Oil slipped in Asian trade on Wednesday, after two straight days of gains, as an industry report showed U.S. crude inventories rose unexpectedly last week in a sign demand may be weakening.
Gold slipped after earlier rising above $2,000 an ounce for the first time in a year as a deal to buy Credit Suisse Group AG failed to fully ease fears over the global banking sector.
The Swiss regulator FINMA announced Sunday that the so-called additional tier-one bonds, which are widely regarded as relatively risky investments, will be written to zero as part of the deal.
Oil prices fell on Monday for a second session on concerns that risks in the global banking sector may cause a recession that would lead fuel demand to decline and ahead of a potential interest rate hike by the U.S. Federal Reserve this week.
UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) Sunday.
Banks borrowed a combined $164.8 billion from two Federal Reserve backstop facilities in the most recent week, a sign of escalated funding strains in the aftermath of Silicon Valley Bank’s failure.
Oil prices firmed on Friday after a meeting between Saudi Arabia and Russia calmed markets amid strong China demand expectations, but were headed for their biggest weekly falls since December as a banking crisis rocked global financial and oil markets.
hina’s central bank echoed President Xi Jinping’s warning that the US is seeking to suppress the world’s second-largest economy, an unusual move that suggests the central bank could be looking for ways to safeguard against possible further sanctions.
Credit Suisse said on Thursday it was taking "decisive action" to strengthen its liquidity by borrowing up to $54 billion from the Swiss central bank after a slump in its shares intensified fears about a broader bank deposit crisis.
Meta Platforms said it would cut roughly 10,000 jobs over the coming months, the Facebook parent’s second wave of mass layoffs in what it says is an effort to be more efficient in a difficult economy.
Oil prices rebounded more than 1% on Wednesday, recovering from the previous days fall, after OPECs upwards revision for Chinese consumption offset bearish global investor sentiment trigged by U.S. bank failures.
The dollar rose in somewhat calmer trading on Tuesday, after tumbling on Monday following the collapse of Silicon Valley Bank (SVB), as investors waited for the release of U.S. consumer inflation data later in the day.
Bank stocks had a very, very rough Monday in the aftermath of Silicon Valley Bank’s implosion, even after the Federal Reserve offered additional funding to banks.
Signature Bank shares dropped as much as 32% on Friday and were at one point halted amid a sell-off in bank stocks that continued for a second day. Signature, one of the main banks to the cryptocurrency industry, ended the day down 22%.
U.S. financial regulators shut down Silicon Valley Bank on Friday and took control of its deposits.
