Money

Credit Suisse seeks to calm worried investors

Published

2 years ago

October 3, 2022

Credit Suisse CEO Tidjane Thiam sought to calm investors, saying the bank had ample liquidity and capital to weather current market turbulence.

His comments came as the price of Credit Suisse’s credit default swaps (CDS) – a key indicator of market confidence in a company’s ability to repay its debt – rose sharply, nearing the levels seen during the global financial crisis in 2009.

“I want to reassure you that Credit Suisse is a safe and stable bank,” Thiam said in a video message to staff.

“We have more than enough liquidity and capital.”

Credit Suisse’s CDS spreads widened by over 30 basis points to around 400 basis points on Friday, according to data from IHS Markit. That was the biggest one-day move since 2011 and took the spreads to their highest level since March 2009.

The moves sparked fevered speculation online that Credit Suisse could be on the verge of collapse, with some social media users comparing the situation to the 2008 Lehman Brothers crisis.

Credit Suisse’s share price has also been under pressure, falling by 60 percent over the past year.

The lender has been hit by a series of scandals and losses, including a costly write-down on the value of U.S. shale assets in 2016 and revelations earlier this year that it had helped wealthy Americans evade taxes.

Thiam said Credit Suisse was working hard to restore confidence and rebuild trust. “We know that we still have a lot of work to do,” he said. “But I am confident that Credit Suisse will emerge from this period stronger and more resilient.”

Leaders

U.S. Federal Reserve announce rate cut, show great confidence in economy

Published

2 hours ago

September 19, 2024

ticker NEWS

The Federal Reserve has delivered a big rate cut to boost the economy while inflation slows.

The central bank slashed interest rates by a half percentage point, hoping to protect the job market while inflation inches closer to its 2% goal.

Fed Chair Jerome Powell says the decision reflects growing confidence in balancing the economy’s growth with low inflation. #featured #trending

Money

Markets brace for potential 50-point fed rate cut

Published

2 days ago

September 17, 2024

ticker NEWS

Markets are anticipating a significant 50-point rate cut from the US Federal Reserve this week, leading to heightened focus on bond markets and key economic reports.

Financial markets are focused on a potential 50-point rate cut by the US Federal Reserve, as investors anticipate major shifts in economic policy.

The bond markets, already pricing in a borderline hard landing, reflect the expectation of a significant easing cycle over the next two years.

However, experts caution that the Fed could disappoint, as the current economic conditions differ from previous events such as the pandemic or credit crises. #featured #trending

Money

Bitcoin’s Q4 outlook: key factors and upcoming milestones

Published

3 days ago

September 16, 2024

ticker NEWS

Insights into market trends and critical events shaping Bitcoin’s performance

Crypto Corner explores the latest market movements, expert insights and the influence of macroeconomic factors on the crypto industry.

Crypto Corner is hosted by Caroline Bowler, CEO of BTC Markets.

In this episode, Caroline speaks with Matt Willemsen, Head of Research & Content at Collective Shift, about what could drive Bitcoin’s strong performance in Q4. They explore how the current market differs from past cycles, the ongoing Solana vs. Ethereum debate, and the role of project-specific conferences in market trends. Matt previews key Q4 events, including the Solana Breakpoint conference and upcoming altcoin milestones like Uniswap v4 and Polygon 2.0. #crypto corner