European and US equity futures advanced, Asian stocks pared losses and Treasuries fell Thursday after Credit Suisse Group AG said it would borrow money from Switzerland’s central bank and seek to repurchase debt. Contracts for the Euro Stoxx 50 index climbed more than 2% as the news from Credit Suisse provided a measure of calm for jittery investors. It has arranged to borrow as much as 50 billion francs ($54 billion) from a Swiss National Bank liquidity facility and will offer to buy back up to three billion francs of dollar- and euro-denominated debt. The Swiss franc was stronger but off its intraday high in volatile trade after a sharp selloff Wednesday. The euro strengthened slightly ahead of an expected rate increase from the European Central Bank later Thursday, with more investors now positioning for a 25 basis point move after earlier expectations for double that. Asian shares recouped some losses from earlier in the session while a gauge for the region remained down by 1%. Equity benchmarks in Japan, Australia and Hong Kong also fell about 1%, with financial companies among the hardest hit in the three markets. Contracts for the S&P 500 rose about 0.4% after the index fell 0.7% Wednesday. Tech stocks offered a bright spot as traders began to forecast interest rates climbing less than previously anticipated. Nasdaq 100 futures advanced Thursday after the benchmark posted its third day of gains on Wednesday as Netflix Inc., Meta Platforms Inc., Microsoft Corp., and Amazon.com Inc. rallied. Selling in bank stocks dragged the KBW Bank Index, one of the broadest measures of the US banking system, down more than 3% Wednesday. First Republic Bank shares fell more than a fifth after being cut to junk by two credit firms, dragging its decline over the past week to more than 70%. Traders were almost evenly split on whether the Federal Reserve will increase interest rates when it meets next week. Market pricing now suggests the Fed will soon pivot and will cut rates by as much as 1% by the end of the year. The yen strengthened against the greenback while an index of the dollar steadied after a Wednesday rally. oil rose from the lowest close in 15 months after a three-day rout started by the US banking crisis and accelerated by options covering. Copper and aluminum also advanced. Gold traded near a six-week high, on signs that problems in the banking sector may cause the Fed to pause rates hikes. US After Hours ADBE +4.6%, PATH +12.3%, PD +7.1% higher on earnings; PSN -39.1%, PTRA -17.1%, AMRS -8.4%, FIVE -4.2% lower on earnings; CS +9.5%.
Nikkei -1,03% Hang Seng -1,51% CSI -0,56% Shanghai -0,49% Shenzen -0,76%
Eur$ 1,0598 CNH 6,9029 CNY 6,9020 JPY 132,69 GBP 1,2074 CHF 0,9302 RUB 76,1053 TRY 18,9918 WTI$ 68,12 Gold 1913,17 BTC 24,322 ETH 1,646
S&P +0,35% Nasdaq +0,44% EuroStoxx +2,24% FTSE +1,19% Dax +1,75%
Macro :
- EC to Propose Curbs On Imports of Chinese Green Tech: FT
- Goldman Raises US Recession Probability to 35% on Banking Stress
Keep an eye on :
- ADP FP : ADP Feb. Passenger Traffic +47.6%
- ADM LN : Inflation-Destroying UK Auto-Insurer Profitability Set to Endure
- AF FP : AF-KLM Says Fully Repaid French State’s Covid-19 Bank Loan
- AAPL US : Foxconn Wins AirPods Order, Plans $200m India Plant: Reuters
- BATS LN : BAT Holder GQG Urges Moving Primary Listing to New York: FT
- BC IM : Brunello Cucinelli FY Ebitda Beats Estimates
- CSGN SW : Credit Suisse Taps $54 Billion in Central Bank Crisis Aid
- CSGN SW : Credit Suisse to Buy Back $3 Billion of Debt as Bonds Drop
- CSGN SW : Saudi National Bank Says Regulators Ready to Plug Holes: CNBC
- ERICB SS : ISS Advocates No Discharge From Liability for Ericsson Board: DI
- GYC GY : Grand City Properties Suspends 2022 Div. on Market Uncertainty
- GYC GY : Grand City Properties Sees 2023 FFO I EU170M to EU180M
- GLJ GY : Grenke Sees 2024 Net Income About €120M
- INS GY : Instone Real Estate Sees 2023 Adjusted Revenue EU600M to EU700M
- MOR GY : MorphoSys 4Q Revenue Beats Estimates
- OXY US : Berkshire Hathaway Buys 7.9 Million Occidental Shares: Filing
- PHARM NA : Pharming FY Revenue Misses Estimates
- RBI AV : Raiffeisen Weighs Exchanging Cash Piles With Sberbank: FT
- ENR GY : Siemens Energy to Raise €1.3 Billion to Refinance Gamesa Offer
- SAE GY : Shop Apotheke Europe Appoints Olaf Heinrich New CEO
- SNAP US : *SNAP CLIMBS 6% ON REPORT SAYING US IS THREATENING A TIKTOK BAN
- SQN SW : Swissquote 2023 Pretax Profit Forecast Misses Estimates
- TEG GY : TAG Immobilien FY FFO Meets Estimates
- SUSE GY : SUSE 1Q Adjusted Ebitda Beats Estimates
- SYAB GY : Synlab FY Adjusted Ebitda Beats Estimates
- TIT IM : Telecom Italia Said to Seek €360m From EIB to Finance 5G Rollout
- VEON US : Veon 4Q Ebitda $453M Vs. $448M Y/y
- VOS GY : Vossloh FY Dividend per Share Misses Estimates
- VOW GY : VW Shows €25,000 EV to Compete Where Tesla Has Left an Opening