Asia-Pacific markets fall on bank fears, Credit Suisse announces 'decisive action' to borrow
Publishing timestamp: 2023-03-15 22:48:40
Summary
Asia-Pacific markets dropped on Thursday due to banking fears in the region, with Credit Suisse's troubles adding to the turmoil. Credit Suisse shares plunged to a new all-time low for the second consecutive day after its top investor ruled out further assistance. The Hang Seng index and S&P/ASX 200 fell, while Japan's Topix and Nikkei 225 also dropped. However, South Korea's Kospi and Kosdaq rose. New Zealand's GDP fell in Q4 2022, and the Swiss franc saw continued volatility. Credit Suisse announced it would borrow up to CHF50bn ($53.69bn) from the Swiss National Bank and make a cash tender offer for senior debt securities. Banks in South Korea and Australia reversed earlier losses after the announcement. Japan's trade deficit widened in February, and the shunto wage negotiations concluded with the largest pay rises in decades. First Republic Bank is considering options to shore up liquidity, including a sale of the lender. Goldman
Sentiment: NEGATIVE
Tickers: JPY=, .HSI, 8306.T-JP, CHF=, .KS11, FRC, CS, .SPX, KRW=, .SSEC, CSG.N-CH, .DXY, CBA-AU, 8316.T-JP, .N225, AUD=, .SZI, .DJI, NAB'E-AU, WBC'H-AU, @LCO.1, @CL.1, .IXIC, .AXJO,
Keywords: hang seng index, asia economy, usd/jpy, australian dollar/us dollar fx spot rate, breaking news: markets, economic events, markets, business news, shenzhen component index, world markets, kospi index, south korea, breaking news: asia, shanghai, credit suisse group ag, s&p/asx 200, dxy us dollar currency index, nikkei 225 index, wti crude (mar'23), ice brent crude (apr'23),
Source: https://www.cnbc.com/2023/03/16/asia-markets-poised-for-drop-as-banking-fears-reach-europe.html