Closing post
Time to wrap up….
Here’s our news story on the latest developments with Credit Suisse:
And the latest on the troubled US banking sector, where First Republic’s shares are being hit again today, despite a rescue package being agreed by major banks last week:
Here’s Nils Pratley on the implications for bond holders of the Credit Suisse deal:
We also have economist and experienced fund manager, Toby Nangle, on how rising interest rates have been causing mayhem in the bond markets:
Here’s a handy explained on the AT1 bonds which are being surpriingly wiped out before shareholder equity:
Updated
Although markets shook off their earlier losses, it’s too early to say that the crisis is over, warns Neil Wilson of Markets.com.
He says:
We saw markets try to rally last week whenever a lifeline was thrown to CS – today might be different but it is too early to say for sure that things have meaningfully stabilised. It stops once investors stop wondering who’s next.
And here’s Danni Hewson, AJ Bell head of financial analysis, on the markets::
“The shotgun wedding between UBS and Credit Suisse does seem to have diffused some of the tension from the global banking sector today, but investor confidence has been badly shaken and despite liberal applications of monetary putty there are still a few visible cracks.
“Shares in embattled First Republic are down once again today after another credit rating hit despite the billions syphoned in by several of its larger counterparts. Trust is crucial when you’re asking depositors to stick with you and many of those depositors still feel safer switching to bigger banks which have been subject to greater regulatory scrutiny, though the outflow of cash has been slowing following last week’s interventions.
Updated
