Asian markets mostly rose on Tuesday ahead of a Federal Reserve decision on another possible interest rate hike amid worries about global banks. Traders expect the Fed to go ahead with another rate hike Wednesday but think it might be held to 0.25 percentage points, down from the 0.5 points previously expected.
Indices surge 0.7% as Sensex jumps almost 450 pts and Nifty 120 pts; Bank indices shine
Indian shares advanced on Tuesday led by Banks, Financials and Consumer Durables as the rescue of troubled European lender Credit Suisse provided temporary relief, although contagion fears in banking cast a shadow.
Many investors also remained on the sidelines waiting for cues on Fed's interest rate decision.
The Nifty 50 index ended 120 points up to close above 17,000, at 17,107, while the S&P BSE Sensex rose 445 points and regained the 58,000-mark, to close at 58,074.
Reliance Industries, the stock with the highest weightage in the Nifty 50, advanced more than 3% after global brokerage firm CLSA termed it a "bargain buy" at its current valuations. HDFC Life, Bajaj Auto, Bajaj Finance, and SBI Life were other notable gainers. Power Grid, HUL, Britannia, TechM, and Divi's Lab shed more than a per cent each.
Most sectors advanced on Tuesday but FMCG and IT remained in the red throughout the session and ended more than 0.5% down. Bank, Finance, Consumer Durables, Energy and Media had a healthy session and jumped more than a per cent each.
Asian stocks scraped off lows on Tuesday, though the mood was fragile and the stress in the financial system had traders unsure how Federal Reserve policymakers will respond this week.
Japanese markets were closed for a holiday. South Korean shares ended flat on Tuesday as investor sentiment was subdued ahead of the U.S. Federal Reserve's policy meeting this week, although worries eased over the global banking turmoil. The benchmark KOSPI ended up 0.38%.
China and Hong Kong shares rose on Tuesday, as fears of a global banking crisis eased after investors digested the state-backed rescue deal for Swiss lender Credit Suisse over the weekend.
China's blue-chip CSI300 Index closed up 1.1%, while the Shanghai Composite Index gained 0.6%. Hong Kong's benchmark Hang Seng Index jumped 1.4%, while the China Enterprises Index climbed 1.2%.
European traders tiptoed back to risk markets as steps to shore up the financial system helped restore confidence. The Stoxx Europe 600 jumped at the open, led by a measure of banking shares surging almost 2%.
London stocks also opened higher as lenders rose after fears of a banking crisis appeared to ease, while the focus shifted to the U.S. Federal Reserve ahead of its rate-setting meeting.
Reliance Retail launches premium fashion store AZORTE in Gurugram, its fifth
Continuing its business expansion, Reliance Retail on Tuesday launched the fifth store of its premium fashion and lifestyle brand 'AZORTE' at Airia Mall, Sector 68, Gurugram.
Spread across 22,000 square feet of retail space, Reliance Retail said this store would strengthen its commitment to a multi-format approach to cater to all consumer segments and disrupt the way the people of Gurugram shop.
This AZORTE store will showcase the best of global and domestic fashion trends and have an original take on style ranging from footwear, fashion accessories, and more.
"The shopper is at the heart of the AZORTE store design. To make the discovery-to-checkout journey seamless, the AZORTE store format has several industry-first tech-enabled interventions including mobile checkout, smart trial rooms, fashion discovery stations and self-checkout kiosks," it said in a release. (ANI)
BSE bulk deals: SBI Mutual Fund, ICICI Prudential buy stake in PVR. Share price jumps
SBI Mutual Fund, ICICI Prudential and France-based foreign institutional investor (FII) Societe Generale — ODI have bought a stake in PVR. As per the information available in BSE bulk deals, SBI Mutual Fund bought PVR shares worth over ₹229 crore, ICICI Prudential Mutual Fund also bought PVR shares to the tune of ₹100 crore whereas French FPI bought a stake in PVR paying paid up capital of worth ₹51.20 crore. This means, these mutual funds and FPIs bought PVR shares worth ₹380 crore.
