank (SNB) (1180.SE), the kingdom's biggest lender, which last year acquired a stake of almost 10% in Credit Suisse (CSGN.S), said on Wednesday the bank was not considering any specific international opportunities. SNB Chair Ammar Al Khudairy said the bank is instead focused on growing its business in Saudi Arabia. "As of today we are not looking at specific opportunities," Al Khudairy told Reuters in an interview on the sidelines of the Financial Sector Conference in the Saudi capital. "If anything, in the last 12 months, the Saudi market is one of the most exciting markets. Al Khudairy said the bank wants to increase its retail coverage in Saudi Arabia and deploy capital across the country in both the private sector and the government-led gigaprojects underway.

☆ 'Dr. Doom' Nouriel Roubini says Credit Suisse may be too big to save and risks igniting a 'Lehman moment'
▼ + stars: | 2023-03-15 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

"Dr. Doom" economist Nouriel Roubini said Credit Suisse may be too big to fail and too big to save. The Swiss National Bank said it will provide liquidity to Credit Suisse, if necessary. Roubini noted that Credit Suisse has significantly more assets than what SVB had before it failed. At the end of the fourth quarter, Credit Suisse had over $500 billion in assets, more than double what SVB had. "So anything that happens to Credit Suisse will be of systemic effects, not just for the European financial system but also for the global financial system," he said.

☆ Dow dives over 600 points as Credit Suisse selloff injects fresh unease into markets
▼ + stars: | 2023-03-15 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

US stock futures sank Wednesday as worries about Credit Suisse's financial health revived fears over banks. Dow futures fell as much as 600 points premarket as the worries dented US investor sentiment. Dow Jones Industrial Average futures shed as much as 600 points in premarket trading and were down 530 points at last check. The drop came after a huge selloff in Credit Suisse shares undermined investor sentiment, with fears growing that the collapse of Silicon Valley Bank will spiral into a full-blown banking crisis. The extended tumble in Credit Suisse's share price has fueled unease about the global banking sector after SVB, Signature Bank, and Silvergate Capital all imploded over recent days.

☆ ‘Big Short’ investor Steve Eisman says if the Fed is scared to raise rates, you should be scared, too
▼ + stars: | 2023-03-15 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

"Fifty basis points is off the table. So either they're going to do 25 basis points or they're going to do nothing," Eisman said on CNBC's " Fast Money " Wednesday evening. "If the Fed doesn't raise rates, … maybe it'll be positive for a couple hours or a couple of weeks," he said. Well, if the Fed is scared, you should be scared." Investors were concerned after the Saudi National Bank, Credit Suisse's largest investor, said it could not provide any more funding.

☆ 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.

☆ Stocks making the biggest moves midday: Credit Suisse, First Republic Bank, Halliburton and more
▼ + stars: | 2023-03-15 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Credit Suisse — Shares of Credit Suisse plunged 25% after its biggest backer, Saudi National Bank, said it won't provide the Swiss bank with further financial help. First Republic Bank — The regional bank stock tumbled 23%, giving back some of Tuesday's gains as turmoil at Credit Suisse rattled the broader sector and S&P Global Ratings downgraded its debt rating to BB+ from A-. U.S. banks — Major U.S. banks tumbled on Wednesday as unease over the latest crisis at Credit Suisse spooked some investors. Energy stocks — Major energy stocks took a hit as oil stooped to its lowest level in more than a year. New York Community Bancorp — The regional bank stock jumped more than 5%, bucking the broader sell-off trend in banking names.

☆ Most Gulf markets turn south as Credit Suisse woes roil markets
▼ + stars: | 2023-03-15 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

[1/2] Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020. The lender lost almost $25 billion in market value since Oct. 27 after committing to invest in the embattled Credit Suisse. Oil — a key catalyst for the Gulf's financial markets —extended losses, with Brent crude hitting a three-month low as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery. "At the same time, traders will remain attentive to the developments in global markets and central bank decisions this week and the next." Outside the Gulf, Egypt's blue-chip index (.EGX30) plunged 4.2%, with investment bank EFG Hermes (HRHO.CA) diving more than 12%.

☆ Credit Suisse shares tumble more than 20%, leading a plunge in European bank stocks
▼ + stars: | 2023-03-15 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Credit Suisse shares fell 21% Wednesday after its Saudi backers ruled out more investment. Shares in Credit Suisse slid 21.91% to $1.96 in pre-market trading in US-listed shares. "If we go above 10%, all new rules kick in whether it be by our regulator or the Swiss regulator or the European regulator," he said. In a further sign of turmoil, the cost of insuring bonds of Credit Suisse against a default in the near term has surged. The five-year credit default swaps on Credit Suisse debt extended to 533 basis points from 549 basis points at last close, per Reuters.

