Vox Sentences - Are the banks all right?

Officials work to reassure markets amid bank failures; China’s Xi Jinping visits Russian President Vladimir Putin.

Tonight's Sentences was written by Jariel Arvin.

The latest bank to (almost) collapse

Vuk Valcic/SOPA Images/LightRocket via Getty Images

• Sunday, Swiss bank UBS bought its smaller rival Credit Suisse for $3.25 billion in a deal regulators hope will boost confidence in the global banking system. [Associated Press / Kelvin Chan]
• The below-market sale comes after longstanding financial problems and scandals at Credit Suisse. [Guardian / Rob Davies, Anna Isaac, and Phillip Inman]
• Also on Sunday, the Federal Deposit Insurance Corporation (FDIC) sold most of collapsed Signature Bank’s deposits and assets to New York’s Flagstar Bank. Signature’s 40 branches now operate as Flagstar locations. [CNN / David Goldman]
• Officials in Washington and Europe are working to reassure investors that the banking system is stable and another major financial crisis is unlikely. [Reuters / Medha Singh, Ankika Biswas, and John Revill]
• Due to the uncertainty, the Federal Reserve is likely to hike interest rates by 0.25 percent, rather than 0.5 percent, this week in an effort to bring down inflation. [CNBC / Jessica Dickler]

📍 If you read just one story

Vox's Nicole Narea explains why the uncertainty over Credit Suisse could mean the global banking crisis is just beginning. [Vox / Nicole Narea]

China’s Xi Jinping visits Moscow

• China’s leader Xi Jinping on Monday met with Russian President Vladimir Putin in Moscow for talks on strengthening ties and the war in Ukraine. [Vox / Li Zhou]
• Xi’s three-day visit shows Russia is not isolated despite Western efforts. It comes days after the International Criminal Court ordered Putin’s arrest for alleged war crimes in Ukraine. [Washington Post / Francesca Ebel and Lily Kuo]
• The meeting also offers China the chance to position itself as a global peacemaker and further economic cooperation with Moscow. [BBC / Phelan Chatterjee]
• China recently offered a 12-point Ukraine peace plan, however, it’s unlikely to change the course of the war because Ukraine demands the full withdrawal of Russian troops from its territory. [Reuters]

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Wyoming became the first state to ban the abortion pill after Gov. Mark Gordon signed legislation outlawing mifepristone. [Vox / Ellen Ioanes]

• Monday, French President Emmanuel Macron’s government narrowly survived a vote of no confidence triggered by plans for unpopular pension reforms. [NBC News / Nancy Ing and Patrick Smith]
• Amazon is laying off 9,000 more employees than announced in previous cuts as the company tries to reduce costs. [CNBC / Annie Palmer]
• Monday, the United Nations released its latest climate report, warning that time is running out to avoid catastrophic levels of global warming. [Vox / Rebecca Leber and Umair Irfan]

“There [is] more good news than bad news on the banking front. First and foremost, the Credit Suisse, UBS merger certainly takes a lot of stress out of the global banking system.”

[Art Hogan, chief market strategist at B. Riley Wealth, on the international banking system/ Reuters]

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