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LearningEnd Of Day Report March 15th

BNP Paribas is reportedly reducing exposure to Credit Suisse (CSGN SW), according to Bloomberg citing sourcesSwiss Cabinet is to hold an extraordinary meeting to discuss Credit Suisse (CSGN SW), via Reuters citing media reports

Darren Krett

Wednesday 15 March 2023

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Swiss Cabinet is to hold an extraordinary meeting to discuss Credit Suisse (CSGN SW), via Reuters citing media reports facebookSwiss Cabinet is to hold an extraordinary meeting to discuss Credit Suisse (CSGN SW), via Reuters citing media reports twitterSwiss Cabinet is to hold an extraordinary meeting to discuss Credit Suisse (CSGN SW), via Reuters citing media reports linkedin

End Of Day Report March 15th

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HIGHLIGHTS

-	Credit Suisse CEO says Credit Suisse is a strong bank and overshoot all regulatory requirements, Co. liquidity base is strong Material weakness refers to financial reporting controls. 
        Have no impact on financial results. Heightened attrition in a moment of change is not surprising; no issues hiring from the market.
-	ECB Set to Raise Rates. Unlike the Fed, the Banking Crisis Won’t Weigh on Its Decision- Barron’s
-	Bank of America sees Inflows of over $15 billion reportedly seen amid SVB fallout.
-	SVB swag sells on Ebay for thousands of dollars
-	Former ECB official Constancio says the "ECB should do at most 25bps and not the announced 50bps"; adds, the Fed should only do 25bps
-	FED SWAPS PRICE IN 100BP OF RATE CUTS BY DECEMBER 2023 FROM EXPECTED PEAK 
-	ECB OFFICIALS ASKED LENDERS ABOUT CREDIT SUISSE EXPOSURES - WSJ.
-	ECB officials have reportedly contacted lenders under its supervision to ask about exposure to Credit Suisse, according to WSJ sources
-	Credit Suisse has appealed to the SNB for a public show of support as share slide sparks wider rout, according to FT; also asked for a similar response from Swiss regulator FINMA\
-	First Republic Bank downgraded to ‘junk’ status by S&P Global Ratings in a four-notch move
-	Swiss government facing pressure from at least one major government to intervene on Credit Suisse according to Reuters source
-	BNP Paribas is reportedly reducing exposure to Credit Suisse (CSGN SW), according to Bloomberg citing sources
-	Fitch says US bank fallout extends to various non-bank financial sectors, but it is not yet material from a ratings perspective
-	US DoD's Milley says Russian harassment of US drone was intentional, but not clear whether physical contact was; declines to comment on whether the incident could be considered an act 
        of war
-	Switzerland has reportedly held talks on options to stabilize Credit Suisse, FINMA is likely to make a statement soon, according to Bloomberg
-	Options include a statement of support, as well as a backstop. Other ideas touted include a separation of the Swiss unit and "a long-shot orchestrated tie-up with larger Swiss rival 
        UBS Group AG", according to the sources, who cautioned it’s unclear which, if any, of these steps will actually be executed

SUMMARY

Where to start....so the next (haven't heard this term for a bit!) shoe to drop, seems to be Credit Suisse which is doing everything to convince people that all is good, just very unsuccessfully. The latest is that a major European bank has reportedly told them to seek an "urgent central bank liquidity backstop. Government officials have also discussed multiple options, that ranged from a public statement of support to that aforementioned liquidity backstop. So while we were all talking about whether there will be either be a soft landing or no landing at all, it seems we crashed straight into the ground. At one point today we swung a full 100bp for year-end Fed Funds forecasting (from where we were a week ago). As it stands I cannot decide if we are in "2007" or "2008" environment, cant wait to see what happens next.....

Market Snapshot

snapshot-0315

Todays economic releases

mar-15-results

On the ticket tomorrow

mar-16-numbers

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