After this stock market news became public, PVR share price today opened with an upside gap and hit an intraday high of around ₹1,585 apiece levels on NSE, logging to the tune of 2.50 per cent rise against its Monday close of ₹1,546 per share levels. (Read More)
White Field Investment Fund buys stake in Goyal Aluminiums through bulk deal
With a market valuation of Rs. 455.75 crore, Goyal Aluminiums Ltd. is a small-cap company that works in the commercial service sector. A leading producer of aluminium coil, sheets, sections, and other aluminium parts is Goyal Aluminiums. The firm was founded in 2018 but has been in business for the last 25 years. It is one of the top distributors, producers, and traders of a variety of metal products.
On the strength of a surge in volume in response to news of a bulk transaction, Goyal Aluminiums shares today overcame the gloomy market trends to trade in green and reach a new 52-week high. White Field Investment Fund SCPS acquired 1.70 lakh shares today in a bulk transaction, according to exchange data. The transaction was carried out at a price of ₹315.80 per share. (Read More)
UBS Group’s Outlook Cut to Negative by S&P on Credit Suisse Deal
UBS Group AG’s credit outlook was lowered to negative from stable by S&P Global Ratings after the bank announced it’s acquisition of Credit Suisse Group AG.
The Swiss lender’s rating outlook was lowered from stable on Monday, with S&P citing the pressure on creditworthiness tied to integration risk with its troubled competitor. UBS Group’s long-term rating was affirmed by S&P at A-.
“We see material execution risk in UBS’ integration of Credit Suisse," S&P analysts including Benjamin Heinrich and Anna Lozmann wrote. “In our base case, we expect UBS will prudently execute and manage the integration, reduction of staff, and wind-down of assets, while effectively limiting tail risk to the capital, risk, and funding profiles. (Bloomberg)
Metro dominate residential real estate market in 2022
Sales of residential property in tier-1 cities in India in the calendar year 2022 were more than 250% higher than those in tier-2 cities, according to a release by real estate consultancy PropEquity.
As per the official release, a total of 4.53 lakh units were absorbed in tier-1 cities, which is significantly higher than the 1.83 lakh units absorbed in tier-2 cities.
“This disproportion in metros and tier 2 cities this due to employment opportunities, better infrastructure with a better standard of living in tier-01 cities. Regardless of the size of the real estate industry in the two categories of cities, there are very positive developments and all-around growth of the property market across the country where more and more people are finding a home of their choice and within their budgets. These are healthy signs of a mature real estate in any country," said Samir Jasuja, Founder and Managing Director at PropEquity. (Read More)
Global Surfaces IPO: Latest GMP as all eyes on shares listing after allotment
The finalisation of the basis of the share allotment of Global Surfaces Ltd's initial public offering (IPO) has been done and now all eyes are on the company's shares listing that is expected to debut this week. The issue was subscribed 12.21 times by the final day of the offer on Wednesday, March 15, 2023. The offer received bids for 9.46 crore equity shares against 77.49 lakh shares on offer. The company had set a price band of ₹133-140 a share.
As per market observers, Global Surfaces shares are commanding a premium (GMP) of ₹12 in the grey market today. The shares of the company are expected to list on leading stock exchanges BSE and NSE this week on Thursday, March 23, 2023. (Read More)
LKP Securities views on Gold investment: Investors should definitely keep strong allocation to Gold
Jateen Trivedi, VP Research analyst at LKP Securities: Gold prices have been given strong returns since 2019. Prices were at 31000rs per 10grms which have now touched 60000rs giving nearly 100% returns in the last 4yrs which accounts to compounding of 25% which is far beyond par levels of 15% in major asset classes. It has also been surpassing major volatile events like trade war since 2019, covid19, Russia Ukraine war, such geopolitical tensions have given a lot more infusion into Gold prices rising higher. Currently we are in financial banking crises after SVB Credit Suisse alike which will continue to support Gold strongly this year in 2023. Investors should definitely keep strong allocation to Gold.
Any hike in line with 25basis point or lower along with non visible or hawkish speech will be strongly positive for Gold and levels of 2040-2050 in Comex and 61500 odd will be seen in coming days. On the flip side any higher hike than 25basis with hawkish speech shall bring Comex Gold back to 1940 odd levels and 57000 in MCX which shall again act as buying bets. The Broad trend is positive, but with eyes on the FED's speech after the banking collapse it looks very unlikely that the Fed would have much space left to keep increasing rates.
India rejects UAE request for more air traffic rights - Reuters
India is not looking at increasing air traffic rights for the United Arab Emirates, Civil Aviation Minister Jyotiraditya Scindia told Reuters in an interview on Tuesday.
