Credit suisse hong kong

Share to Twitter Share to Linkedin Topline European banks bank stocks slid Monday, reinvigorating concerns about the financial system as already-turbulent markets respond to Swiss banking giant UBS purchasing stricken rival Credit Suisse in an emergency deal brokered after the failure of two U.S. banks. Key Facts Credit Suisse shares slid more than 60% at the start of trading on Monday morning in Zurich, continuing a poor streak that saw shares hit an all-time low last week. UBS shares also dropped more than 9% in early trading. Other leading European banks, including BNP Paribas, Société Générale, Santander and Deutsche Bank were also down between 3% and 6% on Monday morning. They lead a broader market dip in Europe, with key indexes also down, including London’s FTSE 100 (0.8%), Germany’s Dax (0.35%), France's CAC (0.3%) and Spain’s Ibex (1.04%). The price of oil also hit its lowest level since December 2021, with Brent … [Read more...] about Credit Suisse Shares Plunge 60% And European Bank Stocks Slide After UBS Rescue

Share to Twitter Share to Linkedin What happens when you repeatedly let cocaine dealers, crooks, and kleptocrats use your bank? The Swiss National Bank approves you for a loan up to 50 billion francs ($54 billion). Credit Suisse demonstrated yet again the advantage of being a global systemically important bank . Central banks, bank regulators and treasuries rescue big banks for fear of the havoc that Too Big To Fail banks can cause around the globe. A Decades-Long History Of Trouble Tuesday, Credit Suisse announced significant weaknesses in its financial reporting in 2021 and 2022. This is hardly the first time that Credit Suisse has shown its significant operational risk exposure, that is, problems with its employees, processes, and technology. In their February 2022 article for The Guardian , Crooks, Kleptocrats, and Crises , Kalyeena Makortoff and David Pegg walked us down an over two-decade memory lane of recidivist behavior at Credit Suisse. … [Read more...] about From Ferdinand Marcos To Russian Oligarchs, Troubled Credit Suisse Is A Repeat Offender

Shares of Credit Suisse plunged 60.5% in early trading Monday after the announcement that banking giant UBS would buy its troubled rival for almost $3.25 billion in a deal orchestrated by regulators to stave off further market-shaking turmoil in the global banking system. UBS shares also were down 8% on the Swiss stock exchange. Swiss authorities urged UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure investors and the bank’s customers. Shares of Credit Suisse and other banks plunged last week after the failure of two banks in the U.S. raised questions about other potentially weak global financial institutions. Markets remained jittery Monday despite the best efforts of regulators to restore calm. In the U.S., the Federal Deposit Insurance Corp. announced late Sunday that New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 … [Read more...] about UBS-Credit Suisse merger: Stocks tank after government-brokered deal announced

Banking stocks and bonds plummeted on Monday after UBS Group sealed a state-backed takeover of troubled peer Credit Suisse Group AG, a deal that was orchestrated in an attempt to restore confidence in a battered sector. In a package engineered by Swiss regulators on Sunday, UBS Group AG will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse Group AG and assume up to $5.4 billion in losses. Credit Suisse shares slumped 62 percent in premarket trade to a new low while UBS lost 7.1 percent. Those sharp moves followed a day of heavy selling in Asian financial markets as early investor optimism about official efforts to stem a banking crisis quickly evaporated. In particular, investor focus has shifted to the massive hit some Credit Suisse bondholders would take under the UBS acquisition, which has added to anxiety about other key risks including contagion, the fragile state of U.S. regional banks and the challenges for central banks as they seek to contain … [Read more...] about Relief over Credit Suisse rescue short-lived as bank shares plummet

SINGAPORE – Banks led stock markets lower on Monday and safe havens such as bonds rallied as a weekend deal to rescue Credit Suisse and promises of liquidity from central banks could not stem fears that a bigger crisis is brewing in the financial system. Asia gains for S&P 500 futures and European futures reversed as the sun rose in London. S&P 500 futures were last down 1 percent. European futures dropped 1.2 percent and FTSE futures fell 1.5 percent, and investors rushed to price in interest rate cuts. In Hong Kong, HSBC stock dropped 7 percent in its worst session for six months. Standard Chartered shares fell nearly 8 percent and turnover was high. Tokyo banks dropped 1.9 percent and bank stock s led a 1.6- percent drop for MSCI’s broadest index of Asia-Pacific shares outside Japan. Central banks try to calm markets after UBS deal to buy Credit Suisse Over the weekend, UBS said it would buy Credit Suisse for 3 billion francs ($3.2 billion). The Federal … [Read more...] about Stocks slide as Credit Suisse rescue fails to stem rout

