Headlines

• Investors are back in risk-off mood following bank collapses — although sentiment seemed to improve on Tuesday, markets were volatile again on Wednesday morning
• The causes of the Silicon Valley Bank and Signature Bank collapses were a combination of idiosyncratic factors and common drivers (higher rates)
• We do not expect a systemic banking crisis for now, but will keep the situation under close review
• The situation at Credit Suisse, a systemically important financial institution, warrants close attention

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