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Forex Analysis & Reviews: Credit Suisse Group AG appears to be able to recover
time 02.12.2022 03:33 PM
time Relevance up to, 03.12.2022 03:26 PM

Axel Lehmann, the chairman of Credit Suisse Group AG, stated in a recent interview that the bank's liquidity level is improving after experiencing a sharp decline a week earlier and that the bank's primary financial indicators are beginning to return to normal. According to Lehmann in an interview, the Zurich-based bank's liquidity coverage percentage, which gauges the quantity of easily tradable assets required to meet obligations, is currently 140%.

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According to last week's report from Credit Suisse, the indicator decreased from about 190% at the end of the third quarter to between 120 and 130%. In October, the bank's valuation fell below predetermined regulatory levels due to the outflow of assets and subsequent use of the liquidity buffer.

84 billion Swiss francs ($89.7 billion) were taken out of Credit Suisse in the first few weeks of the fourth quarter amid persistent rumors of issues at the bank. The cost of credit spreads and default insurance for the bank's debt has increased by more than 400 basis points compared to similar companies. Lehmann claimed that "the outflow of funds has almost stopped."

As mentioned earlier, Credit Suisse's stock hit a record low last week and was getting close to reaching the point where action would be required to raise the bank's capital by $4 billion. However, following today's remarks by Lehmann, the stock rose.

Although the LCR has dropped to a range of 120–130%, which is not a particularly credible value, the ratio still stands at well above 100%, acting as a buffer, according to analysts at JPMorgan & Co. Credit Suisse stated that they still have access to sources of extra funding if needed.

Premarket

Following a missed quarterly sales and profit forecast, Marvell's stock fell 4.9% in premarket trading.

Zscaler, a security provider for cloud computing, reported a better-than-expected quarter, but after a conservative forecast, its shares still declined 9.1% in premarket trading. According to Zscaler, new clients require more time to decide whether or not to sign a contract with the business.

Following the FDA's approval of its medication for treating a specific type of leukemia, Rigel's stock soared 34% on the premarket.

The owner of the Asana management platform has released weaker-than-anticipated sales forecasts that explain all the economic developments. Shares of Asana dropped 14.4% in premarket trading.

A building materials manufacturer named Osen Corning has released reports and announced a share buyback program with a cap of 10 million shares and a 50% quarterly dividend increase to 52 cents per share.

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Regarding the S&P 500's technical picture, the index stays within the side channel, demonstrating the traders' pause. Today's top priority will be safeguarding $4,064 in cash. While trading will take place above $4,064, we should anticipate a rise in interest in risky assets. This will create favorable conditions for the trading instrument to strengthen and grow to $4,091, potentially reaching $4,116, especially in light of the disappointing labor market data. The slightly higher level of $4,150 is where the hope for a further upward correction with an exit to the resistance of $ 4,184 will be strengthened. The only requirement for buyers in the event of a downward movement is to declare themselves around $4,064 since, below this price, the index will once again come under pressure. The trading instrument will move to $4,038 quickly if this range is broken, with the $4,003 region serving as the farthest target.

Jakub Novak,
Chuyên gia phân tích của InstaForex
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