ZURICH, March 14 (Reuters) – Credit Suisse (CSGN.S) released its delayed annual report on Tuesday in which it identified “material weaknesses” in its internal controls over financial reporting and said it had not yet stemmed customer outflows.
“As of December 31, 2022, the Group’s internal control over financial reporting was not effective, and for the same reasons, management has reassessed and has reached the same conclusion regarding December 31, 2021,” it said.
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Silicon Valley Bank Collapse: What You Need To Know
March 14 (Reuters) – Shockwaves from the collapse of Silicon Valley Bank pounded global bank stocks on Tuesday as assurances from President Joe Biden and other policymakers failed to calm market worries about contagion and prompted a rethink on the interest rate outlook.
Biden said his administration’s actions meant Americans could have confidence in their banking system, and also promised stiffer regulation.
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Shares Tumble As Stress Creeps Into Markets
LONDON, March 14 (Reuters) – Global shares slid on Tuesday as a brewing U.S. banking crisis prompted investors to downgrade their expectations for interest rate hikes, even ahead of key inflation data later in the day.
As recently as a week ago, investors were just recovering from a reality-check that prompted many to assume that rates around the world were likely to head much higher and stay there for longer than previously expected.
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Oil Prices Fall As SVB Collapse Rocks Financial Markets
SINGAPORE, March 14 (Reuters) – Oil prices fell more than $1 on Tuesday, extending the previous day’s slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis.
Brent crude futures were down 82 cents, or 1%, at $79.95 a barrel at 0700 GMT. U.S. West Texas Intermediate crude futures (WTI) dropped 82 cents, or 1.1%, to $73.98 a barrel. On Monday, Brent fell to its lowest since early January, while WTI dropped to its lowest since December.
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Morning Bid: Ready Or Not! Here Comes US Inflation Data
A look at the day ahead in European and global markets from Ankur Banerjee.
Investors are struggling to find their risk appetite this week, with markets jittery in the wake of the stunning collapse of Silicon Valley Bank and measures by U.S. authorities to stem contagion risks.
And yet, global banking stocks have been brutally hit, with Japanese banks sinking to their lowest in nearly three months on Tuesday. The dollar remains pinned near a one-month low, while oil prices fell more than $1 and MSCI ex-Japan index languishing at more than two month lows. And while the two-year U.S. Treasury yield was up 16 basis points at 4.109% on Tuesday, it remained far off last week’s high of 5.085%.
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