ZURICH/NEW YORK, Oct 28 (Reuters) – After months of reflecting, Credit Suisse’s chairman Axel Lehmann revealed an overhaul “to rebuild Credit Suisse as a strong … bank with a firm foundation, rock-solid like our Swiss mountains”. It did not take long for the first cracks to appear.
The announcement of the blueprint early on Thursday triggered a sell-off in the bank’s stock that lobbed more than 2 billion Swiss francs ($2 billion) off its market worth, almost a fifth of its value, taking its worth to less than 11 billion Swiss francs.
Full coverage: REUTERS
China’s Factory Activity Set To Stall In October
BEIJING, Oct 28 (Reuters) – China’s factory activity likely showed no growth in October, with production hit by COVID-19 restrictions and as exports moderate on slowing global demand, a Reuters poll showed on Friday.
The official manufacturing Purchasing Manager’s Index (PMI) was forecast at 50.0 in October, a touch lower than 50.1 in September, according to the median forecast of economists polled by Reuters.
The 50-point mark separates contraction from growth.
Full coverage: REUTERS
Oil Falls As China Widens COVID Curbs, Still Set For Weekly Gain
SINGAPORE, Oct 28 (Reuters) – Oil prices fell on Friday after China, the world’s top crude oil importer, widened its COVID-19 curbs, but were poised for a weekly gain on supply concerns ahead of Europe’s pending cut-off of Russian imports.
Brent crude futures dropped $1.02, or 1.1%, to $95.94 a barrel at 0635 GMT, after rising 1.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures were down $1.24, or 1.4%, at $87.84 a barrel.
Full coverage: REUTERS
Stocks In Asia Slide As Focus Shifts To Fed
SINGAPORE, Oct 28 (Reuters) – Asian shares were set to snap a three-day winning streak on Friday as investors grappled with mixed earnings reports and looked to next week’s Federal Reserve meeting for clues on whether a pivot on the pace of rate hikes is on the table.
MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 1.56% lower at 433.92, but above the two and half year low of 427.42 it touched on Monday. The index is down 4% for the month and roughly 31% for the year.
Full coverage: REUTERS
Morning Bid: Closer To Fine
A look at the day ahead in European and global markets from Tom Westbrook.
Having jumped the gun a few times, markets are again pricing in a pivot in monetary policy and might be getting closer to the mark.
Bonds are rejoicing at this week’s step-down in hiking speed at the Bank of Canada and hints the European Central Bank is getting closer to satisfied with its progress. Ten-year Italian BTPs are eyeing their best week in a decade, with yields down 73 basis points since last Friday’s close.
Full coverage: REUTERS
