amid fears of a global banking crisis ahead of a U.S. Federal Reserve meeting to decide on possible further interest rate hikes.
. Central banks announced coordinated efforts to stabilize lenders, including a facility to borrow U.S. dollars if necessary.Switzerland’s share benchmark was down 1.8%, while Credit Suisse’s shares plunged 63% and rival UBS, which is acquiring it, sank 14%.over the last year to cool economic activity and inflation. Prices of bonds and other assets on their books fell, fueling unease about the industry’s financial health.
European banks’ shares languished, with Deutsche Bank AG losing 3.7% and Banco Santander SA slipping 1%. Societe Generale lost 3.4%, and Credit Agricole fell 1.1%. In the brief but spectacular collapse of Silicon Valley Bank, we may just have witnessed the best banking crisis ever. It might even have been useful.
The big wedding! A UBS/Credit Suisse wedding! Will it stop contagion from spreading? Some are saying yes But it's anyone's guess More banks may soon soil their bedding.
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Live updates: Credit Suisse-UBS deal and global stock market newsGlobal markets are falling despite coordinated action by the Federal Reserve and other leading central banks to keep dollars flowing around the financial system after banks collapse. Follow the latest updates here 👇 Χρειάζεται περισσότερος έλεγχος στα golden boys. 10+ years of Fed QE and bank deregulation exposed too much risk in our financial system. Irresponsible borrowing to lift stock prices by both banks and corporations will bring everything down. This could see crypto become the leading global currency whether that is BTC, ETC or something else 🤔 FFTB
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