Category: Headlines
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ECB hikes rates 50bps
ECB RAISIES RATES 50BP
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First Republic Bank reportedly has a USD 25bln hole, according to CNBC’s Faber; adds the deposit outflows continue, but have moderated
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ECB told ministers on Tuesday that some EU banks could be vulnerable, according to Bloomberg
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US Import Prices MM* (Feb) -0.1% vs. Exp. -0.2% (Prev. -0.2%, Rev. -0.4%)
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US House Starts MM: Change * (Feb) 9.8% (Prev. -4.5%, Rev. -2.0%)
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US Philly Fed Business Indx* (Mar) -23.2 vs. Exp. -15.6 (Prev. -24.3)
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US Housing Starts Number * (Feb) 1.450M vs. Exp. 1.31M (Prev. 1.309M, Rev. 1.321M)
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US Building Permits: Number * (Feb) 1.524M vs. Exp. 1.34M (Prev. 1.339M)
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FINMA and the SNB asserted that the problems of certain banks in the USA do not pose a direct risk of contagion for Swiss financial markets, while they added that Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks and if necessary, the SNB will provide Credit Suisse with liquidity. SNB confirms it will provide liquidity to Credit Suisse against sufficient collateral; says that within its mandate, it can provide liquidity to domestic banks against collateral.
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Credit Suisse announced decisive action to pre-emptively strengthen liquidity which included public tender offers for debt securities and it intends to borrow up to CHF 50bln from the SNB under the covered loan facility and short-term liquidity facility.