SHANGHAI (Reuters) – China kept its benchmark lending rates unchanged for the seventh straight month in March, as expected, after the central bank surprised markets last week by moving to lower the amount of cash banks must set aside as reserves. Market watchers widely believe the need for more imminent monetary easing was reduced after…
LONDON/NEW YORK (Reuters) – UBS sealed a deal to buy rival Swiss bank Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday. Meanwhile, global central banks said they would open daily dollar taps to their banks. Here are comments from market analysts: JEFFERIES’ EUROPEAN ANALYSTS: “It’s…
By Florence Tan SINGAPORE (Reuters) – Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world’s largest central banks sought to reassure and stabilise global financial markets. Brent crude futures rose 35 cents, or 0.5%, to $73.32 a…
By Tom Westbrook SINGAPORE (Reuters) – U.S. stock futures rose in Asian trade on Monday in relief at a weekend rescue deal for Credit Suisse, though the mood was nervous and financial shares remained under pressure from contagion fears, even with support from global central banks. S&P 500 futures rose 0.5% in bumpy early trade….
By Pablo Mayo Cerqueiro, Chiara Elisei and Davide Barbuscia LONDON/NEW YORK (Reuters) – Credit Suisse said 16 billion Swiss francs ($17.24 billion) of its Additional Tier 1 debt will be written down to zero on the orders of the Swiss regulator as part of its rescue merger with UBS, angering bondholders on Sunday. FINMA, the…
By Dhara Ranasinghe and Amanda Cooper LONDON (Reuters) – Financial markets are poised for relief on Monday after UBS Group AG agreed to buy Credit Suisse Group AG in a rescue orchestrated by the state and major central banks announced a co-ordinated move to shore up liquidity in the financial system. In an early sign…
By Pablo Mayo Cerqueiro and Chiara Elisei LONDON (Reuters) – Credit Suisse has written down its Additional Tier 1 bonds to zero as part of its takeover by UBS, angering some bondholders who thought they would be better protected in a rescue deal announced on Sunday. The Swiss regulator and Credit Suisse said that the…
BERN (Reuters) -UBS will take over Credit Suisse, Swiss authorities said on Sunday, in a deal to combine Switzerland’s top two banks designed to contain a widening crisis of confidence in global finance. The deal includes 100 billion Swiss francs in liquidity assistance for UBS and Credit Suisse. Credit Suisse, a 167-year-old bank, has been…
By Stefania Spezzati, Oliver Hirt and John O’Donnell (Reuters) – UBS is close to finalizing a deal to buy rival Swiss bank Credit Suisse, a source familiar with the matter told Reuters. The deal is valued at more than $2 billion, after UBS increased its offer, the Financial Times earlier reported. The Credit Suisse chair…
By Kanishka Singh WASHINGTON (Reuters) – Former Goldman Sachs CEO Lloyd Blankfein said on Sunday the banking crisis in the United States was going to expedite overall credit tightening and slow the U.S. economy. “It is a certainty that this will – that this situation will cause – will act in a way that’s similar…
