⚠️BREAKING: *U.S STOCK FUTURES DECLINE AS BANK CRISIS CONCERNS LINGER EVEN AFTER CREDIT SUISSE SECURES SNB LIFELINE $DIA $SPY $QQQ $IWM 🇺🇸🇺🇸
Credit Suisse announced overnight that it had secured a CHF 50 billion support line from the Swiss National Bank, making sure there was no risk of contagion to this systemically important bank from the volatility in the U.S. banking system.
This news helped the European banking sector post gains Thursday and should dilute some of the current unease on Wall Street that resulted in the blue chipThat said, concerns exist that small and mid-sized U.S. banks could still rein in lending to preserve liquidity following the swift collapse of three regional banks, including SVB Financial Group, hindering economic growth.
With no offset from larger banks, gross domestic product could reduce by 0.5% to 1.0%, over the next year or two, said analysts at JPMorgan, while Goldman Sachs raised its probability of the U.S. economy entering a recession in the next 12 months to 35%, from 25%. The ongoing difficulties in the banking sector have shifted sentiment regarding the outcome of next week's
policy meeting. About half of the traders are betting on a quarter of a percentage point increase, while the other half are betting on a pause.by 50 basis points as inflation remained elevated.
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