Credit Suisse shoring upThe Credit Suisse Bank is shoring up reserves. With that, the latest world financial worry will be put to bed. Any others of the size of Credit Suisse? Probably not.
It is hard to understand how bankers couldn't foresee the effect of higher interest rates. In, fact it is shocking. Some say it is because of a fixation on ESG or "woke" pressures. In the case of Credit Suisse they seem to have wavered into corruption as well.
If the Americans can find agreement within their Congress and White House bombast they might start replenishing their strategic oil reserves which should act as a floor on oil price till their done. The presumed floor is $70. US.
I'm looking for these markets to stabilize and oil to recover to around $70. Personally, I think Powell and company will raise rates 0.25%. Pain was always on the table; inflation must be slayed.
cleareye
The BBC report includes:
Troubled banking giant Credit Suisse says it will borrow up to 50bn francs ($54bn; £44.5bn) from the Swiss central bank to shore up its finances.
The lender said it was taking decisive action to strengthen its liquidity as it looked to become a simpler bank.
Shares in Credit Suisse fell 24% on Wednesday after it said it had found "weakness" in its financial reporting.
This prompted a general sell off on European markets, and fears of a wider financial crisis.
Credit Suisse said its borrowing measures demonstrated "decisive action to strengthen [the bank]".