42 minutes ago
Credit Suisse could have a “great turnaround” if the situation is managed well, the wealth manager says
Dan Scott, head of Vontobel Multi Asset, speaks about the crisis at Credit Suisse and says the bank “is still among the largest wealth managers in the world”.
42 minutes ago
Stocks on the move: OSB Group up 9%, Rentokil up 7%
OBS Group, parent company of OneSavings Bank, rose 9% in morning trade after releasing positive full-year results.
Underlying pre-tax profit rose 13% year-on-year to a record £591.1 million ($712.7 million), largely due to growth in the loan book, the company’s report said.
See grafic…
Graphic showing the OSB share price.
Shares in pest control company Rentokil Initial were on an uptrend after earnings surged following the company’s purchase of US competitor Terminix. The company also raised its revenue and cost savings expectations for 2023, contributing to the 7% rise in its share price.
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Rentokil stock price chart.
Before an hour
Credit Suisse narrowly gains to 18% after a 30% surge
Credit Suisse shares were up as much as 30% as European markets opened, but gains pared to 18% by 9.15am London time.
See grafic…
Credit Suisse share price chart.
Credit Suisse shares rallied after the bank announced it would borrow up to $54 million from the Swiss National Bank.
– Hannah Ward-Glenton
2 hours ago
Banks in crisis: The weakest links break, says Stratege
Cracking the weakest links in the banking sector, a strategist told CNBC’s Squawk Box Europe on Thursday.
Beat Wittmann, Partner at Porta Advisors, talks about the crises Credit Suisse and Silicon Valley Bank are facing and says: “Now is the time for politicians to restore confidence and liquidity to the system. “
2 hours ago
HSBC UK CEO discusses £1 takeover of Silicon Valley Bank
2 hours ago
European bank stocks rally on Credit Suisse lifeline
European bank stocks rallied during early trade on news that Credit Suisse had received a $54 billion lifeline from the Swiss National Bank.
Credit Suisse shares rose 30% before falling to 23% around 8.25am London time. UBS followed, up 4.9%, Commerzbank was up 3.9%, Santander was up 3.0%, shares of FinecoBank were up 3.4% and Barclays was up 3.3%.
Bank stocks gained 1.8% overall.
– Hannah Ward-Glenton
2 hours ago
Credit Suisse rallies 30% after the Swiss National Bank provided a liquidity backstop
Credit Suisse shares rose 30% shortly after the European market opened after the Swiss National Bank announced it would provide the bank with liquidity protection as regulators sought to quell fears of a crisis in the banking sector.
See grafic…
Graphic depicting the Credit Suisse share.
3 hours ago
European markets open higher
European markets opened higher on Thursday as regional investors breathed a sigh of relief after the Swiss National Bank announced it would offer a liquidity backstop to troubled bank Credit Suisse.
The pan-European Stoxx 600 index opened 1% higher. Most sectors and major bourses opened positively, with gains led by a rally in bank stocks, which rose 2.8%. Oil & gas and retail stocks gained 1.6%.
– Hannah Ward-Glenton
5 hours before
Saudi National Bank says panic over Credit Suisse is unwarranted
The chairman of Credit Suisse’s largest shareholder, the Saudi National Bank, told CNBC’s Hadley Gamble that the recent market turmoil in the banking sector was “isolated” and stemmed from “a bit of panic”.
“Unfortunately, when you look at how the entire banking sector collapsed, a lot of people were just looking for excuses…it’s panic, a little bit of panic,” Ammar Al Khudairy said on CNBC’s Capital Connection.
He added that Credit Suisse has not asked the Saudi National Bank for financial support.
“There have been no discussions with Credit Suisse about providing assistance,” he said. “I don’t know where the word ‘help’ comes from, there have been no talks at all since October,” he said.
His comments come after Credit Suisse announced it would borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank to boost liquidity and investor confidence after its shares fell on Wednesday were.
– Jihye Lee
8 hours ago
Swiss franc strengthens in volatile trading after Credit Suisse announcement
The Swiss franc has seen continued volatility following developments surrounding Credit Suisse – most recently rising 0.17% against the US dollar to offset an earlier weakening after the lender announced it would withdraw nearly $54 billion from the Swiss to borrow from the National Bank.
The Japanese yen also continued to rally, trading at 132.86 against the greenback. The Korean won gained 0.13% against the US dollar to 1,311.24.
– Jihye Lee
10 hours ago
CNBC Pro: Morgan Stanley names his favorite tech stocks — giving it nearly 60% upside
9 hours ago
Credit Suisse says it will borrow up to $54 billion from the Swiss central bank
Credit Suisse announced it will borrow up to 50 billion Swiss francs ($53.69 billion) from the Swiss National Bank under a secured credit facility and a short-term liquidity facility.
The moves will “support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more client-centric bank,” the company said in an announcement.
In addition, the bank is making a cash offer for ten US dollar-denominated senior notes for a total purchase price of up to US$2.5 billion – and a separate offer for four euro-denominated senior notes for a total of up to €500 million the company with.
Read more here.
– Jihye Lee
10 hours ago
CNBC Pro: Default risk indicator rises to crisis level for Credit Suisse and other European banks
6 hours ago
European Markets: Here are the opening calls
European markets are set to rebound on Thursday after a turbulent trading session on Wednesday that saw stocks fall sharply.
According to data from IG, the UK FTSE 100 index is expected to open 73 points higher at 7,405, Germany’s DAX 217 points higher at 14,947, France’s CAC up 118 points at 6,993 and Italy’s FTSE MIB up 443 points at 25,517.
The latest monetary policy decision by the European Central Bank will be the focus of European markets on Thursday. The central bank is expected to announce a 50 basis point rate hike, as previously signaled by ECB President Christine Lagarde, as inflation remains high.
— Holly Ellyatt