EUR

World markets are coming under renewed selling pressure this morningas signs of a banking contagion spread to Europe. Equity futures are setting up for drastic losses at the open, Treasury yields are down across the curve, and the dollar is pushing higher against its G10 rivals. Oil prices are tumbling, with the West Texas Intermediate benchmark slipping below $70 for the first time since September 2021.  A fragile sense of calm was broken when shares in Credit Suisse Group AG plunged and credit default swap prices shot up after it said “material weaknesses” had been found in its reporting. Selling worsened when the head...

Much like last night’s Oscar winner, the financial markets appear to be exploring every possibility in the multiverse this morning. Major equity indices are oscillating between gains and losses, global bond yields are plummeting, and currency markets are exhibiting flight-to-safety dynamics after authorities stepped in to unwind Silicon Valley Bank and backstop deposits across a US banking sector that is experiencing losses on its long-dated bond holdings. In a joint statement released before Asian trading began, the Federal Reserve, Treasury and Federal Deposit Insurance Corporation said that depositors in the collapsed institution would have access to their funds from today, with...