{"id":2390,"date":"2023-03-16T11:32:07","date_gmt":"2023-03-16T16:32:07","guid":{"rendered":"https:\/\/embarrdowns.com\/credit-suisse-shares-soar-after-swiss-national-bank-bailout-ecb-decision-ahead-of-fed-meeting\/"},"modified":"2023-03-16T11:32:08","modified_gmt":"2023-03-16T16:32:08","slug":"credit-suisse-shares-soar-after-swiss-national-bank-bailout-ecb-decision-ahead-of-fed-meeting","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/credit-suisse-shares-soar-after-swiss-national-bank-bailout-ecb-decision-ahead-of-fed-meeting\/","title":{"rendered":"Credit Suisse Shares Soar After Swiss National Bank Bailout; ECB Decision Ahead of Fed Meeting"},"content":{"rendered":"

On Thursday, Credit Suisse (CS) shares soared by over +7% in pre-market trading after the Swiss lender announced it would borrow up to $54 billion from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.[0]<\/a><\/sup> The move came after the bank’s largest investor, Saudi National Bank, said it could not provide more financial assistance on Wednesday.[1]<\/a><\/sup><\/p>\n

The news follows the dramatic rescue of Silicon Valley Bank and Signature Bank by U.S. regulators on Sunday, raising concern about the stability of the global banking system.[2]<\/a><\/sup> U.S.-listed shares of Credit Suisse had fallen over -13% on Wednesday, sending stock markets tumbling in the U.S. and around the world.[2]<\/a><\/sup><\/p>\n

On the economic data side in the U.S., the Commerce Department reported retail sales dropped 0.4% in February, in line with economist expectations.[1]<\/a><\/sup> Meanwhile, the Producer Price Index (PPI), which measures what suppliers are charging businesses, fell 0.1% in an unexpected decline.[3]<\/a><\/sup><\/p>\n

First Republic Bank (FRC) also reportedly is exploring options, including putting itself up for sale, after its stock plunged 30% before the open on Thursday and 21% on Wednesday after S&P Global slashed its credit rating by four notches to junk status.[4]<\/a><\/sup><\/p>\n

Snap (SNAP), the parent company of Meta and Snapchat, rallied 6%, while Meta rose 1.5% following a Wall Street Journal report that the Biden administration said competitor TikTok could be banned unless it is sold by its Chinese owner, ByteDance.[5]<\/a><\/sup><\/p>\n

Shares of Adobe Systems Incorporated (ADBE) rose by more than 6% in pre-market trading after the firm released favorable Q1 results and increased its yearly guidance.[1]<\/a><\/sup> Meanwhile, the 10-year Treasury yield fell 7 basis points to 3.42%, and the 2-year Treasury was down by around 10 basis points to 3.292%.[4]<\/a><\/sup><\/p>\n

Just prior to the U.S. markets opening, the European Central Bank is expected to make its latest policy announcement.[6]<\/a><\/sup> The ECB was previously believed to be increasing rates by 50 basis points until a few days ago.[4]<\/a><\/sup> It is now more probable that a quarter-point shift will occur.[4]<\/a><\/sup> Before the Federal Reserve convenes for its policy meeting next week, the European Central Bank has already made its decision; the likelihood of rate hikes by the Fed is also in question.[4]<\/a><\/sup><\/p>\n

Initial jobless claims are expected to be 205,000, compared to last week\u2019s figure of 211,000.[7]<\/a><\/sup><\/p>\n

0. <\/span>“Stock Market Today: Dow Futures Edge Down; Credit Suisse Shares Leap 20%” The Wall Street Journal, 16 Mar. 2023, https:\/\/www.wsj.com\/livecoverage\/stock-market-news-today-03-16-2023<\/a><\/a><\/p>\n

1. <\/span>“Stock Index Futures Mixed as Bank Jitters Weigh on Sentiment, ECB Decision in Focus” Barchart, 16 Mar. 2023, https:\/\/www.barchart.com\/story\/news\/15111754\/stock-index-futures-mixed-as-bank-jitters-weigh-on-sentiment-ecb-decision-in-focus<\/a><\/a><\/p>\n

2. <\/span>“Credit Suisse shares soar after the bank secures a $54 billion lifeline” NPR, 16 Mar. 2023, https:\/\/www.npr.org\/2023\/03\/16\/1163837728\/credit-suisse-banking-stock-markets<\/a><\/a><\/p>\n

3. <\/span>“Stock market news today: Stocks, yields fall amid Credit Suisse turmoil” Yahoo News, 14 Mar. 2023, https:\/\/news.yahoo.com\/stock-market-news-today-live-updates-march-15-2023-114153589.html<\/a><\/a><\/p>\n

4. <\/span>“Dow Jones Futures Fall: Credit Suisse Taps Swiss National Bank; First Republic Dives On Sales Report | Investor’s …” Investor’s Business Daily, 16 Mar. 2023, https:\/\/www.investors.com\/market-trend\/stock-market-today\/dow-jones-futures-rise-as-credit-suisse-taps-54-billion-from-swiss-national-bank\/<\/a><\/a><\/p>\n

5. <\/span>“Stocks making the biggest premarket moves: Credit Suisse, Snap, Adobe, PagerDuty & more” CNBC, 16 Mar. 2023, https:\/\/www.cnbc.com\/2023\/03\/16\/stocks-making-the-biggest-premarket-moves-.html<\/a><\/a><\/p>\n

6. <\/span>“European markets live updates: stocks, data, news and earnings” CNBC, 16 Mar. 2023, https:\/\/www.cnbc.com\/2023\/03\/16\/european-markets-live-updates-stocks-data-news-and-earnings.html<\/a><\/a><\/p>\n

