A Deadpool Kind of Day: The Bloomberg Close, Americas Edition

Good afternoon. Here’s what you need to know to end your day.

• Switzerland is looking for ways to help troubled Credit Suisse.
• T-Mobile is buying Ryan Reynolds’ wireless provider Mint Mobile.
• Squid Games: Why calamari is a winner for dinner amid climate change.

It was another turbulent day after markets were spooked by Credit Suisse, which racked up a record 24% decline in Zurich after its top shareholder—as we told you earlier—nixed the idea of increasing its stake.

• Treasury officialsactively reviewing the financial sector’s exposure to the Swiss bank.
• But in slightly reassuring news, Switzerland is holding talks on how to stabilize the troubled lender, including a possible spinoff or UBS tie-up. Its central bank and financial regulator said CS will receive a liquidity backstop if needed.
• That helped US stocks pare a selloff, with the S&P closing down 0.7%. The pain was nonetheless inescapable for US banks, with only Western Alliance, Comerica and Truist rising in a 22-member index.
• Credit Suisse’s fundamentals are still sound, columnist Paul J. Davies writes. The question is whether it can weather this storm. And if you need a recap: What went wrong?
• Let’s not forget about SVB: BlackRock’s Larry Fink said the crisis could worsen beyond its failure.

What Else Is Happening

Deadpool of cash. T-Mobile is acquiring Ka’ena, the parent company of Mint Mobile, a budget wireless provider part-owned by actor Ryan Reynolds, for as much as $1.35 billion. The deal is a combination of 39% cash and 61% stock, with the ultimate purchase price depending on certain performance goals before and after the transaction closes.

In other news:

• US producer prices and retail sales both declined in February, giving the Fed some flexibility to potentially pause tightening.
• The US will keep flying drones despite Russia’s “reckless” interference with a surveillance mission over the Black Sea, said Defense Secretary Lloyd Austin, who spoke to his Russian counterpart.
• First Republic was cut to junk by S&P on elevated risk of deposit outflows.
• Mortgage rates declined in the US for the first time in five weeks.

There’s often confusion about what assets are safe and what are risky, and guessing wrong is often at the core of financial blowups, Allison Schrager writes. SVB offers a cautionary tale for retirement portfolios: If you want safety and predictability, you need to hedge risk and invest in longer-term inflation-protected bonds before and during your retirement.

Luces ... camara ... ?accion! Hollywood is jumping headlong into Mexico, and it’s not just superstars lounging around the pools in Los Cabos. Lower costs and proximity to the US have helped make Mexico City the top destination in Latin America for A/V production, with the city’s film commission reporting a 23% increase in shoots in 2022 from the previous year. One added benefit: The commission grants permits within 24 hours.

A climate winner for your dinner. Squid, thanks to high growth rates, short lifespans and adaptability, are constantly becoming better equipped to survive the changing state of the ocean. While some fish could become smaller or even extinct due to climate change, a growing body of evidence suggests that global warming appears to be helping the cephalopods proliferate. No games here. Fried calamari, anyone?

By the Way

(Space)suit yourself. NASA and Axiom Space are offering a first look at new outfits that will be part of the US’s Artemis program to send humans back to the moon. The suits are designed to provide greater flexibility and protection from the harsh lunar environment, along with specialized tools to enable exploration of the satellite’s surface, and are intended to accommodate a wide range of crew members. The next landing may happen in 2025.

Packering it up in Green Bay: Aaron Rodgers intends to play for the New York Jets in 2023 after 18 seasons with the Green Bay Packers and is just waiting for the team to trade him. The four-time NFL MVP quarterback told The Pat McAfee Show that it's time for the Packers “to do the right thing.”

Bloomberg Invest: Strategies for Wealth Creation: The Bloomberg Invest series returns to London on March 22nd, gathering leading financial thinkers in investing to identify the biggest risks and greatest opportunities facing those in the region. From traditional investment tools to crypto to alternative assets, how should we put our money to work now? Join in London or online to hear from executives from Blackstone, QuantumLight, and Sotheby’s. Register here.