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14 minutes ago

European shares end higher

Europe’s Stoxx 600 index closed up 1.2%.

France’s CAC 40 rose 2%, England’s FTSE 100 rose 0.9% and Germany’s DAX rose 1.6%.

Stock markets rose after the European Central Bank announced a rate hike of 50 basis points.

Bank shares recovered 1.1% after losing 7% on Wednesday, while Credit Suisse rose 18%.

Check out the chart…

Stoxx 600 Index.

An hour ago

Stocks on the Move: Credit Suisse up 19%, Aroundtown Assets down 11%

Despite paring some gains earlier in the trading session, the Stoxx 600 was steady at the top in afternoon deals. The stock was up 18.8% by 3:30pm London time.

Shares in UK pest control business Rentokil also traded higher, rising 11% after it boosted profits and raised its dividend to shareholders.

At the other end, Luxembourg-listed Aroundtown Property fell 11% after its subsidiary Grand City Properties said on Thursday it would not pay a dividend for the last financial year.

– Karen Gilchrist

3 hours before

US stocks open lower

As markets opened for Thursday’s session, three major US indices fell.

Both the Dow and the S&P 500 fell about 0.6% in the first minutes of trading. The Nasdaq composite fell 0.4%.

– Alex Haring

3 hours before

European Central Bank hikes 50 basis points despite banking turmoil

The European Central Bank continued the 50 basis point rate hike flagged at its previous meeting, despite continued volatility in the banking sector.

Markets rallied after a sharp sell-off in European banking stocks last week.

This takes the bank’s key rate to 3%.

Eurozone core inflation is running at 8.5%, well above the central bank’s target of 2%.

“The elevated level of uncertainty reinforces the importance of a data-driven approach to the Governing Council’s policy rate decisions, which are determined by assessing the inflation outlook in light of incoming economic and financial data, the dynamics of core inflation, and the strength of monetary policy transmission,” the ECB said in its conclusion.

Read more here.

– Jenny Reid

4 hours ago

Bank stocks are profitable because of caution

5 hours ago

Euro rises on ECB decision, banking drama in focus

The euro was 0.35% higher against the dollar at $1.0613 in central London time after heavy losses fueled by a sell-off by European banks on Wednesday.

It was 0.4% higher against the British pound.

The Swiss franc also gained against the greenback as investors reacted to news of the Swiss National Bank’s bailout of troubled Credit Suisse.

Check out the chart…

Euro-dollar exchange rate.

Markets will look forward to the European Central Bank’s latest monetary policy announcement at 1:15pm, followed by ECB President Christine Lagarde’s press conference.

A 50 basis point hike was widely expected, although recent volatility has led markets to bet on its likelihood, and Lagarde’s comments will be closely watched.

“If the ECB 50 basis point rise thanks to the SNB’s support comes in an environment where markets are easing concerns about the banking sector, this could be a signal of Frankfurt’s confidence in the health of the eurozone banking system, and could ultimately boost the euro,” analysts at ING said.

– Jenny Reid

6 hours ago

Credit Suisse could have a ‘huge turnaround’ if it handles the situation well, says asset manager

Dan Scott, head of Vontobel Multi Asset, discusses the Credit Suisse crisis and says it is “still one of the biggest asset managers in the world”.

6 hours ago

Stocks on the move: OSB Group up 9%, Rentokil up 7%

OBS Group, the parent company of OneSavings Bank, rose 9% in morning trade after posting positive annual results.

Pre-tax profit rose 13% year-on-year to £591.1 million ($712.7 million), largely due to loan book growth, the company said in a statement.

Check out the chart…

Chart to show OSB stock price.

Shares in pest control company Rentokil Initial rose after earnings rose following its acquisition of US rival Terminix. The company also raised its revenue and cost savings expectations for 2023, contributing to a 7% share price gain.

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Check out the chart…

Rentokil stock price chart.

7 hours ago

Credit Suisse falls to 18% after 30% spike

Shares in Credit Suisse rose as much as 30% when European markets opened, but gains were down 18% by 9.15am London time.

