How Will Markets Navigate The Credit Suisse Storm?
Financial markets across the globe have one question in mind—what next for Credit Suisse?
Twitterati is agog with rumours of an impending collapse with some comparing it to the Lehman Brothers crisis of 2008. The issue was brought back to limelight after Credit Suisse's CEO Ulrich Koerner tried to calm the nerves in a note to its employees. The bank said its capital base and liquidity position are strong and asked its employees not to confuse with the share price collapse, a Bloomberg report quoted the CEO.
At the heart of the issue is the surge in credit default swap spread of the bank to a 14-year high.
The stock price of the bank has seen a steady fall during the last 12 months from a high of $10 to $3.93 last Friday.
Markets are coming to terms with Fed's aggressive rate hike and Bank of England's emergency measure to stave off a monetary crisis triggered by the new Truss government. But the undercurrents from Credit Suisse could keep everyone guessing. While the fear of a collapse appears to be in the realm of rumour and speculation, the markets will keenly watch the Oct. 27 strategic update from the global bank. Can the bank turn around or will the CS storm torpedo the markets?
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