Bloomberg Business

Credit Suisse Group AG, once one of the stalwarts of the global financial system, is no more.

News that roughly $17 billion of Credit Suisse Group AG’s AT1 bonds are set to be wiped out rattled global markets and sent similar debt tumbling in Asian trading Monday. But such risks were clearly stated by the bank when issuing its debt.

The European Central Bank’s decision to move ahead with a 50 basis-point increase in interest rates last week in a context of market instability shows the institution is confident in the region’s banks, Governing Council member Francois Villeroy de Galhau said.

(Bloomberg) — The European Central Bank must fight inflation until the job is done, while acknowledging the rising risk of pushing interest rates too high as the peak nears, Governing Council member Martins Kazaks said.

Indonesia has deported 47 people as tourist destination Bali cracks down on foreigners misusing their visas to work.

Amid the banking turmoil that’s sent global capital markets into a tailspin and raised the prospect of a full-blown recession in the US economy, true believers in the bull case for emerging markets are digging in.

Oil prices sank, with West Texas Intermediate plunging below $65 a barrel, as escalating investor concerns about a global banking crisis eroded appetite for risk assets including commodities.

Among the biggest losers in the shotgun sale of Credit Suisse Group AG are investors in the firm’s riskiest bonds, known as AT1s, worth $17 billion.

Goldman Sachs Group Inc. strategists upgraded European bank debt back to overweight, reversing an earlier decision even as a rout in lenders’ riskiest bonds continued in the wake of Credit Suisse Group AG’s bailout.