Asian stocks are heavily battered further as global banking turmoil fears deepen after Credit Suisse’s debacle.Oil price has rebounded as the US has no further appetite to levy sanctions on Russia.
Dictation of ‘material weakness’ in internal controls of Credit Suisse’s financial reporting conveyed something ugly about the banking firm. The headline was followed by a blunt decline by the Saudi National Bank for infusing more funds into Credit Suisse, the leading investor in the Swiss banking firm, which accelerated fears of some internal financial issues and led to a nosedive move in the share price of Credit Suisse.
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Stock market strategy, outlook: Sell any stock bounces amid SVB falloutSell any rally in the stock market as fallout from Silicon Valley Bank's failure isn't over after government intervention, Morgan Stanley's chief stock strategist says
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Stock market news today: Stocks shake off bank contagion fearsUS stocks shake off contagion fears to trade mixed amid hopes SVB crisis spurs Fed policy shift Why has the implosion of Silicon Valley Bank and Signature Bank fueled hope that the Fed will end its rate hikes? Higher interest rates are positive for the entire banking sector. Why should the majority be penalized for a very specific subset of 'tech' oriented banking services? We are still in a huge bubble! Wishful thinking and denial everywhere 😔
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