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54 minutes ago

Euro rises on ECB decision, banking drama in focus

The euro rose 0.35% to $1.0613 against the dollar in central London time after heavy losses fueled by a sell-off by European banks on Wednesday.

It was 0.4% higher against the British pound.

The Swiss franc also gained against the greenback as investors reacted to news of the Swiss National Bank’s bailout of troubled Credit Suisse.

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Euro-dollar exchange rate.

Markets will look forward to the European Central Bank’s latest monetary policy announcement at 1:15pm, followed by ECB President Christine Lagarde’s press conference.

A 50 basis point hike was widely expected, although recent volatility has led markets to bet on its likelihood, and Lagarde’s comments will be closely watched.

“If the ECB 50 basis point hike thanks to the SNB’s support comes in an environment where markets are easing concerns over the banking sector, this could actually be read as a signal of Frankfurt’s confidence in the health of the eurozone banking system, and could ultimately boost the euro,” analysts at ING said.

– Jenny Reid

2 hours ago

Credit Suisse could have a ‘huge turnaround’ if it handles the situation well, says asset manager

Dan Scott, head of Vontobel Multi Asset, discusses the Credit Suisse crisis and says it is “still one of the biggest asset managers in the world”.

2 hours ago

Stocks on the move: OSB Group up 9%, Rentokil up 7%

OBS Group, the parent company of OneSavings Bank, rose 9% in morning trade after posting positive annual results.

Pre-tax profit rose 13% year-on-year to £591.1 million ($712.7 million), largely due to loan book growth, the company said in a statement.

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Chart to show OSB stock price.

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Rentokil stock price chart.

3 hours before

Credit Suisse falls to 18% after 30% spike

Shares in Credit Suisse rose as much as 30% when European markets opened, but gains were down 18% by 9.15am London time.

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Graph to show Credit Suisse stock price.

Credit Suisse shares rose after the bank said it would borrow up to $54 million from the Swiss National Bank.

– Hannah Ward-Glenton

3 hours before

Banks in crisis: weak links cracking, strategist says

Weak links in the banking industry are cracking, a strategist told CNBC’s “Squawk Box Europe” Thursday.

Beat Wittmann, partner at Porta Advisors, discusses the crises facing Credit Suisse and Silicon Valley Bank and says, “Now is the time for policymakers to restore confidence and liquidity in the system.”

4 hours ago

HSBC UK CEO discusses £1 Silicon Valley Bank acquisition

4 hours ago

European banking stocks rose on Credit Suisse Lifeline news

European bank stocks rallied in early trade on news that Credit Suisse had secured a $54 billion lifeline from the Swiss National Bank.

Shares in Credit Suisse were up 30% at 8.25am London time. Followed by UBS 4.9%, Commerzbank 3.9%, Santander 3.%, shares of FinecoBank rose 3.4% and Barclays 3.3%.

Bank stocks rose 1.8% overall.

– Hannah Ward-Glenton

4 hours ago

Credit Suisse rises 30% after Swiss National Bank provides liquidity backstop

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Chart to show Credit Suisse shares.

4 hours ago

European markets open higher

European markets opened higher on Thursday as regional investors breathed a sigh of relief after the Swiss National Bank said it would provide liquidity to stricken bank Credit Suisse.

The pan-European Stoxx 600 index opened 1% higher. Most sectors and major bourses opened on a positive note, with banking stocks up 2.8%. Oil and gas and retail stocks rose 1.6%.

– Hannah Ward-Glenton

7 hours ago

Saudi National Bank says panic over Credit Suisse is unwarranted

The head of Credit Suisse’s largest shareholder, Saudi National Bank, told CNBC’s Hadley Gamble that recent market turmoil in the banking sector is “isolated” and stemming from “a bit of panic.”

“When you look at how the entire banking sector has collapsed, unfortunately, a lot of people are looking for excuses … it’s panic, a little bit of panic,” Ammar Al Qudhairy said on CNBC’s “Capital Connection.”

He added that Credit Suisse had not sought financial assistance from the Saudi National Bank.

“There is no discussion with Credit Suisse about providing assistance,” he said. “I don’t know where the word ‘help’ came from, there’s been no discussion since October,” he said.

His comments came after Credit Suisse announced it would borrow 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank, boosting liquidity and boosting investor confidence, after shares fell on Wednesday.

– Jihye Lee

10 hours ago

Swiss franc gains in volatile trade after Credit Suisse’s announcement

The Swiss franc continued to see volatility following developments around Credit Suisse – and was last up 0.17% against the US dollar, weakening after the lender announced a nearly $54 billion loan from the Swiss National Bank.

11 hours ago

CNBC Pro: Morgan Stanley names its favorite stocks in tech — and gives one a nearly 60% upside

11 hours ago

Credit Suisse says it will borrow up to $54 billion from the Swiss central bank

Credit Suisse announced it will borrow 50 billion Swiss francs ($53.69 billion) from the Swiss National Bank under a credit facility and short-term liquidity facility.

The moves will “support Credit Suisse’s core businesses and customers as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around customer needs,” the company said in a statement. Notice.

In addition, the bank is making a cash tender offer in respect of ten US dollar-denominated senior debt securities for an aggregate consideration of up to $2.5 billion – as well as a separate offer of four euro-denominated senior debt securities for a total of up to 500. million euros, the company said.

Read more here.

– Jihye Lee

11 hours ago

CNBC Pro: Credit Suisse and other European banks default risk indicator rises to crisis levels

7 hours ago

European markets: Here are the opening calls

European markets closed sharply lower after a volatile trading session on Thursday.

UK’s FTSE 100 index is expected to rise 73 points to 7,405, Germany’s DAX is expected to rise 217 points to 14,947, France’s CAC is up 118 points to 6,993 and Italy’s FTSE MIB is expected to rise 443 points to 25,51.

The European Central Bank’s latest monetary policy decision is the focus of European markets on Thursday. With inflation high, the central bank is expected to announce a 50 basis point rate hike, as previously signaled by ECB President Christine Lagarde.

– Holly Elliott

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