Credit Suisse is taking decisive action 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 are fully collateralized by high quality assets. Credit Suisse also announces offers by Credit Suisse International to repurchase certain OpCo senior debt securities for cash of up to approximately CHF 3 billion
ECB decision time, will SVB and CS news change anything to the most likely 25bps ? market pricing sees about 50% chance of 50bps, plenty of rumors going around that the ECB should chicken out today despite core inflation trending over 5.5% because of the banking stress
European regulators criticise US ‘incompetence’ over Silicon Valley Bank collapse-FT
JPMorgan Says Fed’s Loans Will Provide $2 Trillion of Liquidity
Top Japanese manufacturers agree to big wage hikes amid inflation
Hydrogen will be bigger than the Industrial Revolution. Clean, green fuel for all sounds too good to be true, but this entrepreneur’s new airship could make the hydrogen economy a reality
Iran has agreed to halt covert weapons shipments to its Houthi allies in Yemen as part of a China-brokered deal to re-establish diplomatic relations with Saudi Arabia, U.S. and Saudi officials said
New EIA Report Reveals Massive Downward Reductions In US Shale Oil Output
Markets :
Crude WTI 68$ - recession calls increasing - you could argue (I will..) that it is very welcome news for consumers and inflation!
Rates, SOFR madness has to calm down first, for rest of markets to calm down
GOLD making new highs vs major currencies
Equity markets short cover of headline news like CS 'lifeline' last night, and/or other liquidity injections, stick to quality still, no need to be too brave in these volatile times, but these markets bring new opportunities!
USD not doing too much, CHF weakened fairly sharply on the day yesterday, maybe a CS related move ? let's see. In relative terms to rates market, FX, major equity indices pretty ''quiet'', but beware if they awaken (and become as volatile as rates - clearly won't be welcome sign)
20230315 mm statement.pdf SNB statement on CS
Guaranty all deposit ? ok , but then it's all but nationalized...would have some big impact on share prices over time
Goldman Sachs bought the SVB bonds whose $1.8 billion loss set off the startup lender's meltdown (yahoo.com) GS..had to be
For Chancellor of the Exchequer Jeremy Hunt, the conditions are ripe to deploy fiscal drag, allowing the government to extract more revenue from taxes without a single policy change.
The stealth tax hike comes into play when thresholds are frozen but pay goes up, pushing more people into higher tax bands. While the use of fiscal drag is hardly unique to this government, it will have a much bigger impact this year as inflation runs near its highest level in 40 years and employers raise compensation to help their staff battle spiraling costs
XAU vs EUR making new highs very similar vs most major currencies
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