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US stocks rise as markets digest UBS takeover of Credit Suisse
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IANS | 20 Mar, 2023
US stocks rose on Monday as investors digested UBS's takeover of
embattled Swiss lender Credit Suisse, according to a media report.
UBS on Sunday agreed to buy Credit Suisse for 3 billion Swiss
francs ($3.25 billion), which is about 60 per cent less than what the
bank was worth at Friday's market close, CNN reported. Shares of Credit
Suisse tumbled 56 per cent.
Shares of New York Community Bancorp,
which said on Monday it would buy $38.4 billion worth of assets and
virtually all deposits from failed Signature Bank, climbed over 33 per
cent, after seeing its biggest jump on record earlier in the day, CNN
reported.
Gold continued its rise on Monday as investors sought
safer assets, having earlier hit its highest level in almost a year.
Bitcoin jumped to a nine-month high.
West Texas Intermediate, the
US benchmark for oil, sank to $65 a barrel, its lowest level since
2021, amid ongoing concern about banking sector contagion, CNN reported.
Regional
banks continue to be under pressure over a week after the collapse of
Silicon Valley and Signature banks rocked the financial sector, sending
customers fleeing and banks rushing to restore faith in the security of
their deposits.
Compounding the market's volatility is a Federal
Reserve policymaking meeting. Traders see a roughly 70% probability
that the central bank will raise interest rates by a quarter point, CNN
reported.
Lenders of last resort � central banks � and some of
the industry's strongest players provided huge sums of emergency cash to
support teetering banks since the global banking crisis began, CNN
reported.
More than $400 billion has gone so far in direct central bank support, CNN reported.
In guaranteeing all deposits at Silicon Valley Bank and Signature Bank, the US Federal Reserve is on the hook for $140 billion.
Then
there's the $54 billion the Swiss National Bank offered Credit Suisse
in the form of an emergency loan, and 209 billion Swiss francs ($225
billion) offered to UBS in loans, guaranteed by the Swiss states, and
protection against potential losses, CNN reported.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
₹95.3
|
₹93.6 |
UK Pound
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₹127.7
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₹123.7 |
Euro
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₹110.65
|
₹106.9 |
| Japanese
Yen |
₹59.75 |
₹57.9 |
| As on 24 Jun, 2026 |
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