Why HAVE savers missed out on interest rate rises? MPs accuse banks of ‘profiting’ in failing to pass on savings hike March 22, 2023 MPs suggested banks were earning “disproportionate profits” by failing to pass on interest rates rises to savings accounts. In a letter to the Financial Conduct Authority (FCA), the Treasury Committee also asked whether banks were earning “disproportionate profits” by “increasing rates on mortgages far quicker than rates on savings products”. Earlier this month, the chair [...]
The Notebook: Neil Wilson on Credit Suisse, interest rates and Ayn Rand March 22, 2023 How did you go bankrupt?” Two ways. Gradually, then suddenly.” Hemingway’s wisecrack could be the epitaph for Credit Suisse, whose ignominious end caps a series of disasters at the Swiss bank, eventually bringing it to the brink on Sunday. UBS has probably done rather well, picking up CS for cents on the dollar, even if it will take [...]
FTSE 100 close: Credit Suisse turmoil eases as Barclays and NatWest claw back losses March 21, 2023 London’s FTSE 100 today shook off market turmoil sparked by UBS saving Credit Suisse, with the UK’s largest lenders, such as Barclays and NatWest, soaring to the top of the index. The capital’s premier index surged nearly two per cent to 7,536.23 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with [...]
Credit Suisse and Silicon Valley Bank chaos are symptoms of fragile banking system March 21, 2023 City folk around in 2007 must have been getting very twitchy over the last week. Some of the market moves were reminiscent of the early stages of the financial crisis once people clocked on to just how bad banks had messed up. Credit Suisse tumbled more than 30 per cent at one point. Its peers [...]
Panic, just a little bit of panic, was enough to drive Credit Suisse off a cliff March 21, 2023 After the collapse of SVB, investors and the bank's customers were on high alert for signs of shakiness and Credit Suisse was an obvious target as fears mounted over a wider, 2008-style banking crisis, writes Comment & Features Editor Sascha O’Sullivan
FTSE 100 closes up as investors hope Credit Suisse deal will contain banking crisis March 20, 2023 Markets managed to shrug off turmoil in the banking sector to finish the day higher despite huge turmoil in the financial sector. The FTSE 100 closed 0.93 per cent higher at 7,403.85 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0.13 per cent [...]
Banks recover morning losses as markets digest Credit Suisse-UBS merger March 20, 2023 Shares in UBS were trading over 5 per cent down around midday on Monday, having traded nearly 10 per cent lower earlier in the day, after it completed its emergency acquisition of Credit Suisse over the weekend. Although many European banks were trading lower in the morning, most had recovered some of their losses shortly [...]
Gold price tops $2,000 and Bitcoin gets a bump as investors scramble for safety after Credit Suisse rescue March 20, 2023 Gold prices have climbed near record highs and topped $2000 for the first time in over a year this morning as investors scramble for steady ground following UBS’s rescue of Swiss rival Credit Suisse.
Gold hits record highs as investors scramble for safety in week of bank turmoil March 20, 2023 Gold prices reached record highs in the UK last week as investors scrambled for safety in the wake of Silicon Valley Bank’s collapse and an ensuing banking crisis on both sides of the atlantic.
FTSE 100 live: London index joins European markets to close in the red as jitters over Credit Suisse contagion continue March 17, 2023 A dramatic week for European markets has ended on a low, with a number of interventions from global banks failing to calm the nerves of jittery investors. London’s FTSE 100 closed firmly in the red despite seeing gains in early trading on Friday. It followed a group of US banking giants injecting 30 billion US [...]