Stock Market Today: Live Updates

Credit Suisse announced on Thursday that it will delay the publication of its 2022 annual report after a late call from the US Securities and Exchange Commission on Wednesday evening.

The report was scheduled for release on Thursday morning, but the embattled Swiss lender said it had received a call related to SEC comments on the “technical assessment of previously published audits of the consolidated cash flow statements for the years ended December 31, 2020, and 2019, as well as related controls.”

“Management believes it is prudent to briefly postpone the publication of their financial statements in order to more thoroughly understand the comments received. We confirm that the financial results for 2022, which were previously published on February 9, 2023, are not affected by the above ,” said Credit Suisse.

Credit Suisse shares closed Wednesday’s trading at around 2.68 Swiss francs per share. stock, down 3.22% since the start of the year, and is expected to fall further when the market opens on Thursday.

Read the whole story here.

– Elliot Smith

European markets are headed for a lower open on Thursday as investors assess the regional and global economic outlook.

Britain’s FTSE 100 index is expected to open 24 points lower at 7,909, Germany’s DAX 27 points lower at 15,623, France’s CAC down 14 points at 7,316 and Italy’s FTSE MIB down 2 points at 27,902, according to data from IG.

Earnings come from Aviva, Domino’s Pizza, Hugo Boss and Deutsche Post.

—Holly Ellyatt

China’s consumer price index for February came in at 1% year-on-year, following an annual increase of 2.1% in January.

The figure is lower than Reuters’ forecast of an increase of 1.9 per cent. Food, alcohol and tobacco prices increased by 2.1% year-on-year.

China’s producer price index for February fell 1.4% from a year ago, deepening a 0.8% decline in January.

– Lee Ying Shan

Japan’s Nikkei 225 rose almost 1% in early hours of Thursday’s trading – on pace for the fifth straight day of gains for the first time since January 12.

Year to date, the index is up over 2.7% and is on pace for its best week since January 27, when the Nikkei gained 3.12%.

Europe and the United States are forging a trade deal on critical minerals in a move to reduce their dependence on China, the Wall Street Journal reported, citing sources familiar with the matter.

Both parties are laying the groundwork for what would be a focus on environmental and labor standards to obtain nickel and lithium, the sources were quoted as saying.

The move would mark a step towards the Critical-Minerals Pact between the US, Japan and the UK, which aimed to shift energy transition supply chains away from China.

Negotiations on the terms of the agreement will be presented during the White House meeting on Friday.

– Lee Ying Shan

Major cryptocurrencies bitcoin and ether dipped in early trade in Asia after key crypto industry lender Silvergate Capital said it will shut down its operations.

“In light of recent industry and legislative developments, Silvergate believes that an orderly winding down of the bank’s operations and a voluntary liquidation of the bank is the best way forward,” the company said in a statement. Bankrupt crypto exchange FTX was a major Silvergate customer.

Bitcoin fell 2.31% to trade at $21,711.8, while Ether fell 2.15% to $1,532.98, according to CoinDesk data.

– Lee Ying Shan

The yield curve between the 2-year and 10-year Treasury bonds inverted even more sharply on Wednesday, but that may be a sign of inflation rather than a recession warning.

At one point, the spread between the 2-year and 10-year yields was negative by as much as 111 basis points – the widest it has been since 1981.

While this is usually a harbinger of an impending recession, some strategists say this time the sharp inversion of the yield curve reflects high inflation.

“(The inversion) means that we are facing much higher inflation than expected and the fact that the Fed has to go to a much higher terminal rate than previously hoped for,” said Andrzej Skiba, head of US interest rates at RBC Global Asset Management. “At the same time, the US economy is doing fine. The current shape of the yield curve tells you more about sticky inflation.”

Comments from Federal Reserve Chairman Jerome Powell earlier this week spurred the widening of the spread between the 2-year and 10-year interest rates.

Read more about the yield curve inversion and what it means here.

–Darla Mercado, Patti Domm

Bullishness among financial newsletter editors surveyed grew to 45.2% in the past week — near the 13-month high of 48.6% reached in early February — from 38.4% the week before, according to Investors Intelligence.

Bearish opinion on the outlook for stocks fell to 24.7% from 28.8% the week before, while those who believed the market is headed for a correction fell to 30.1% from 32.8%.

The so-called “bull-bear spread”, or the difference in the percentage of bulls compared to the number of bears, “expanded significantly” to 20.5 points from 9.6 points – the 16th week in a row that the spread was positive (dated back in time) to the lowest stock markets in October 2022.)

The latest reading is again close to the 13-month high of 22.9 points reached in early February. “Range around +20% does not yet suggest major market tops,” Investors Intelligence said.

Investor sentiment surveys are conflicting indicators. When bullishness is widespread, it means that most investors are already committed to stocks, and because there is little firepower left on the sidelines to enter the market, the risk is also higher. Conversely, when bearishness is widespread, it means there is less risk of prices falling further, as most investors have already sold.

—Scott Snapper

Check out the companies making headlines after the hour.

Uber — Shares of the ride-sharing platform rose 2.5% after Bloomberg reported the company is weighing a potential spin-off of its freight logistics unit.

Silvergate Capital – Shares fell 36% after the company announced it will wind down operations and liquidate Silvergate Bank. The news comes about a week after the bank warned it may not be able to continue operations and follows a series of financial challenges and government investigations in the wake of the collapse of FTX, which was a client of the bank.

MongoDB — Shares of the database platform provider fell 8% after hours. MongoDB offered weak revenue guidance but posted beats on the top and bottom lines for the fourth quarter.

See the full list here.

—Hakyung Kim

US stock futures opened flat on Wednesday evening.

Dow Jones Industrial Average futures rose 12 points, or 0.04%. Futures on the S&P 500 and Nasdaq 100 rose 0.04% and 0.01%, respectively.

—Hakyung Kim