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19 Mar 2023

19 Mar 2023

Will the US Fed hike rates again?

• Market turbulence. Banking developments continue to drive markets. Will the UBS/Credit Suisse news act as a circuit breaker?• Fed in focus. The US Fed meets later this week. Despite the banking issues, high inflation still points to the Fed hiking by another 25bps, in our view.• AUD volatility. AUD has edged higher recently. Another Fed rate hike and a relatively ‘hawkish’ message could see the USD bounce back. Developments in the global banking system continue to drive markets. It has been a tumultuous week, with fears of bank contagion weighing on risk appetite once again on Friday. More regional...

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19 Mar 2023

Financial Times Reports UBS Has Agreed to Buy Credit Suisse

The Financial Times is reporting that UBS has agreed to buy Credit Suisse in an all-share deal that will essentially wipe out equity shareholders in the long-troubled Swiss institution. According to the report, the Swiss National Bank will make an additional $100 billion in liquidity available to Credit Suisse, supplementing a facility set up last week – and the deal involves a “material adverse change” clause that would void the deal if unknown exposures on the bank’s books endanger the acquirer’s credit position. The euro is expected to see gains as Swiss authorities perform their own version of Mario Draghi’s...

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