The UAE has urged India to increase the maximum number of seats between the two countries by 50,000 a week but Scindia said, "at this point we're not looking at increasing it".
India is one of the world's fastest-growing aviation markets where demand for air travel is outstripping the supply of planes. Air India last month placed a record order for 470 jets.
The bulk of India's international air traffic is carried by Gulf carriers powered by efficient hubs.
Reliance share price pulls back from one year low. Buy or wait?
Reliance Industries Ltd or RIL share price today pull back from its March 2022 low and logged near a three per cent rise in early morning deals. Reliance share price today opened with an upside gap and went on to hit an intraday high of around ₹2,270 apiece levels, which attracted the attention of stock market observers, as the large-cap stock and Sensex heavyweight has been under base building mode after ushering in 2023. In YTD time, Reliance shares have nosedived to the tune of 12 per cent despite regular cuts in windfall tax by the central government.
According to stock market experts, this rise in Reliance share price today may turn out a mere pullback rally as the Reliance share price chart pattern suggests that the stock may become bullish only above ₹2,350 apiece levels. However, for long-term investors, CLSA has recommended a strong-worded 'buy' call as it believes that Reliance shares may go up to 35 per cent from current levels in the next 12 months. (Read More)
PowerGrid Corporation tumbles 2% in today's trading and is among the biggest laggards
IDFC First Bank shares rise after IDFC announces plans to complete merger in FY23
Shares of private sector lender IDFC First Bank rose 1.38 per cent to ₹55.05 apiece during Tuesday's early trade after parent IDFC Ltd announced its plans to complete the merger with its unit during the current fiscal, barring unforeseen circumstances.
IDFC said that it has completed all stages of corporate simplifications. It added that the next step for the company is the amalgamation with IDFC First Bank. (Read More)
Tata Group discussing to engage outgoing TCS CEO Rajesh Gopinathan beyond September 15
Tata Sons chairman N Chandrasekaran is learnt to have discussed the engagement of outgoing TCS MD and CEO Rajesh Gopinathan with the group beyond September 15 in an advisory role, according to sources from Tata Group.
Tata Sons and IT behemoth Tata Consultancy Services declined to comment on the development.
Tata Group sources, who did not wish to be identified, told PTI that there have been preliminary discussions between the two as the group needs reliable and experienced hands with its diversification into various technology domains. (Read More)
Indices remain in green on Tuesday with Sensex trading around 150 pts higher and Nifty around 50 pts
BoB-backed IndiaFirst Life Insurance gets Sebi approval for IPO
IndiaFirst Life Insurance has received approval from the capital markets regulator Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO).
Last year in October, the Bank of Baroda-backed company had filed its draft red herring prospectus (DRHP) with Sebi to launch its IPO.
According to the DRHP, the public issue consists of a fresh issue of equity shares worth up to ₹500 crore and an offer-for-sale (OFS) of up to 141,299,422 equity shares by the promoter and other selling shareholders. (Read More)
Geojit Financials recommendations on LT Foods Ltd- Buy - Strong revenue growth, margin to recover..
CMP Rs. 98
Target Rs. 120 (12 Months)
Strong revenue growth, margin to recover...
LT Foods (LTF) is a global consumer specialty company with an explicit focus on Basmati rice, Organic Foods and Rice based Convenience Products. LTF is having a presence in more than 60 countries with significant regional exposure in the US, Europe, and the Middle East.
PSU Bank index holds steady in today's trading as almost all stocks trade in green
Why Bitcoin, other cryptocurrency prices have been rallying
Most cryptocurrencies have gained momentum in the recent days with Bitcoin price hovering above the $28,000 level for the first time since June 2022. The largest digital coin has gained roughly 25% since March 8, when signs first emerged of trouble around Silicon Valley Bank (SVB), which has since folded and ignited turmoil among other lenders.
“Bitcoin has been experiencing a surge in value over the past few days due to instability in the banking sector, higher-than-expected inflation data, and renewed confidence in a dovish Federal Reserve, bringing it to its highest level in approximately nine months. The global crypto market was valued at US$1.18 trillion during this period. On Monday, major central banks made coordinated moves, including the Federal Reserve to improve market liquidity. This might have also contributed to the upward sentiment in the market," said Edul Patel, Co-founder and CEO at Mudrex. (Read More)
Reliance Industries jumps more than 2% in today's trading and leads the rally
Major metro airports to have capacity to handle 500 million passengers: Bansal
Airports at major metro cities are expected to have a total passenger handling capacity of 500 million in the coming years, Civil Aviation Secretary Rajiv Bansal said on Tuesday.
