March 21, 2024 08:34 GMT
SNB Rate Cut: Marginal Negative For Swiss Banks
FINANCIALS
SNB cuts rates - CHF immediately slides to new lows - USD/CHF new high at 0.8944
- For local banks (BCV, BAER, UBS) this is a marginal earnings negative and these tend not to be credit-sensitive banks anyway, so tough outlook. May hit spreads at the margin.
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