Stock markets rallied after the UBS took over Credit Suisse in Switzerland. Moody’s Investors Services analysts wrote in a report that “despite the eventual franchise benefits, Moody’s also notes that the transaction poses significant financial, cultural and franchise-related integration challenges for UBSG.”
First Republic Bank shares tumbled again Monday as Standard and Poor’s California-based institution’s credit rating was downgraded
GPrices from the past Retracted Trade at $1,969 Tuesday morning losing Monday’s upside momentum that propelled them to year-to-date highs above $2,000.
Lagarde: Too much inflation
The European Central Bank’s (ECB) head Christine Lagarde told members of the European Parliament (EP) that, although the euro bloc’s headline inflation fell to 8.5% in February on the back of lower energy prices, it is expected to remain higher than the ECB’s 2% target for a long period of time.
Lagarde said that the ECB will be monitoring market developments closely and vowed to “stand ready to respond as necessary to preserve price stability and financial stability in the euro area.”
Statistics Canada CPI inflation report