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Graph to show Credit Suisse stock price.

Credit Suisse shares rose after the bank said it would borrow up to $54 million from the Swiss National Bank.

– Hannah Ward-Glenton

8 hours ago

Banks in crisis: weak links cracking, strategist says

Weak links in the banking industry are cracking, a strategist told CNBC’s “Squawk Box Europe” Thursday.

Beat Wittmann, partner at Porta Advisors, discusses the crises facing Credit Suisse and Silicon Valley Bank and says, “Now is the time for policymakers to restore confidence and liquidity in the system.”

8 hours ago

HSBC UK CEO discusses £1 Silicon Valley Bank acquisition

8 hours ago

European banking stocks rose on Credit Suisse Lifeline news

European bank stocks rallied in early trade on news that Credit Suisse had secured a $54 billion lifeline from the Swiss National Bank.

Shares in Credit Suisse were up 30% at 8.25am London time. Followed by UBS 4.9%, Commerzbank 3.9%, Santander 3.%, shares of FinecoBank rose 3.4% and Barclays 3.3%.

Bank stocks rose 1.8% overall.

– Hannah Ward-Glenton

8 hours ago

Credit Suisse rises 30% after Swiss National Bank provides liquidity backstop

Shares in Credit Suisse jumped 30% as regulators tried to ease fears of a banking crisis after the Swiss National Bank said it would provide liquidity to the bank.

Check out the chart…

Chart to show Credit Suisse shares.

9 hours ago

European markets open higher

European markets opened higher on Thursday as regional investors breathed a sigh of relief after the Swiss National Bank said it would provide liquidity to stricken bank Credit Suisse.

The pan-European Stoxx 600 index opened 1% higher. Most sectors and major bourses opened on a positive note, with banking stocks up 2.8%. Oil and gas and retail stocks rose 1.6%.

– Hannah Ward-Glenton

11 hours ago

Saudi National Bank says panic over Credit Suisse is unwarranted

The head of Credit Suisse’s largest shareholder, Saudi National Bank, told CNBC’s Hadley Gamble that recent market turmoil in the banking sector is “isolated” and stemming from “a bit of panic.”

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“When you look at how the entire banking sector has collapsed, unfortunately, a lot of people are looking for excuses … it’s panic, a little bit of panic,” Ammar Al Qudhairy said on CNBC’s “Capital Connection.”

He added that Credit Suisse had not sought financial assistance from the Saudi National Bank.

“There is no discussion with Credit Suisse about providing assistance,” he said. “I don’t know where the word ‘help’ came from, there’s been no discussion since October,” he said.

His comments came after Credit Suisse announced it would borrow 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank, boosting liquidity and boosting investor confidence, after shares fell on Wednesday.

– Jihye Lee

14 hours ago

Swiss franc gains in volatile trade after Credit Suisse’s announcement

The Swiss franc continued to see volatility following developments around Credit Suisse — and was last up 0.17% against the U.S. dollar, weaker after the lender announced a nearly $54 billion loan from the Swiss National Bank.

The Japanese yen also strengthened further against the greenback to trade at 132.86. The Korean won 0.13% against the US dollar at 1,311.24.

– Jihye Lee

16 hours ago

CNBC Pro: Morgan Stanley names its favorite stocks in tech — and gives one a nearly 60% upside

15 hours ago

Credit Suisse says it will borrow up to $54 billion from the Swiss central bank

Credit Suisse announced it will borrow 50 billion Swiss francs ($53.69 billion) from the Swiss National Bank under a credit facility and short-term liquidity facility.

The steps will “support Credit Suisse’s core businesses and customers as Credit Suisse takes the necessary steps to create a simpler and more focused bank focused on customer needs,” the company said in a statement. Notice.

In addition, the Bank is offering a cash tender offer in respect of ten US dollar denominated senior debt securities for an aggregate consideration of up to $2.5 billion. million euros, the company said.

Read more here.

– Jihye Lee

16 hours ago

CNBC Pro: Default risk indicators for Credit Suisse and other European banks rise to crisis levels

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