"We have all ingredients in place... huge demand in domestic and international (sectors)," Bansal said as he highlighted the growth potential of the country's aviation sector.
He mentioned about the expansion and growth of airports at Delhi, Mumbai, Chennai, Kolkata and Bangalore.
Airports at these metros will soon have a total passenger handling capacity of around 320 million in the near future, he noted.
With Jewar airport in the National Capital Region (NCR) and Navi Mumbai airport in Maharashtra -- both are expected to be opened by the end of next year -- the total passenger handling capacity at airports at major metros will be around 500 million in the coming years. (PTI)
Consumer Durable index shines as it jumps a per cent with most stocks trading in the green
AI boom in India offers 45,000 job openings with salary upto 45 lakh
There are currently 45,000 high in-demand careers, with data scientists and Machine Learning (ML) engineers being among the top roles, a new report has revealed. The report by by tech staffing company TeamLease Digital highlights the growing demand for AI professionals who are skilled in scripting languages and capable of developing scalable machine learning models.
Data and ML engineers in India, according to the report, have the potential to earn up to ₹14 lakh per annum, while data architects can earn up to ₹12 lakh. Additionally, candidates with over eight years of experience in these fields can earn even higher salaries ranging between ₹25 lakh and 45 lakh per annum. (Read More)
Bajaj Finance gains in early trading as it jumps almost 2%
Geojit Financial Services on today's market: FII’s net short position is at record highs indicating negative expectations.
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Two data points indicate the current market mood. The stock price of the US bank First Republic crashed by 40% yesterday and gold zoomed by 2% . Fears of contagion in the global banking system is causing the nervous selling in vulnerable banking stocks and strength in gold is indicative of the flight to safety. Fears of banking contagion hitting equity markets have aggravated FII selling, which has reached a cumulative ₹11757 crores in the last 11 days. FII’s net short position is at record highs indicating negative expectations. Even though the current texture of the market is sell on rallies, the huge short position may trigger a short squeeze if the Fed decides to pause in the meeting tomorrow. Tomorrow’s Fed decision and commentary will be crucial.
Gold inches higher as investors focus on Fed meeting
Gold prices edged higher on Tuesday, with investors looking forward to the Federal Reserve policy meeting as expectations grew that the U.S. central bank would slow its monetary policy tightening given the upheaval in the banking sector.
Spot gold was up 0.2% at $1,982.59 per ounce, as of 0317 GMT. U.S. gold futures also rose 0.2% to $1,986.30.
According to the CME FedWatch tool, markets are pricing in a 26.2% chance that the Fed will stand pat at the end of its March 21-22 meeting, with a 73.8% chance of a 25 basis-point (bps) hike. [FRX/]
"Gold is trading around the $1,980 level and well within yesterday's range, which was clearly a game of two halves," said Matt Simpson, a senior market analyst at City Index.
"A pause (in rate hikes) could send gold back above $2,000 initially, but for it to hold onto those gains, we'd need to see a lower dot plot and dovish press conference... they're more likely to hike by 25 bps and peddle a 'data dependent' angle." (Reuters)
IT index struggles at early trading with all stocks going lower
India among small set of countries able to reduce core debt of corporate sector: Report
India is among a small set of countries that have been able to reduce their debt burden when it comes to core debt of the corporate sector in the aftermath of the Covid-19 pandemic, according to Monthly Economic Review February 2023 of the Department of Economic Affairs.
The report said while comparing the core debt of the corporate sector in both advanced economies (AEs) and emerging market economies (EMEs), it increased in both categories, reaching 175 per cent of GDP in EMEs and 185 per cent of GDP in AEs at the end of 2020. The data on the core debt of the corporate sector was collected by the Bank for International Settlements (BIS).
