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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.
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Swiss Cabinet is to hold an extraordinary meeting to discuss Credit Suisse (CSGN SW), via Reuters citing media reports
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End Of Day Report March 15th
Looking for a recap of the day? Read our End Of Day Report for March 15th to see what happened in the world of finance and trading.
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