Swiss bank Credit Suisse was no angel thanks to numerous missteps and a high-profile corporate spying...
Swiss bank Credit Suisse was no angel thanks to numerous missteps and a high-profile corporate spying scandal, but the internet decided this weekend to brand the firm with a big scarlet D: The bank’s credit default swaps (CDS)—a security that reflects how much default risk the market sees—surged yesterday after rumors spread throughout the trading floor that the bank was short on cash.
Looking ahead…the bank is expected to make a restructuring announcement on October 27 that will address its plans for coming back from epic blunders like the $5.5 billion loss it sustained when client Archegos Capital collapsed last year.
North Korea fired a ballistic missile yesterday that soared over northern Japan before landing in the Pacific Ocean, forcing Japan to warn residents to take cover and causing a temporary suspension of train service in the area. It’s the first time North Korea has sent a missile into Japanese airspace in five years, and it represents a major escalation. Japan’s prime minister strongly condemned the launch, which came after Japan conducted anti-submarine exercises with the US and South Korea last week.
Tesla shares sank more than 8% Monday as third-quarter deliveries fell short of expectations....
Tesla shares sank more than 8% Monday as third-quarter deliveries fell short of expectations. The EV maker set a new record for the quarter, delivering 343,830 vehicles — but that still didn't meet analysts' projections.
The pound gets a relief rally on the government's U-turn. The currency ...
The pound gets a relief rally on the government's U-turn. The currency hit a record low against the dollar last week, but it didn't hang around down there. That's thanks to the UK government rowing back on a planned tax cut, which gave the pound a new lease on life Monday.
On Sunday, Prime Minister Liz Truss insisted the controversial plan to cut the 45% tax rate would go ahead — that's a tax only paid by people earning more than £150,000 a year. No more than 24-hours later, the government had changed its tune. The UK's Chancellor of the Exchequer, Kwasi Kwarteng, confirmed the plan was being scrapped, just 10 days after it was first announced.
U.S. nat gas tumbles to 12-week low on high storage, mild weather outlook
U.S. natural gas futures (NG1:COM)...
U.S. natural gas futures (NG1:COM) slid to their lowest since mid-July, with the November contract closing -4.4% to $6.47/MMBtu, on high U.S. storage levels and an outlook for mild temperatures that likely would keep demand in check.
Much of the U.S. will be "comfortable" this week with highs in the 60s-80s, with some colder exceptions, NatGasWeather.com said in a report that points to "light national demand," adding that U.S. storage levels are expected to remain high.
Europe's energy problems surely remain worrisome, but the need for U.S. liquefied natural gas seems lower than previously thought, Mizuho's Robert Yawger said: "There was a perception earlier in the crisis that every spare molecule of U.S. natural gas would have to be shipped to the eurozone as LNG to save the day and keep the lights on in the continent this winter, [but] that may no longer be the case."