☆ Credit Suisse's biggest backer says can't put up more cash; share down by a fifth
▼ + stars: | 2023-03-15 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

RIYADH, March 15 (Reuters) - The head of Credit Suisse Group's largest shareholder, Saudi National Bank (SNB) (1180.SE), said on Wednesday it would not buy more shares in the Swiss bank on regulatory grounds. The Saudi bank holds a 9.88% stake in Credit Suisse, according to Refinitiv data. The Saudi bank would exit when proper value to the shares had been acquired, he added. At 1046 GMT, Credit Suisse shares were trading down 20% at 1.7840 Swiss francs"We are happy with the plan, the transformation plan that they have put forward. Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified "material weaknesses" in controls over financial reporting and not yet stemmed customer outflows.

☆ Jim Cramer's top things to watch in the stock market Wednesday: Banking risk re-examined and markets sink
▼ + stars: | 2023-03-15 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Commuters cycle past a Credit Suisse Group AG bank branch in Basel, Switzerland, on Tuesday, Oct. 25, 2022. Credit Suisse will present its third quarter earnings and strategy review on Oct. 27. Shares of Credit Suisse on Wednesday hit another all-time low for a second consecutive day, dropping by more than 24% at one point during the session. Credit Suisse's largest investor, Saudi National Bank, said it could not provide the Swiss bank with any further financial assistance, according to a Reuters report, sparking the latest leg lower. It's a regulatory issue," Saudi National Bank Chairman Ammar Al Khudairy told Reuters Wednesday. However, he added that the SNB is happy with Credit Suisse's transformation plan and suggested the bank was unlikely to need extra money.

Shortly after the opening bell Wednesday, we will buy 75 shares of TJX Companies (TJX) at roughly $73.50. Following today's trade, Jim Cramer's Charitable Trust will own 875 shares of TJX, increasing its weighting in the portfolio to about 2.57% from 2.36%. Markets are pointing to a sharply lower open Wednesday, with the S & P 500 sliding 1.75% in premarket trading. TJX YTD mountain TJX Companies (TJX) YTD performance That's what is drawing us to TJX Companies , the off-price retailer that appeals to consumers looking for a discount on quality merchandise. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Switzerland's central bank says it will provide liquidity to Credit Suisse if deemed necessary for the embattled lender
▼ + stars: | 2023-03-15 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Credit Suisse will receive liquidity if needed, a Swiss regulator and the country's central bank said late Wednesday. Credit Suisse "meets the capital and liquidity requirements imposed on systemically important banks," the authorities said. Credit Suisse shares crashed on Wednesday after its largest shareholder said no more financial backing will be granted. Credit Suisse meets the country's "strict" capital and liquidity requirements imposed on systemically important banks, the Swiss Financial Market Supervisory Authority, or FINMA, and the Swiss National Bank said in a joint statement. Credit Suisse in its annual report had identified "material weaknesses" in its financial reporting.

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.

☆ Oil tumbles 6%, heads for worst day since July as banking crisis routs markets
▼ + stars: | 2023-03-15 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Oil prices fell Wednesday, as traders feared a brewing banking crisis could dent global economic growth. "Now near the mid-$60s, WTI crude's plunge is at the mercy of how much worse the macro picture gets." It also raised concern over the state of the global banking system less than a week after two U.S. regional banks failed. Entering this week, traders had priced in at least a 25 basis-point rate hike. Correction: Oil was headed for its worst day since July.

☆ S&P 500 futures are flat following a volatile session on Wall Street: Live updates
▼ + stars: | 2023-03-15 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

U.S. stock futures were mixed on Wednesday night after investor fears of a widespread banking crisis led to a volatile trading session. Dow Jones Industrial Average futures fell by 29 points, or 0.09%. S&P 500 futures were down just 0.03%, while Nasdaq 100 futures climbed 0.14%. During the regular trading session, the Dow at one point fell 725 points before ending the day down by 280.83 points, or 0.87% lower. The S&P 500 dropped 0.7%, and the tech-heavy Nasdaq Composite edged 0.05% higher.

☆ Stocks making the biggest moves premarket: Credit Suisse, Lennar, PacWest & more
▼ + stars: | 2023-03-15 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Axel Lehmann, chairman at Credit Suisse Group AG, speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, on Friday, Oct. 14, 2022. Credit Suisse — Shares of Credit Suisse were down 21.5% after the firm's biggest backer, Saudi National Bank, said it won't provide it with further financial help. Credit Suisse and several other European banks, including Societe Generale , Italy's Monte dei Paschi and UniCredit , were halted from trading as prices plummeted. Bank of America , Morgan Stanley , Wells Fargo — Shares of larger financials were in lower early Wednesday as the Credit Suisse tumble sent ripples across the global banking sector. Bank of America lost 2.9%, Morgan Stanley dropped 3.2% and Wells Fargo declined by nearly 4.2%.

☆ Stocks making the biggest moves after hours: Credit Suisse, Adobe, UiPath and more
▼ + stars: | 2023-03-15 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Credit Suisse — Credit Suisse shares rallied almost 7% after a statement from the Swiss Financial Market Supervisory Authority and the Swiss National Bank said that the bank is currently well capitalized. Shares tumbled 13.9% during Wednesday's trading session after Credit Suisse's largest investor, Saudi National Bank, said that it could not provide the Swiss bank with any further financial assistance. The company reported adjusted earnings of $3.80 per share and revenue of $4.66 billion. Five Below reported revenue that topped Wall Street's expectations, according to Refinitiv, and earnings were in-line with estimates. PagerDuty — The digital operations management platform's stock gained 3% after reporting an earnings and revenue beat for the fourth quarter.

