The Daily Chase: OPEC+ considers major cut; Credit Suisse's stability in question
BNN Bloomberg
The price of West Texas Intermediate crude spiked as much as 4.8 per cent this morning on hope for a big production cut when OPEC+ meets in Vienna this week.
CREDIT SUISSE TURMOIL
This is easily the most uncomfortable story that’s percolating. Credit Suisse shares sank to an all-time low this morning in a set of circumstances that, for some, are evoking memories of 2008-2009. Its chief executive has been attempting to assuage fears about its capital levels, while acknowledging the bank is at a “critical moment.” Beyond its collapsing share price, market apprehension is also evident in the pricing of credit default swaps. The big question right now might be whether Credit Suisse can afford to wait until Oct. 27 to present its restructuring plan.
U.K. CHANCELLOR BACKTRACKS