The report, which was released on Monday evening, said this was a result of the banking sector's balance sheet clean-up and the corporate sector's deleveraging exercise undertaken over the last decade. India's relatively lower debt burdens will help limit the impact of financial contagion that may arise as rising borrowing costs trigger debt sustainability concerns. (ANI)
Indices gain at open as Sensex jumps 200 pts and Nifty more than 50 pts
Dividend stock: SBI Cards to consider interim dividend today. Details here
The board of directors of SBI Cards is going to consider a proposal for an Interim dividend in its meeting today. The SBI Cards board is also expected to announce the record date for interim dividend payment in is scheduled meeting today. SBI Cards informed Indian bourses about the interim dividend proposal in one of its earlier exchange communications.
Informing Indian exchanges about the board of directors meeting, SBI Cards said, "We hereby inform that a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, March 21 , 2023, inter alia, to consider declaration and payment of the Interim Dividend, if any, on the Equity Shares of the Company, for the financial year 2022-23. The interim dividend, if declared, shall be paid to the equity shareholders of the Company whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Wednesday, March 29, 2023 which is the "Record Date" fixed by the Company for the purpose, in terms of Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015." (Read More)
Sensex remains flat at the Preopen session; Adani Enterprises, RIL, ONGC, Tata Motors in focus
Buy or sell: Vaishali Parekh recommends 3 stocks to buy today
Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] Pidilite Industries: Buy at ₹2372, target ₹2460, stop loss ₹2342;
2] Hindustan Unilever: Buy at ₹2511, target ₹2600, stop loss ₹2475; and
3] Godrej Consumer: Buy at ₹960, target ₹990, stop loss ₹955.
INDIA RUPEE-Rupee may open stronger as risk sentiment improves; Fed eyed
The Indian rupee is expected to strengthen against the dollar on Tuesday as Asian markets attempt to shake off jitters from a banking crisis in the United States and Europe.
The non-deliverable forwards indicate the rupee will open at around 82.50-82.55 to the U.S. currency compared with 82.6350 in the previous session.
Asian equities like Singapore and Australian shares were up over 1%, tracking a rally in U.S. shares overnight and as European banking stocks recovered earlier losses. The dollar index fell to 103.340.
UBS Group's state-backed takeover of Credit Suisse and funding pledges from the world's top central banks seemed to quell immediate fears of a contagion.
"Markets remain nervous, but the rapidity of policymakers' response to the evolving banking sector risks is heartening," said Alvin Tan, Head of Asia FX Strategy at RBC Capital Markets. (Reuters)
Reliance Research Stock in Focus for Today: KEC International
STOCK IN FOCUS
KEC International (CMP 466): Considering strong revenue visibility backed by a healthy order book, earnings momentum with a higher margin from 4QFY23 onwards and likely improvement in return ratios, we have our BUY rating on the stock, with a Target Price of Rs540.
APOLLOTYRE (PREVIOUS CLOSE: RS311) SELL
For today’s trade, short position can be initiated in the range of Rs315- 318 for the target of Rs306 with a strict stop loss of Rs322.
IEX (PREVIOUS CLOSE: 150) BUY
For today’s trade, long position can be initiated in the range of Rs148- 149 for the target of Rs153 with a strict stop loss of Rs146.
SUNTV (PREVIOUS CLOSE: 435) BUY
For today’s trade, long position can be initiated in the range of Rs428- 433 for the target of Rs447 with a strict stop loss of Rs424.
Stocks to Watch: Adani Ent, ONGC, RIL, GMR Airports, Tata Motors, Bharti Airtel, Mahindra & Mahindra, Uno Minda, CEAT, Lupin, NTPC, and IOCL
Biocon and Indiabulls Housing Finance Ltd are the two stocks that are a part of the F&O ban list for Tuesday trading. (Read More)
Tata Motors appoints Usha Sangwan as Additional Director, Independent Director for 5 yrs
Automotive manufacturer Tata Motors on Monday said it has appointed Usha Sangwan as additional director and independent director of the company for 5 years, effective from 15 May, 2023 to 14 May, 2028.
The appointment is subject to the approval of the shareholders of the company, said Tata Motors in a regulatory filing.
Usha Sangwan was the first ever woman Managing Director of LIC of India. She joined LIC of India in 1981 as a Direct Recruit Officer and handled various important positions during her 37 years of stint in LIC, finally reaching the top position of managing director (2013-2018). (Read More)
Udayshivakumar Infra IPO: GMP, subscription status on day 2 of the public issue
The three-day-long initial public offer (IPO) of Udayshivakumar Infra Ltd has been total subscribed 0.58 times on the first day of the offer that opened on Monday, March 20, 2023. The issue, which has a price band of ₹33 to ₹35 per share, will close on Wednesday, March 22, 2023.
