{"id":66658,"date":"2023-03-15T09:03:58","date_gmt":"2023-03-15T13:03:58","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=66658"},"modified":"2023-03-15T09:03:58","modified_gmt":"2023-03-15T13:03:58","slug":"coffee-with-greta-bank-woes-continue","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/03\/15\/coffee-with-greta-bank-woes-continue\/","title":{"rendered":"Coffee With Greta: Bank Woes Continue"},"content":{"rendered":"

DJIA Futures: <\/b>-597 (-1.8%)<\/span><\/p>\n

SPX Futures:<\/b> -73 (-1.8%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-181 (-1.5%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are sliding as trouble at Credit Suisse overshadows positive inflation data.<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Credit Suisse Trouble Shakes Financial Sector<\/span><\/h2>\n

Credit Suisse <\/b>(CS) shares are sliding 26.3% ahead of the open as concerns mount about the Swiss bank\u2019s future.\u00a0<\/span><\/p>\n

The bank\u2019s largest backer, Saudi National Bank, told Credit Suisse it will not provide further financial support.\u00a0<\/span><\/p>\n

The Saudi National Bank chairman said, \u201cWe cannot because we would go above 10%. It\u2019s a regulatory issue.\u201d<\/span><\/p>\n

SNB currently holds a 9.9% stake in Credit Suisse.<\/span><\/p>\n

Credit Suisse shares hit a fresh all-time low following that news.<\/span><\/p>\n

The <\/span>Financial Select Sector SPDR ETF<\/b> (XLF) is down 3.4% in premarket trade while the <\/span>SPDR S&P Regional Banking ETF <\/b>(KRE) is down 4.7%.<\/span><\/p>\n

Wholesale Inflation Falls<\/span><\/h2>\n

U.S. wholesale prices fell unexpectedly in February, in a good sign for inflation.\u00a0<\/span><\/p>\n

The Bureau of Labor Statistics\u2019 producer price index fell 0.1% monthly and rose 4.6% annually.\u00a0<\/span><\/p>\n

That was better than economists\u2019 expectations for a 0.3% monthly increase.<\/span><\/p>\n

It also marked a decline from the 0.3% monthly and 5.7% annual increase in January.\u00a0<\/span><\/p>\n

Excluding food, energy, and trade, the core PPI rose 0.2% monthly and 4.4%\u00a0 annually last month.\u00a0<\/span><\/p>\n

That was better than expected and lower than January.<\/span><\/p>\n

Retail Sales Slide<\/span><\/h2>\n

Retail sales dropped in February as consumers spent less at department stores, auto dealers, and restaurants.\u00a0<\/span><\/p>\n

The Census Bureau report shows retail sales fell 0.4% last month to $697.9 billion.\u00a0<\/span><\/p>\n

Spending dropped 4% at department stores, 2.5% at furniture retailers, 2.2% at restaurants and bars, and 2.0% at auto dealerships.<\/span><\/p>\n

Empire State Manufacturing Index Tumbles<\/span><\/h2>\n

A key gauge of the U.S. manufacturing sector weakened significantly this month.\u00a0<\/span><\/p>\n

The New York Fed\u2019s Empire State manufacturing index tumbled 18.8 points to -24.6.\u00a0<\/span><\/p>\n

That was down sharply from -5.8 in February and worse than expectations for -7.8.<\/span><\/p>\n

Any reading below zero indicates a contraction in manufacturing activity.<\/span><\/p>\n

New orders dropped 13.9 points to -21.7 while six-month business expectations fell 1.8 points to 2.9.<\/span><\/p>\n

Coming Up: Homebuilder Sentiment<\/span><\/h2>\n

The National Association of Homebuilders releases its March sentiment index at 10:00 a.m. ET.\u00a0<\/span><\/p>\n

That survey is expected to decline to 40 this month from 42 in February.\u00a0<\/span><\/p>\n