A logo of Credit Suisse is seen on the Credit Suisse headquarter as people demonstrate against the buying of Swiss bank Credit Suisse by UBS in Zurich, Switzerland March 20, 2023. REUTERS/Denis Balibouse Investors on Tuesday took some heart from the rescue of troubled lender Credit Suisse by its Swiss rival UBS, though concerns lingered about the risk of shockwaves further damaging credit markets and smaller U.S. banks. Attention is now on this week’s meeting of the U.S. Federal Reserve, with traders wondering whether the central bank’s relentless rate hikes – blamed by some for sparking the crisis – might be at an end. The 3 billion Swiss franc ($3.2 billion) deal for Credit Suisse, once worth more than $90 billion and the biggest name caught in the turmoil, was engineered by Swiss regulators and announced on Sunday. Asian shares lifted off their lows as the move assuaged the worst fears of systemic contagion in the financial system. “The current situation in U.S. regional … [Read more...] about Fed, US banks in focus as mood improves on Credit Suisse rescue

Share to Twitter Share to Linkedin Key News Asian equity markets were down as Silicon Valley Bank’s collapse and Credit Suisse’s troubles, despite a decisive move by the Swiss government, which led to a rebound this morning in European stocks, weighed on investor sentiment overnight except for India and the Philippines, which posted a small gain. These fears were well publicized in China as Ray Dalio’s comments of a “rolling crisis” and Larry Fink’s comments that more banks might fail weighed on sentiment. Energy and materials were the worst performers in Hong Kong, down -3.33% and -3.17%, respectively, and China -3.73% and -2.46%. Today’s macro-driven sell-off is odd, considering that the Asia Dollar index and China’s renminbi (CNY) posted small gains versus the US dollar. In February, new home prices gained +0.3% month over month as the sector attracted policy support. No, I still can’t draw any investors to buy the bonds despite the government’s implied … [Read more...] about Financial Contagion Weighs On Sentiment

Share to Twitter Share to Linkedin Yat Siu, chairman of Asia’s largest blockchain investor Animoca Brands , thinks volatile cryptocurrencies are a relatively safe investment as the traditional financial world is rocked by the Credit Suisse turmoil and the failure of a string of U.S. banks. “If you take a look what happened recently with the whole development with Silicon Valley Bank, which was obviously shocking, and with Credit Suisse being taken over by UBS…actually the narrative was played out quite differently for crypto,” Siu said via a video link on Monday at the Web3 Investment Summit in Hong Kong. “It started to actually bifurcate as some people had predicted, which is that sort of future, let’s say, safety net.” To be sure, cryptocurrencies are risky investments. The largely unregulated market saw roughly 60% of its value evaporate from its peak in November 2021, according to CoinGecko as of Monday. It comes after a series of corporate … [Read more...] about Animoca’s Yat Siu Says Crypto Is Becoming A ‘Safety Net’ Amid Banking Crisis

Share to Twitter Share to Linkedin Pinduoduo Q4 Earnings Release E-commerce company Pinduoduo released Q4 2022 results this morning. Revenue missed lofty analyst expectations, despite growing +46% year-over-year, while adjusted net income and adjusted earnings per share (EPS) beat analyst expectations. Pinduoduo’s stock has had a decent 2023 so far. The company did not give a forecast, though noted “steady growth” of consumers during Q1 2023 while higher priced goods such as cell phones saw “decent growth”. Management noted that competition is “intense” as technology investment and expenses rose from RMB 13.8 billion to RMB 21.8 billion. “Temu,” the platform’s international brand, will expand to new markets including in Canada and Europe. At the end of day, Pinduoduo’s revenue grew nearly ~50%, but net income grew only about ~30%, though cash saw a healthy increase. Management’s emphasis on investment is unlikely to instill confidence, as indicated by … [Read more...] about Bank Contagion Keeps Buyers Sidelined, Pinduoduo’s “Investment” Leaves Investors Wanting

Share to Twitter Share to Linkedin Key News Asian equities were mostly higher overnight as the Yuan and the Asia Dollar Index both gained significantly versus the US dollar. Xi Jinping returned to Beijing from Russia with some lower-level agreements, especially regarding the northern and eastern borders. I have not heard an update on Xi’s call with Ukrainian leader Zelenskyy, but we know that he is keen to meet with the Chinese president. Given his reticence about Xi’s visit to Moscow, we can assume that he is open to hearing Xi out. An end to the war could be a positive black swan for markets. Tencent’s over-the-counter ADR traded at a significant discount to its Hong Kong share class, which was up +8% overnight versus the ADR's only +2% gain yesterday. This echoes the continued disparity between US and global/China views of China. Tencent’s results were slightly lower than expected, but the company is rebounding in its advertising division after the … [Read more...] about Yuan Strengthens Versus USD, Tencent Soars On Earnings