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Added on the 05/04/2016 12:59:27 - Copyright : Reuters EN
Images of a press conference in Bern by UBS and Credit Suisse leadership and Swiss officials. UBS will take over its troubled Swiss rival Credit Suisse for $3.25 billion following crunch talks Sunday aimed at stopping the stricken bank from triggering a wider international banking crisis. IMAGES
On Wednesday Credit Suisse Strategists revealed the key to investing in 2021 is preparing for a virus-free economy in 2022. In a note to clients, the team initiated a 2021 S&P 500 price target of 4,050. Business Insider reports that the target implies a 12% rally from Tuesday's closing level. Various coronavirus vaccines are vying for regulatory authorization. That led Credit Suisse to "de-emphasize the near-term" and focus on how the US economy would launch out of its virus slump. The team said "the virus will be a fading memory" in 2022 and the rotation to cyclical stocks will be "largely behind us."
Credit Suisse is said to be planning to boost its stake in its Chinese securities joint venture to the maximum permissible 49 percent. As Hayley Platt reports, the move would make it the first foreign bank to take advantage of relaxed Chinese investment rules.
Credit Suisse predicts financial markets will remain tough, after starting the year with a quarterly loss for the first time since 2008 amid a major restructuring. But as Hayley Platt reports, like many of its peers the Swiss bank's losses weren't as bad as expected
Credit Suisse faces the triple challenge of record low interest rates, low commodity prices and slower growth by announcing more cost cuts and staff reductions. As Grace Pascoe reports, the cuts include 2,000 jobs at its Global Markets business.