5 Things to Know Before Markets Open

News of the day for March 15, 2023

Credit Suisse

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Credit Suisse shares tumble on concerns about the bank's finances, the Fed considers tougher banking rules, and producer prices fall. Here’s what investors need to know today.

1. Credit Suisse Shares Tumble on Concerns About the Bank's Finances

Credit Suisse (CS) shares tumbled over 27% in pre-market trading amid concerns about the bank’s financial struggles as its backer in Saudi Arabia ruled out any further financial assistance. European stocks are sharply lower, with banking stocks under pressure and several halted in trading. 

2. Producer Prices Fall

The Bureau of Labor Statistics released its Producer Price Index (PPI) this morning, showing producer prices fell 0.1% last month after a gain of 0.3% in January. On an annual basis, the PPI was up 4.6%, down from 5.7% in January. Excluding food, energy, and trade services, the index rose 0.2% in February and was up 4.4% from a year ago, at the same annual rate as in January.  

3. Retail Sales Slide as Consumers Pull Back

The Census Bureau reported retail sales fell 0.4% in February after a revised gain of 3% in January as consumers pulled back on spending. 

4. Federal Reserve Considers Tougher Banking Rules

The Federal Reserve will reportedly consider tougher rules for midsize banks. The Fed says tougher capital and liquidity requirements are under review, as well as steps to bolster stress tests.

5. Moody's Downgrades the Entire Banking Sector

Moody’s Investors Service cut its outlook for the entire U.S. banking sector and placed six banks on review for potential credit downgrades in the wake of the collapse of SVB and Signature Bank. The moves could impact credit ratings and increase borrowing costs for the sector. 

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  1. CNBC. “Financial shares fall as Credit Suisse becomes latest crisis for the sector.”

  2. U.S. Bureau of Labor Statistics. “Producer Price Index News Release Summary.”

  3. U.S. Census Bureau. “Advance Monthly Sales for Retail and Food Services, February 2023.”

  4. Reuters. “Fed to consider tougher rules for midsize banks after SVB collapse, source says.”

  5. CNN. “Moody’s sees harder times ahead for all US banks and puts six on ‘downgrade’ watch.”

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