Monthly Archives: March 2023
Stock futures inch higher following Monday’s relief rally: Live updates
(CNBC) Stock futures rose slightly in overnight trading Monday after the market staged a relief rally on the hope that the banking turmoil would be contained. Futures on the Dow Jones Industrial Average gained 30 points. S&P 500 futures and Nasdaq […]
Hedge funds and other holders of $17bn of Credit Suisse bonds wiped out in UBS deal
(Hedgeweek) Hedge funds and other holders of $17 billion of Credit Suisse bonds have seen their investments wiped out completely under the terms of the bank’s $3 billion acquisition by rival UBS, according to a report by the Financial Times. […]
Amazon to lay off 9,000 more workers in addition to earlier cuts
(CNBC) Amazon will lay off 9,000 more employees in the coming weeks, CEO Andy Jassy said in a memo to staff on Monday. The cuts are on top of the previously announced layoffs that began in November and extended into […]
Levinson shutters hedge fund after bond bets bomb
(Hedgeweek) Graticule Asia, a macro hedge fund founded by veteran macro trader Adam Levinson is shutting down after being hit by losses following the demise of Silicon Valley Bank (SVB) and the ongoing bond market volatility, according to a report […]
Event driven funds lead February gains
(Hedgeweek) Performance of hedge funds administered by the Citco group of companies (Citco) diverged across strategy types in February, with a weighted average return of 0.1%. At a strategy level, event driven funds delivered the highest weighted average return of […]
SEC Charges Investment Adviser with Defrauding Clients in Connection with Annuity Sales
(HedgeCo.Net) The SEC has announced charges against Massachusetts-based investment adviser Jeffrey Cutter and his advisory firm, Cutter Financial Group LLC (“CFG”), for recommending that their advisory clients invest in insurance products that paid Cutter a substantial up-front commission without adequately […]
Dow futures rise more than 100 points after UBS buys Credit Suisse to stem bank crisis:
(CNBC) U.S. stock futures rose on Sunday as the Swiss government engineered a forced takeover of Credit Suisse by UBS, marking the latest effort by governments around the world to stifle a crisis threatening the banking sector. Dow Jones Industrial […]
UBS buys Credit Suisse for $3.2 billion as regulators look to shore up the global banking system
(CNBC) UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) Sunday, with Swiss regulators playing a key part in the deal as governments looked to stem a contagion threatening the global banking system. […]
FDIC announces agreement to sell Signature Bank assets to New York Community Bancorp subsidiary
(CNBC) A subsidiary of New York Community Bancorp has entered into an agreement with U.S. regulators to purchase deposits and loans from New York-based Signature Bank, which was closed a week ago. The Federal Deposit Insurance Corporation said the deal […]
Elizabeth Warren: Jerome Powell has ‘failed’ as Federal Reserve chair
(CNBC) Sen. Elizabeth Warren, D-Mass., slammed Federal Reserve Chair Jerome Powell in an interview with NBC News’ “Meet the Press” Sunday, saying he “has failed” in his duties and shouldn’t be in his role. “He has had two jobs. One […]
Fed poised to approve quarter-point rate hike despite market turmoil
(CNBC) Even with turmoil in the banking industry and uncertainty ahead, the Federal Reserve likely will approve a quarter-percentage-point interest rate increase, according to market pricing and many Wall Street experts. Rate expectations have been on a rapidly swinging pendulum […]
Bond rout sees Brevan Howard traders ‘grounded’
(Hedgeweek) Global macro major Brevan Howard has grounded several traders in a move aimed at limiting losses after the collapse of Silicon Valley Bank and Signature Bank triggered big swings in the bond market, according to a report by Bloomberg. […]