7. <\/span>“How Credit Suisse just unleashed a nightmare decision for the Fed and the ECB” Yahoo News, 16 Mar. 2023, https:\/\/news.yahoo.com\/how-credit-suisse-just-unleashed-a-nightmare-decision-for-the-fed-and-the-ecb-093016411.html<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

On Thursday, Credit Suisse (CS) shares soared by over +7% in pre-market trading after the Swiss lender announced it would borrow up to $54 billion from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.[0]<\/a><\/sup> The move came after the bank’s largest investor, Saudi National Bank, said it could not provide more financial assistance on Wednesday.[1]<\/a><\/sup><\/p>\n

The news follows the dramatic rescue of Silicon Valley Bank and Signature Bank by U.S. regulators on Sunday, raising concern about the stability of the global banking system.[2]<\/a><\/sup> U.S.-listed shares of Credit Suisse had fallen over -13% on Wednesday, sending stock markets tumbling in the U.S. and around the world.[2]<\/a><\/sup><\/p>\n

On the economic data side in the U.S., the Commerce Department reported retail sales dropped 0.4% in February, in line with economist expectations.[1]<\/a><\/sup> Meanwhile, the Producer Price Index (PPI), which measures what suppliers are charging businesses, fell 0.1% in an unexpected decline.[3]<\/a><\/sup><\/p>\n

First Republic Bank (FRC) also reportedly is exploring options, including putting itself up for sale, after its stock plunged 30% before the open on Thursday and 21% on Wednesday after S&P Global slashed its credit rating by four notches to junk status.[4]<\/a><\/sup><\/p>\n

Snap (SNAP), the parent company of Meta and Snapchat, rallied 6%, while Meta rose 1.5% following a Wall Street Journal report that the Biden administration said competitor TikTok could be banned unless it is sold by its Chinese owner, ByteDance.[5]<\/a><\/sup><\/p>\n

Shares of Adobe Systems Incorporated (ADBE) rose by more than 6% in pre-market trading after the firm released favorable Q1 results and increased its yearly guidance.[1]<\/a><\/sup> Meanwhile, the 10-year Treasury yield fell 7 basis points to 3.42%, and the 2-year Treasury was down by around 10 basis points to 3.292%.[4]<\/a><\/sup><\/p>\n

Just prior to the U.S. markets opening, the European Central Bank is expected to make its latest policy announcement.[6]<\/a><\/sup> The ECB was previously believed to be increasing rates by 50 basis points until a few days ago.[4]<\/a><\/sup> It is now more probable that a quarter-point shift will occur.[4]<\/a><\/sup> Before the Federal Reserve convenes for its policy meeting next week, the European Central Bank has already made its decision; the likelihood of rate hikes by the Fed is also in question.[4]<\/a><\/sup><\/p>\n

Initial jobless claims are expected to be 205,000, compared to last week\u2019s figure of 211,000.[7]<\/a><\/sup><\/p>\n

0. <\/span>“Stock Market Today: Dow Futures Edge Down; Credit Suisse Shares Leap 20%” The Wall Street Journal, 16 Mar. 2023, https:\/\/www.wsj.com\/livecoverage\/stock-market-news-today-03-16-2023<\/a><\/a><\/p>\n

1. <\/span>“Stock Index Futures Mixed as Bank Jitters Weigh on Sentiment, ECB Decision in Focus” Barchart, 16 Mar. 2023, https:\/\/www.barchart.com\/story\/news\/15111754\/stock-index-futures-mixed-as-bank-jitters-weigh-on-sentiment-ecb-decision-in-focus<\/a><\/a><\/p>\n

2. <\/span>“Credit Suisse shares soar after the bank secures a $54 billion lifeline” NPR, 16 Mar. 2023, https:\/\/www.npr.org\/2023\/03\/16\/1163837728\/credit-suisse-banking-stock-markets<\/a><\/a><\/p>\n

3. <\/span>“Stock market news today: Stocks, yields fall amid Credit Suisse turmoil” Yahoo News, 14 Mar. 2023, https:\/\/news.yahoo.com\/stock-market-news-today-live-updates-march-15-2023-114153589.html<\/a><\/a><\/p>\n

4. <\/span>“Dow Jones Futures Fall: Credit Suisse Taps Swiss National Bank; First Republic Dives On Sales Report | Investor’s …” Investor’s Business Daily, 16 Mar. 2023, https:\/\/www.investors.com\/market-trend\/stock-market-today\/dow-jones-futures-rise-as-credit-suisse-taps-54-billion-from-swiss-national-bank\/<\/a><\/a><\/p>\n

5. <\/span>“Stocks making the biggest premarket moves: Credit Suisse, Snap, Adobe, PagerDuty & more” CNBC, 16 Mar. 2023, https:\/\/www.cnbc.com\/2023\/03\/16\/stocks-making-the-biggest-premarket-moves-.html<\/a><\/a><\/p>\n

6. <\/span>“European markets live updates: stocks, data, news and earnings” CNBC, 16 Mar. 2023, https:\/\/www.cnbc.com\/2023\/03\/16\/european-markets-live-updates-stocks-data-news-and-earnings.html<\/a><\/a><\/p>\n

7. <\/span>“How Credit Suisse just unleashed a nightmare decision for the Fed and the ECB” Yahoo News, 16 Mar. 2023, https:\/\/news.yahoo.com\/how-credit-suisse-just-unleashed-a-nightmare-decision-for-the-fed-and-the-ecb-093016411.html<\/a><\/a><\/p>\n","protected":false},"author":3,"featured_media":2389,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/2390"}],"collection":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/comments?post=2390"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/2390\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/2389"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=2390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=2390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=2390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}