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Opinion
John Authers

When Kim Kardashian and Liz Truss Get Caught Out

A day of reckoning and reversals won’t change a lot, however, in underlying issues for the UK, crypto and Credit Suisse.

The SEC said Kim Kardashian needed to say she was being paid (and how much) to tout investing in a crypto token.

The SEC said Kim Kardashian needed to say she was being paid (and how much) to tout investing in a crypto token.

Photographer: Frazer Harrison/Getty

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It was a day for stark reversals. Credit Suisse’s share price gave up almost 10% and then regained it all, as investors began to doubt the narrative that its collapse was imminent. The US stock market enjoyed its best day since July, with the S&P 500 rebounding more than 2.5%. US bond yields staged another epic about-turn, down 27 basis points at one moment after a disappointing ISM manufacturing survey raised hopes that a U-turn from the Federal Reserve — the one player in the world that investors passionately want to see change course — could be driven by an economic slowdown, rather than a Lehman-style financial implosion at the likes of Credit Suisse Group AG.