Then about a week later, a deleted tweet from an ABC Australia reporter started rabid speculation that the bank was on the verge of collapse. Last September, the Swiss Bank’s shares fell more than 20% on news that it was raising fresh capital for the fourth time in seven years. And trust us, it was not as long ago as you might think. If you’re reading this, you’re old enough to remember the last time Credit Suisse contributed to a meltdown in the market. Meanwhile, its global snacking, international cereal and noodles, plant-based foods, and North American frozen breakfast business will be named Kellanova.Īnd Virgin Orbit announced it’s furloughing nearly all its employees and pausing operations for a week in order to find funding. Its North American cereal business will be named WK Kellogg Co. Kellogg announced plans to split its company into two. It joins many retailers and others that issued similar, cautious outlooks. Meanwhile, Argentina is dealing with runaway inflation, as it tops 100% for the first time since 1991.Īpple supplier Foxconn saw profits fall 10% YoY in ’22 and anticipates a decline in consumer electronic demand in ’23. Fixed asset investment rose more than expected, but the real estate sector remains soft despite government efforts to backstop it. Retail sales for January and February matched expectations, while industrial production was 0.2% less than expected. Internationally, China’s post-lockdown economic data continues to disappoint. Today’s issue covers Credit Suisse’s ongoing “crisis,” a slew of economic data, and updates from Adobe and other after-hours earnings movers.ĥ of 11 sectors closed green. Nevertheless, let’s recap what you missed in an otherwise busy session. ![]() ![]() ![]() As if Credit Suisse hasn’t been a mess for more than a decade, the market is suddenly fixated on its potential failure and the systemic implications of that once again.
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