As per market observers, UdayShivakumar Infra shares' premium (GMP) has remained steady at ₹10 in the grey market today. Shares of the company are expected to be listed on the BSE and National Stock Exchange (NSE) on April 3, 2023. (Read More)
Adani Sees Financial Closure for Petchem Project in Six Months
Adani Group expects funding for its greenfield coal-to-polyvinyl chloride project to be tied up in the next six months, rebutting a recent local media report that the initiative was stalled.
After the financial closure, “full-fledged procurement and construction activities at the site will commence," the ports-to-power conglomerate said in a statement Monday. “We are committed to completing the project in an expeditious manner so as to meet the original timelines."
Local news wire, Press Trust of India reported on Sunday that the Adani Group had suspended work on a 349 billion-rupee ($4.2 billion) petrochemical project at Mundra. A wholly-owned subsidiary of the group’s flagship Adani Enterprises Ltd. is setting up this plant in Gujarat.
The Gautam Adani-led conglomerate has been reassessing its capital expenditure plans after a scathing short seller report in January lopped off more than $100 billion from its market value. The group has recovered some ground since by repaying loans to retrieve pledged shares, paring costs and reassuring lenders as well as investors.
Adani Maps Comeback Strategy After $135 Billion Hindenburg Rout. (Bloomberg)
Gold hits record high on global banking turmoil
Gold prices soared to an intraday record on the Multi Commodity Exchange (MCX) on Monday, as investors rushed to safe-haven assets after banking crises in the US and Europe. The precious metal surged to ₹60,455 per 10 gm (excluding 3% GST) on MCX, while the international price hit a 31-month high of $2,009.21 per ounce (32.10 gm).
The price surge of almost 5% in just a week has dampened consumer demand for the precious metal. However, those invested in sovereign gold bonds and gold ETF schemes of mutual funds have seen the value of their holdings rise. (Read More)
Global markets: SGX Nifty to FOMC meeting — key triggers for Dalal Street today
On account of a relief rally fuelled by the Swiss government-approved takeover of Credit Suisse Group AG, key Wall Street indices finished higher on Monday. However, ahead of the two-day US Fed's FOMC meeting beginning today, the US dollar rate continues to remain a sell-on-rise asset among investors and Dollar Index sustained below 103 levels.
Here we list out key global market triggers that may dictate the stock market today: (Read More)
India may hit back at EU’s carbon tax
India is considering imposing retaliatory tariffs on European Union exports in response to the bloc’s proposed carbon tax that could disrupt over $8 billion worth of Indian metal exports to the EU, two government officials aware of the development said.
Starting 1 October, iron, steel, and aluminium exports to European Union countries from across the world will face added scrutiny under the bloc’s Carbon Border Adjustment Mechanism (CBAM), or carbon tax. Suppliers will have to report greenhouse gas emissions ‘embedded’ in their consignments before taxes are levied from 1 January 2026. (Read More)
Stocks rise on Wall Street on Monday after bank deal, regulator moves
Stocks rose on Wall Street Monday after regulators pushed together two huge banks over the weekend and made other moves to build confidence in the struggling industry.
The S&P 500 climbed 34.93 points, or 0.9%, to 3,951.57. The Dow Jones Industrial Average gained 382.60, or 1.2%, to 32,244.58, and the Nasdaq composite added 45.02, or 0.4%, to 11,675.54.
Much attention has been on banks because they may be cracking under the pressure of much higher interest rates. Swiss banking giant UBS said Sunday it would buy its troubled rival Credit Suisse for almost $3.25 billion in a deal quickly put together by regulators. Credit Suisse has been battling a unique set of problems for years, but they came to a head last week as its stock price tumbled to a record low.
A group of central banks stretching from the United States to Japan also announced coordinated moves on Sunday meant to ease strains in the financial system. They should allow banks more access to U.S. dollars if needed, in an echo to a practice widely used in prior crises.
The moves don't mean the banking industry's crisis is over, but “it’s taken one of the troublesome aspects off the table," said Ryan Detrick, chief market strategist at Carson Group.
The late Sunday announcements by regulators may be reminiscent of the 2007-08 financial crisis that wrecked the global economy, but many investors see big differences between then and now. (AP)
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