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Asian stocks tumble after Credit Suisse takeover

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Hang Seng drops 3% in Asia, with HSBC tumbling 6% after Credit Suisse takeover

BEIJING — Asian stock markets fell Monday after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis ahead of a Federal Reserve meeting to decide on more possible interest rate hikes.

Investors worry banks are cracking under the strain of unexpectedly fast, large rate hikes over the past year to cool economic activity and inflation. That caused prices of bonds and other assets on their books to fall, fueling unease about the industry’s financial health. The Shanghai Composite Index SHCOMP, -0.46% lost 0.2% to 3,241 after the Chinese central bank on Friday freed up additional money for lending by reducing the amount of money commercial are required to hold in reserve. Hong Kong shares of HSBC 5, -6.78% dropped over 6%.

Separately, New York Community Bank NYCB, -4.66% agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday. The FDIC said $60 billion in Signature Bank’s loans will remain in receivership and are expected to be sold off in time.

The Dow Jones Industrial Average DJIA, -1.19% lost 1.2% to 31,861.98. The Nasdaq Composite COMP, -0.74% fell 0.7% to 11,630.51. Dow futures YM00, -0.45% fell 0.3% early Monday, while S&P 500 futures ES00, -0.30% and Nasdaq-100 futures NQ00, -0.17% were steady.

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Finally a gold rally

That wasn’t meant to happen.

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U.S. stock-market futures edge higher after historic deal to rescue Credit SuisseU.S. stock-index futures opened with modest gains Sunday evening as investors assessed a historic deal to rescue troubled Swiss lender Credit Suisse as... Until the next “rescue.” CS was a mess before this, but they are not the last bank with serious issues Thanks Yellen, keep on pumping that money in….and consolidating the banks on the backs of taxpayers guaranteeing their bad behavior.
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