Homebuilders have been feeling more confident about the housing market in recent months, with the sentiment index rising.\u00a0<\/span><\/p>\n

But it still remains below the key 50 level which indicates negative sentiment.\u00a0<\/span><\/p>\n

In Case You Missed It<\/span><\/h2>\n
    \n
  • Meta Platforms <\/b>(META) shares jumped 7.3% Tuesday after the company announced more layoffs. CEO Mark Zuckerberg said the social media giant will lay off 10,000 more workers over the next couple of months in addition to the previous cuts announced in November. Meta expects the cuts to results in $3 to $5 billion in restructuring costs.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    DJIA Futures: -597 (-1.8%) SPX Futures: -73 (-1.8%) NASDAQ Futures: -181 (-1.5%) Good morning friends! Futures are sliding as trouble at Credit Suisse overshadows positive inflation data. Let\u2019s get right to it! Credit Suisse Trouble Shakes Financial Sector Credit Suisse (CS) shares are sliding 26.3% ahead of the open as concerns mount about the Swiss bank\u2019s future.\u00a0 The bank\u2019s largest backer, Saudi National Bank, told Credit Suisse it will not provide further financial support.\u00a0 The Saudi National Bank chairman said, \u201cWe cannot because we would go above 10%. It\u2019s a regulatory issue.\u201d SNB currently holds a 9.9% stake in Credit Suisse. Credit Suisse shares hit a fresh all-time low following that news. The Financial Select Sector SPDR ETF (XLF) is down 3.4% in premarket trade while the SPDR S&P Regional Banking ETF (KRE) is down 4.7%. Wholesale Inflation Falls U.S. wholesale prices fell unexpectedly in February, in a good sign for inflation.\u00a0 The Bureau of Labor Statistics\u2019 producer price index fell 0.1% monthly and rose 4.6% annually.\u00a0 That was better than economists\u2019 expectations for a 0.3% monthly increase. It also marked a decline from the 0.3% monthly and 5.7% annual increase in January.\u00a0 Excluding food, energy, and trade, the core PPI rose 0.2% monthly and 4.4%\u00a0 annually last month.\u00a0 That was better than expected and lower than January. Retail Sales Slide Retail sales dropped in February as consumers spent less at department stores, auto dealers, and restaurants.\u00a0 The Census Bureau report shows retail sales fell 0.4% last month to $697.9 billion.\u00a0 Spending dropped 4% at department stores, 2.5% at furniture retailers, 2.2% at restaurants and bars, and 2.0% at auto dealerships. Empire State Manufacturing Index Tumbles A key gauge of the U.S. manufacturing sector weakened significantly this month.\u00a0 The New York Fed\u2019s Empire State manufacturing index tumbled 18.8 points to -24.6.\u00a0 That was down sharply from -5.8 in February and worse than expectations for -7.8. Any reading below zero indicates a contraction in manufacturing activity. New orders dropped 13.9 points to -21.7 while six-month business expectations fell 1.8 points to 2.9. Coming Up: Homebuilder Sentiment The National Association of Homebuilders releases its March sentiment index at 10:00 a.m. ET.\u00a0 That survey is expected to decline to 40 this month from 42 in February.\u00a0 Homebuilders have been feeling more confident about the housing market in recent months, with the sentiment index rising.\u00a0 But it still remains below the key 50 level which indicates negative sentiment.\u00a0 In Case You Missed It Meta Platforms (META) shares jumped 7.3% Tuesday after the company announced more layoffs. CEO Mark Zuckerberg said the social media giant will lay off 10,000 more workers over the next couple of months in addition to the previous cuts announced in November. Meta expects the cuts to results in $3 to $5 billion in restructuring costs.<\/p>\n","protected":false},"author":41,"featured_media":66662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-66658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=66658"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66658\/revisions"}],"predecessor-version":[{"id":66663,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66658\/revisions\/66663"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/66662"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=66658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=66658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=66658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}