Analysis: Credit Suisse’s Turnaround Just Got A Lot Tougher As Market Reels - Doo Prime News
Doo Prime News > Industry Dynamics > Analysis: Credit Suisse’s Turnaround Just Got A Lot Tougher As Market Reels

ZURICH/NEW YORK, Oct 4 (Reuters) – Swiss lender Credit Suisse Group AG (CSGN.S), battered by scandals and losses, is racing through a restructuring plan. Wild market swings and a social media storm are making that task increasingly difficult.

Some of the bank’s wealth management clients have recently become concerned about Credit Suisse’s turnaround, two people familiar with the discussions told Reuters, and some have been moving funds, according to one of the people. The division is expected to be the centerpiece of the bank’s turnaround plan.

Full coverage: REUTERS

Cryptoverse: Trading Names In A Mind-Boggling Crypto Craze

Oct 4 (Reuters) – A new NFT trading craze where names are bought and sold for eye-popping sums is providing a multi-million-dollar lifeline for speculators shivering in the bleak crypto winter.

“Domain” names such as coin.crypto (which has sold for $100,000) and beer.eth (which fetched $39,000) are a new breed of NFTs that owners can use to replace the jumble of 16 random numbers and letters that form their digital wallet addresses.

Full coverage: REUTERS

Oil Prices Edge Up Ahead Of OPEC+ Meetings To Discuss Supply Cuts

SINGAPORE, Oct 4 (Reuters) – Oil prices edged higher on Tuesday as expectations that OPEC+ may agree to a large cut in crude output when it meets on Wednesday offset concerns about the global economy.

Brent crude futures rose 46 cents, or 0.5%, to $89.32 per barrel by 0629 GMT after gaining more than 4% in the previous session.

U.S. crude futures rose 30 cents, or 0.4%, to $83.93 a barrel. The benchmark gained more than 5% in the previous session, its largest daily gain since May.

Full coverage: REUTERS

Australia’s Telstra Hit By Data Breach, Two Weeks After Attack On Optus

SYDNEY, Oct 4 (Reuters) – Australia’s largest telecoms firm Telstra Corp Ltd (TLS.AX) said on Tuesday it had suffered what it called a small data breach, a disclosure that comes two weeks after its main rival Optus was left reeling by a massive cyberattack.

Telstra, which has 18.8 million customer accounts equivalent to three-quarters of Australia’s population, said an intrusion of a third-party organisation exposed some employee data dating back to 2017.

Full coverage: REUTERS

Britain’s Tax Backdown Bounces Stocks And Sterling

SYDNEY, Oct 4 (Reuters) – Asian stocks bounced on Tuesday after Britain scrapped bits of a controversial tax cut plan, tentatively improving global market sentiment and rallying bonds and the pound.

Australia’s central bank added to that sense of relief in markets, surprising investors by lifting interest rates by a smaller-than-expected 25 basis points, saying they had already risen substantially. That pushed the Aussie dollar down, lifted the S&P/ASX 200 index (.AXJO) by 3.6% and spurred benchmark 3-year bonds for their best day in 13 years.

Full coverage: REUTERS

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