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Credit Suisse Lifeline, First Republic Rescue: What You Need To Know

Credit Suisse headed into a make-or-break weekend after some rivals grew cautious in their dealings with the struggling Swiss lender, and its regulators urged it to merge with UBS AG. At least four major banks, including Societe Generale (OTC:SCGLY) and Deutsche Bank (ETR:DBKGn), are restricting new trades involving Credit Suisse or its securities, five sources […]

Dollar Retreats as Banking Support Prompts Relief Rally

The U.S. dollar slipped lower in early European trade Friday and riskier currencies rallied on easing concerns about a global banking crisis. At 04:25 ET (08:25 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.4% lower at 103.715. The foreign exchange market has seen a relief rally […]

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Asian Stocks Surge As Bank Bailouts Lift Spirits

Asian stock markets rose on Friday, recovering from a series of sharp losses this week as government and institutional support to stem a potential banking crisis helped improve sentiment, while traders also priced in a less hawkish Federal Reserve. Chinese bourses were the best performers for the day, with the Shanghai Shenzhen CSI 300 and […]

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Zara Owner Inditex Reports Surge in Annual Profit As Sales Hit Record High

Zara-owner Inditex (BME:ITX) posted a 29% jump in annual profit despite a slowdown in top-line returns in the final quarter, thanks to “historic” growth in sales both in its physical stores and online. The Spanish fast fashion retailer, now helmed by chair Marta Ortega, daughter of business magnate Amancio Ortega, said its collections throughout the […]

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ECB Likely To Stick To Big Rate Hike Despite Banking Turmoil, Source Says

European Central Bank policymakers are still leaning towards a half-percentage-point rate hike on Thursday, despite turmoil in the banking sector, as they expect inflation will remain too high in coming years, a source told Reuters. Investors had begun to doubt the ECB’s commitment to another big rate hike this week after the collapse of Silicon […]