Analysis: Cracks Appear In Credit Suisse Comeback Plans - Doo Prime News
Doo Prime News > Industry Dynamics > Analysis: Cracks Appear In Credit Suisse Comeback Plans

ZURICH/NEW YORK, Oct 28 (Reuters) – After months of reflecting, Credit Suisse’s chairman Axel Lehmann revealed an overhaul “to rebuild Credit Suisse as a strong … bank with a firm foundation, rock-solid like our Swiss mountains”. It did not take long for the first cracks to appear.

The announcement of the blueprint early on Thursday triggered a sell-off in the bank’s stock that lobbed more than 2 billion Swiss francs ($2 billion) off its market worth, almost a fifth of its value, taking its worth to less than 11 billion Swiss francs.

Full coverage: REUTERS

China’s Factory Activity Set To Stall In October

BEIJING, Oct 28 (Reuters) – China’s factory activity likely showed no growth in October, with production hit by COVID-19 restrictions and as exports moderate on slowing global demand, a Reuters poll showed on Friday.

The official manufacturing Purchasing Manager’s Index (PMI) was forecast at 50.0 in October, a touch lower than 50.1 in September, according to the median forecast of economists polled by Reuters.

The 50-point mark separates contraction from growth.

Full coverage: REUTERS

Oil Falls As China Widens COVID Curbs, Still Set For Weekly Gain

SINGAPORE, Oct 28 (Reuters) – Oil prices fell on Friday after China, the world’s top crude oil importer, widened its COVID-19 curbs, but were poised for a weekly gain on supply concerns ahead of Europe’s pending cut-off of Russian imports.

Brent crude futures dropped $1.02, or 1.1%, to $95.94 a barrel at 0635 GMT, after rising 1.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures were down $1.24, or 1.4%, at $87.84 a barrel.

Full coverage: REUTERS

Stocks In Asia Slide As Focus Shifts To Fed

SINGAPORE, Oct 28 (Reuters) – Asian shares were set to snap a three-day winning streak on Friday as investors grappled with mixed earnings reports and looked to next week’s Federal Reserve meeting for clues on whether a pivot on the pace of rate hikes is on the table.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 1.56% lower at 433.92, but above the two and half year low of 427.42 it touched on Monday. The index is down 4% for the month and roughly 31% for the year.

Full coverage: REUTERS

Morning Bid: Closer To Fine

A look at the day ahead in European and global markets from Tom Westbrook.

Having jumped the gun a few times, markets are again pricing in a pivot in monetary policy and might be getting closer to the mark.

Bonds are rejoicing at this week’s step-down in hiking speed at the Bank of Canada and hints the European Central Bank is getting closer to satisfied with its progress. Ten-year Italian BTPs are eyeing their best week in a decade, with yields down 73 basis points since last Friday’s close.

Full coverage: REUTERS

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