SVB’s collapse was ‘Lehman moment for technology’: Goldman Sachs

The Silicon Valley Bank collapse was “kind of like the Lehman moment for technology,” Cliff Marriott, co-head of European technology, media and telecommunications for the investment banking division, told CNBC on Tuesday. of Goldman Sach. SVB, a vital source of funding for tech startups and venture capitalists, has been shut down and taken over by … Read more

5 things to know before the stock market opens on Tuesday March 21

Here are the most important information investors need to start their trading day: 1. Relief Rally UBS’s “forced marriage” to Credit Suisse might have done the trick, at least for now, as U.S. stock markets rallied on Monday after the latest moves to strengthen the global banking system. Now Wall Street is focused almost entirely … Read more

Not everyone is happy that UBS is buying Credit Suisse

A security guard at a construction site at a bank branch of Credit Suisse Group AG in Bern, Switzerland, Monday, March 20, 2023. Stefan Wermuth | Bloomberg | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open updates investors on everything they need to know, wherever … Read more

5 things to know before the stock market opens on Monday March 20

UBS buys troubled Credit Suisse for $3.2 billion. The markets are preparing for the next Fed decision. Chinese Xi Jinping visits Russian Vladimir Putin in Moscow. A photograph shows a logo of Swiss giant bank UBS in front of a Credit Suisse bank logo in Zurich on March 19, 2023. Fabrice Cofrini | AFP | … Read more

Fall of the First Republic: downgrading of S&P’s credit rating

S&P downgraded its credit rating from BB+ to B+ on Sunday after first downgrading it to junk status last week. The rating remains CreditWatch Negative, S&P said. First Republic stocks are down sharply this month as the collapse of Silicon Valley Bank caused investors to rethink other banks with large uninsured deposit bases. A trader … Read more

Asian Markets UBS, Credit Suisse; China, preferential loan rates

57 minutes ago China leaves 1- and 5-year prime lending rates unchanged The People’s Bank of China left the prime rates for 1-year and 5-year loans unchanged, after cutting the reserve requirement ratio for almost all banks by 0.25 percentage points last week. The 1-year LPR remained at 3.65% while the 5-year LPR remained at … Read more

5 Ways US Bank Failures May Impact the Fed’s March 2023 Rate Decision

The Federal Reserve is meeting this week to decide its next move on interest rates just as its year-long fight against inflation is colliding with a crisis in the financial sector. The Fed’s next move will be closely watched as recent bank failures bring back memories of the 2008 financial crisis. Even ahead of Wednesday’s … Read more

UBS offers to buy Credit Suisse for up to $1 billion, reports the Financial Times

A sale to UBS, which could be completed as early as tonight, values ​​Credit Suisse at around $7 billion below its market value at Friday’s close. It comes after Credit Suisse shares posted their worst weekly decline since the start of the coronavirus pandemic. This is despite news that it would have access to a … Read more

Critical moment for Credit Suisse talks as UBS seeks Swiss assurances

Talks on bailing out Credit Suisse continued on Sunday as UBS demanded $6 billion from the Swiss government to cover the costs. UBS is under pressure from Swiss authorities to take over its local rival to bring the crisis under control, two people with knowledge of the matter said. Regulators want a resolution before markets … Read more

Bitcoin is up 60% so far this year as investors rediscover appeal as an alternative banking system

Cryptocurrencies stood out this week as bank stocks tumbled and the global liquidity crunch rocked the stock market. For the week ending March 17, bitcoin finished up 34%, making it the cryptocurrency’s best week since January 2021 – which marked the start of the institution-led bull run this that year. Coin Metrics measures a week … Read more