☆ Swiss National Bank says it will provide Credit Suisse with liquidity if necessary
▼ + stars: | 2023-03-15 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich, Switzerland, November 3, 2021. The Swiss National Bank said Wednesday that Credit Suisse is currently well capitalized and that the central bank will provide additional liquidity if necessary, as regulators on both sides of the Atlantic tried to calm fears of a spreading crisis. The statement comes after the Swiss-listed shares of Credit Suisse fell more than 20% on Wednesday. Additionally, the Saudi National Bank — which is Credit Suisse's biggest financial backer — said it could not provide additional capital to the company because of a regulatory issue. The American depositary receipts of Credit Suisse pared their losses after the announcement from regulators to about 14% for the session.

☆ Larry Fink says more bank seizures could come, but it's too early to know how widespread crisis is
▼ + stars: | 2023-03-15 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

BlackRock CEO Larry Fink issued a somber warning on the state of the financial markets, saying the banking crisis brought on by the collapse of Silicon Valley Bank could spread, but it was too early to determine. The financial sector continued to be under pressure Wednesday and concerns have spread beyond regional banks. Shares of Credit Suisse, a Swiss Bank that has large U.S. and global operations, tumbling more than 20% to another all-time low. Saudi National Bank, Credit Suisse's largest investor, reportedly said it could not provide any more funding. "These dramatic changes in financial markets are happening at the same time as equally dramatic changes in the landscape of the global economy – all of which will keep inflation elevated for longer," Fink said.

☆ US stocks trade mixed as Credit Suisse troubles stoke fears of a banking crisis
▼ + stars: | 2023-03-15 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

US stocks fell on Wednesday as fears of a banking crisis continued to rip through the market. Troubles at Credit Suisse alarmed investors, sparking a steep sell-off in shares of the Swiss bank. But the Swiss National Bank later said it will provide Credit Suisse with liquidity, if necessary. US-listed shares of Credit Suisse plummeted 22%, hitting a new all-time low in intraday trading. But the Swiss National Bank later said it will provide Credit Suisse with liquidity, if necessary, adding that it "meets the capital and liquidity requirements imposed on systemically important banks."

☆ Mohamed El-Erian says the Fed's credibility is at stake as financial accidents spread
▼ + stars: | 2023-03-15 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

The Federal Reserve failed to slow down its aggressive rate hikes in time, and now as a series of bank crises mount, the central bank's credibility is on the line, said economist Mohamed El-Erian. "One is a set of bank management issues and lapses in supervision," El-Erian said on CNBC's "Squawk Box" Wednesday. He explained that the Fed's "flip-flopping" between higher and lower interest rate hikes has contributed to the recent market instability, saying that's the third element. This news renewed the rout in U.S. bank stocks that began last week with troubles at Silicon Valley Bank and Signature Bank. It is captive to an outdated monetary framework," El-Erian said.

☆ Former top Credit Suisse shareholder sells full stake in bank - FT
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

Harris started to cut its exposure in October after Credit Suisse raised 4 billion Swiss francs ($4.27 billion) from investors, and when Saudi National Bank supplanted it as the top investor, David Herro, deputy chairman of Harris Associates, told the Financial Times. Credit Suisse reported a sharp acceleration in withdrawals in the fourth quarter, with outflows of more than 110 billion Swiss francs ($120 billion). In an emailed statement to Reuters on Sunday, Credit Suisse said, "we are ahead of our plan and have clear strategic objectives." "We are laser focused on successfully executing our plan and on progressing toward our targets to ensure new Credit Suisse delivers sustainable value for all our stakeholders," the statement added. Credit Suisse last month reported its biggest annual loss since the 2008 global financial crisis after rattled clients pulled billions from the bank, and it warned of a further "substantial" loss this year.

☆ Credit Suisse posts massive annual loss as 'radical' restructure gets underway
▼ + stars: | 2023-02-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021.Credit Suisse on Thursday reported a fourth-quarter net loss of 1.4 billion Swiss francs ($1.51 billion), as it continues with its huge strategic overhaul. The quarterly result was worse than analyst projections of a net loss attributable to shareholders of 1.32 billion Swiss francs, and took the embattled Swiss lender's full-year loss to 7.3 billion Swiss francs. In November, the bank projected a 1.5 billion Swiss franc loss for the fourth quarter amid large-scale restructuring costs, while Credit Suisse shareholders greenlit a $4.2 billion capital raise aimed at financing the overhaul. The capital raise included the sale of 9.9% of Credit Suisse shares to the Saudi National Bank, making it the bank's largest shareholder. The Qatar Investment Authority became the second-largest shareholder in Credit Suisse after doubling its stake late last year.

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