Credit Suisse fears rock Asian stocks; gold and dollar soar

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 63%

South Africa News News

Credit crunch concerns leave markets on edge ahead of a European Central Bank meeting

Singapore — Asian stocks slid on Thursday and investors turned to the safety of gold, bonds and dollars as Credit Suisse became the latest focal point for fears of a banking crisis, leaving markets on edge ahead of a European Central Bank meeting later in the day.

“I think we’re getting into the hard hat territory again,” said Damian Rooney, a dealer at Perth stockbroker Argonaut. “The word contagion is knocking about ... we’re getting fear across the whole board here.” Commodities also nursed big falls. Brent crude futures were struggling to lift from 15-month lows and hovered around $74.16 a barrel. Copper slid 2.5% in Shanghai after a 4% drop in London overnight.

The latest pressure came in the wake of the collapse of three US banks in the space of a week and was triggered after the bank said it hadn’t stemmed deposit outflows and its biggest shareholder declined to offer further support. Money market pricing implies a less than a 20% chance of a 50bps hike from the ECB, down from 90% a day earlier.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Credit Suisse Crisis Crushes a Favourite Investor Trade of 2023Investors betting on a further outperformance in European bank stocks in 2023 have been caught wrong footed by the meltdown in shares of Credit Suisse Group AG and fears of a recession.
Source: dailymaverick - 🏆 3. / 84 Read more »