Credit Suisse unease sparks selloff in world stocks

The European Central Bank is still leaning towards a half-percentage-point rate hike on Thursday, despite turmoil in the banking sector, given high inflation, a source close to its Governing Council told Reuters.

“For today Credit Suisse is the dish of the day but we don’t think this will be a longer lasting trend,” he said. Bruised U.S. bank stocks regained some ground on Tuesday aided by news that private equity and buyout giants were looking to scoop up some of SVB’s assets. That left investors hopeful that efforts to shore up confidence would avert a wider financial crisis.Data on Tuesday showed U.S. consumer prices rose 0.4%, with a year-on-year gain of 6% – in line with analyst expectations.

According to a Reuters report, a source close to the ECB Governing Council said the central bank was unlikely to ditch plans for a big rate move this week because that would damage its credibility.

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