European Central Bank lifts interest rates by 50 basis points
The European Central Bank on Thursday plowed ahead with its plan to lift interest rates by ...
The European Central Bank on Thursday plowed ahead with its plan to lift interest rates by 50 basis points, or half a percentage point, despite jitters over the banking sector, warning that “inflation is projected to remain too high for too long.”
For many Americans, the next few days are among the most entertaining of the year. They will be filled...
For many Americans, the next few days are among the most entertaining of the year. They will be filled with dozens of college basketball games, featuring major surprises and thrilling finishes. When a team loses, its season is over.
The main portion of the men’s March Madness starts today, and the women’s tournament follows tomorrow. Both will continue for almost three weeks. They are among the few sporting events that capture the attention of nonfans, thanks to college loyalties and the ubiquity of brackets.
No team looks dominant. Oddsmakers like Houston, an athletic crew with a terrifying defense. Alabama — the No. 1 overall seed — and Kansas aren’t far behind. Purdue, with 7-foot-4 Canadian star Zach Edey, is intriguing. The Wall Street Journal calls U.C.L.A. the most underappreciated potential winner.
Credit Suisse to borrow about $54 billion from Swiss central bank
Credit Suisse announced late Wednesday it was taking “decisive...
Credit Suisse announced late Wednesday it was taking “decisive action”and borrowing up to 50 billion Swiss francs — about $54 billion— to ease investors’ fears.
The move comes as Credit Suisse stock CS, -13.94% plunged Wednesday to an all-time low, sparking new fears of a global banking crisis. Earlier Wednesday, the Swiss National Bank said it would provide liquidity to Credit Suisse if needed.
Hours later, the Zurich-based bank took up the central bank on its offer, saying in a statement Wednesday night it was moving to “pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank (SNB) up to CHF 50 billion under a Covered Loan Facility as well as a short-term liquidity facility, which is fully collateralized by high-quality assets.”
Credit Suisse will also make a cash tender offer in relation to 10 U.S. dollar-denominated senior debt securities for an aggregate consideration of up to $2.5 billion.
Energy stocks slammed as oil plunges to lowest since December 2021
The energy sector (NYSEARCA:...
The energy sector (NYSEARCA:XLE) suffered the largest decline among the S&P's 11 industry sectors Wednesday, with crude oil and natural gas prices dropping sharply as problems at Credit Suisse reignited a wave of risk-off selling.
Six of the 10 biggest losers on the S&P 500 were in the oil and gas group: Halliburton (HAL) -9%, Marathon Oil (MRO) -8.5%, Devon Energy (DVN) -8.3%, Schlumberger (SLB) -8.2%, APA Corp. (APA) -8%, Diamondback Energy (FANG) -7.4%.
Front-month Nymex crude(CL1:COM) for April delivery finished -5.2% to $67.61/bbl, clsoing below $70 for the first time since December 2021 and capping a 12% drop during the past three sessions; front-month May Brent crude (CO1:COM) closed -4.8% to $73.69/bbl.
Also, U.S. front-month Nymex natural gas(NG1:COM) for April delivery ended -5.2% to $2.439/MMBtu.
Dow finishes down nearly 300 points amid bank fears
U.S. stocks ended lower Wednesday, with the Dow Jones Industrial Average falling almost...
U.S. stocks ended lower Wednesday, with the Dow Jones Industrial Average falling almost 300 points, as concerns over troubled Credit Suisse Group CS added to worries about the banking system. The Dow DJIA closed 0.9% lower, while the S&P 500 SPX shed 0.7% and the technology-heavy Nasdaq Composite COMP edged up around 0.1%, according to preliminary data from FactSet. The Swiss National Bank said Wednesday that it will provide liquidity to Credit Suisse “if necessary.” The S&P 500’s financial sector slumped 2.8% Wednesday, one of the index’s worst-performing sectors along with energy and materials and industrials.
