By Noele Illien, Francesco Canepa and Lucy Raitano (Reuters) – Switzerland is under pressure from at least one major government to intervene quickly on Credit Suisse, a source familiar with the situation told Reuters, after the Swiss bank led a rout of European bank stocks on Wednesday. Credit Suisse shares dropped by as much as…
(Reuters) -Albertsons Companies Inc reiterated in a filing on Tuesday it would divest some stores owned by the company and Kroger Co to obtain the regulatory clearance needed to go ahead with the merger of the two firms. Last month, Reuters reported citing sources that the supermarket operators were advancing plans to sell between 250…
By Hannah Lang (Reuters) – The U.S. consumer finance watchdog launched an inquiry on Wednesday to examine companies that track and collect personal data, requesting public feedback about the business models and practices data brokers use. The U.S. Consumer Financial Protection Bureau’s request for information marks the latest move from the regulator to explore how…
By David Morgan WASHINGTON (Reuters) – The U.S. Senate Budget Committee begins debate on Wednesday over Democratic President Joe Biden’s $6.8 trillion budget proposal, as the collapse of a pair of banks threatens to ratchet higher the stakes of a partisan standoff on spending and debt. Biden’s proposal is an early step in a negotiation…
LONDON (Reuters) – JPMorgan’s strategists ratcheted up the investment bank’s “underweight” recommendation on equities on Wednesday and urged switching into cash following the market rout caused by Silicon Valley Bank’s collapse. In a note titled “There are many carry trades, and they can’t all be bailed out”, JPMorgan analysts said: “We maintain a defensive tilt…
WASHINGTON (Reuters) – U.S. retail sales fell in February as purchases of motor vehicle purchases and other goods slumped, payback after the prior month’s outsized increase, but consumer spending continued to show underlying strength. The Commerce Department said on Wednesday that retail sales dropped 0.4% last month. Data for January was revised higher to show…
(Reuters) -The swift downfall of SVB Financial Group, the biggest collapse of a bank since Washington Mutual in 2008, has sparked fears of contagion in the financial sector and affected every asset class from stocks to forex. Bank stocks globally saw hundreds of billions of dollars wiped away from their market valuation in the aftermath…
By Francesco Canepa and Balazs Koranyi FRANKFURT (Reuters) -European Central Bank policymakers are leaning towards a half-percentage-point rate hike on Thursday, as the banking sector turmoil is dissipating, the euro zone economy is picking up strength and inflation is set to remain too high for years. Investors had begun to doubt the ECB’s commitment to…
By Dhara Ranasinghe LONDON (Reuters) – An uneasy calm descended on world markets on Wednesday, with efforts by regulators and financial executives to ease contagion fears sparked by the collapse of Silicon Valley Bank (SVB) shoring up sentiment. But in a week that has seen banking shares around the world tank – the S&P 500…
STOCKHOLM (Reuters) -H&M, the world’s second-biggest fashion retailer, reported on Wednesday a smaller-than-expected increase in sales over the period December to February, in the latest sign it is struggling to compete with Zara-owner Inditex. Shares in H&M were down 6% in early trade, underperforming the wider Swedish market. Year-to-date they are still up 12%. …
