Credit Suisse, UBS favourably placed to handle COVID-19 impact: SNB By Reuters

© Reuters. FILE PHOTO: Logo of Swiss bank Credit Suisse is seen Zurich


By Brenna Hughes Neghaiwi

ZURICH (Reuters) – Economic and financial conditions for the Swiss banking sector have deteriorated markedly due to the COVID-19 pandemic, the Swiss National Bank said on Thursday, but big banks UBS (S:) and Credit Suisse (S:) are favourably placed to manage challenges.

“The simultaneous deterioration in the economic situation in all regions of the world, together with the unusually high level of uncertainty, poses significant challenges for the two globally active Swiss banks, Credit Suisse and UBS,” the central bank said in its 2020 financial stability report.

“However…both of the globally active Swiss banks are well placed to face the challenges posed by the current difficult

environment and support the real economy. This favourable

situation is attributable to risk reduction and, in particular,

to the build-up of capital buffers over recent

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Stocks drop for the first time in 4 days amid increase in coronavirus cases

U.S. stocks fell for the first time in four days as worrying increases in coronavirus cases overtook optimism about stimulus measures. Treasury note yields fell and the dollar was little changed.

The benchmark S&P 500 Index swung between gains and losses for most of Wednesday before turning red late, with the energy, real estate and financial sectors leading the declines. Apple and Microsoft helped the Nasdaq Composite close positive. Infections increased from China to Brazil and Iran warned it may need a new lockdown. Texas reported a surge in hospitalizations.

Unofficially, the Dow Jones Industrial Average fell 177.24 points, or 0.67 per cent, to 26,112.74, the S&P 500 lost 11.12 points, or 0.36 per cent, to 3,113.62 and the Nasdaq Composite added 14.41 points, or 0.15 per cent, to 9,910.28.

“The market is searching for a new catalyst,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.

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