- ASX SPI 200 futures down 0.7% to 6,992.00
- Dow Average down 1.4% to 32,104.25
- Aussie up 0.3% to 0.6689 per US$
- U.S. 10-year yield fell 16.9bps to 3.4416%
- Australia 3-year bond yield rose 17 bps to 2.99%
- Australia 10-year bond yield rose 18 bps to 3.37%
- Gold spot up 1.7% to $1,973.49
- Brent futures up 0.9% to $76.02/bbl
- 10:30: (AU) Australia to Sell A$1 Billion 77-Day Bills
- 10:30: (AU) Australia to Sell A$1 Billion 140-Day Bills
- 10:30: (AU) Australia to Sell A$500 Million 168-Day Bills
In a broad-based selloff, the S&P 500 erased a rally that approached 1% and finished the day with a 1.7% slide. All 22 stocks in the KBW Bank Index retreated, with the measure of US financial heavyweights down almost 5%. Treasury two-year yields plunged 23 basis points to 3.94%. A dollar gauge retreated for a fifth straight day — its longest losing streak since April 2021.
Within hours of its state-backed takeover by UBS Group being announced, memorabilia bearing lender Credit Suisse’s name and logo was being put up for sale in Switzerland, marking the end of an era.
Dozens of bars of gold, stamped with the name of the issuer — the 167-year-old Credit Suisse — were uploaded to the country’s most popular online marketplaces, Ricardo.ch and tutti.ch.
Blue and red ski hats bearing the ‘CS’ letters, which were the height of fashion in the 1970s, were getting bids of close to 200 Swiss francs ($216).
Other branded merch up for sale included stamps, old letters, and sports bags.
With it still unknown whether the Credit Suisse brand will be continued, the sellers are seeking to attract those looking to snap up a piece of Swiss financial history.
Credit Suisse is expected to remain an independent brand until the merger is complete, at which point UBS will decide whether to pull the plug on the separate Credit Suisse identity.
Corporate swag from recently failed Silicon Valley Bank is also proving popular online, as is merchandise linked to Lehman Brothers, which filed for bankruptcy at the height of the 2008 financial crisis.
(New York Post)