Credit Suisse shares continue to slide; US banks
join forces to rescue First Republic – business live
European shares turn negative and Credit Suisse
shares fall nearly 9% as sentiment remains fragile
13m ago
11.32
GMT
European stocks have turned negative while the
FTSE 100 in London is flat at 7,415.
US stock
futures are also in the red, pointing to a lower open on Wall Street later.
22m ago
11.23
GMT
ECB holds unscheduled supervisory board meeting
The
European Central Bank held an unscheduled meeting of its supervisory board this
morning to discuss stress and vulnerabilities in the eurozone banking sector
after the recent selloff in bank shares, a spokesperson said.
The
supervisory board, which directly oversees 111 lenders in the eurozone,
normally meets every three weeks but held two impromptu meetings this week
because of the market turmoil. The spokesperson told Reuters:
The
supervisory board is meeting to exchange views and to provide members with an
update on recent developments in the banking sector.
Reuters
reported, citing a source, that the purpose of the meeting was to monitor
liquidity in the eurozone banking sector and watch for any vulnerability to a
run on any bank, but the source did not expect the ECB to take any immediate
action.
Bank
stocks tumbled over the past week, spooked first by the collapse of Silicon
Valley Bank and two other US bank failures. Then came the 30% selloff in Credit
Suisse on Wednesday, which ended yesterday after the Swiss National Bank
provided a 50 billion Swiss franc lifeline. After a 19% recovery yesterday,
Credit Suisse shares are sliding again this morning.
Shares
in the embattled Swiss bank are now down nearly 9%, and fell as low as 1.83
Swiss francs.
Updated
at 11.44 GMT
34m ago
11.11
GMT
UK ‘will be only G20 economy apart from Russia to
shrink this year’
Phillip
Inman
Phillip
Inman
The UK
will be the only economy in the G20 apart from Russia to shrink this year as
high inflation, the energy crisis and low productivity hinder its recovery,
according to a leading international institution.
The
Organisation for Economic Co-operation and Development (OECD) said all major EU
economies will expand in 2023 at a stronger pace than it had forecast last
year, leaving Britain and Russia the only members of the G20 group of wealthy
nations to suffer a decline.
In its
half-yearly outlook, the Paris-based organisation said the UK economic outlook
had improved slightly compared with its forecast in November of a 0.4%
contraction, largely in response to falling gas prices, but would still shrink
by 0.2% this year.
35m ago
11.10
GMT
There is no cause for concern about the German
banking sector, according to a spokesperson for the German government.
The
current situation for European banks is not comparable to the 2008 financial
crisis, they said.
39m ago
11.06
GMT
Credit Suisse shares fall 5.6%; suffers $205m of
net outflows
Credit
Suisse shares have fallen 5.6% to 1.90 Swiss francs.
As
panicked clients withdrew cash, the bank had $205m net outflows from its US and
European-managed funds this week, according to the data provider Morningstar.
47m ago
10.58
GMT
Eurozone inflation eases to 8.5% in February
Eurozone
inflation eased slightly in February while underlying price growth picked up,
according to the latest official figures.
The EU’s
statistics agency Eurostat confirmed preliminary data released earlier this
month, saying consumer price inflation in the 20 countries sharing the euro
slipped to 8.5% last month from 8.6% in January, as a big drop in energy costs
was mostly offset by a price surge in nearly all other areas.
Inflation
excluding volatile food and fuel prices, which is closely watched by the
European Central Bank, rose to 5.6% from 5.3%. The central bank raised
borrowing costs by a further 50 basis points yesterday to try and bring
inflation under control and its latest projections showed underlying price
growth will stay above it 2% target for years to come, through 2025.
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