An Hour Ago European banking stocks slide Bank stocks slid at the open Monday, with Credit Suisse and UBS driving the fall. Banking stocks were down 2.75% by 9:17 a.m. London time, paring some losses. Credit Suisse shares were down 58%, while UBS recovered slightly to trade 9% lower by 9:17 a.m. London time after … Read more
By David Lawder, David French and Lananh Nguyen WASHINGTON/NEW YORK (Reuters) – A U.S. official said on Sunday that the deposit outflows that left many regional banks reeling in the wake of Silicon Valley Bank’s failure had slowed and in some cases reversed, as investors tried to ascertain whether the crisis was contained. Shares of … Read more
Regulators in Asia issued reassuring statements Monday that their banking systems remained robust and stable after Swiss banking giant UBS agreed to buy its rival Credit Suisse. Swiss regulators played a key role in orchestrating the forced takeover, to stem a larger banking crisis that would threaten the global system. From Hong Kong to Australia … Read more
The United States Federal Reserve has announced a coordinated effort with five other central banks aimed at keeping the U.S. dollar flowing amid a series of banking blowups in the U.S. and in Europe. The March 19 announcement from the Fed comes only a few hours after Swiss-based bank Credit Suisse was bought out by … Read more
The tech sector was a bright spot last week as the banking crisis rocked markets. The Nasdaq Composite was up 4.4% over the week, while the Nasdaq 100 — which includes the index’s largest non-financial companies — was 5.8% higher. Big tech and semiconductor stocks such as Nvidia and Microsoft were up around 12% over the … Read more
The global automotive industry is in transition, as consumers increasingly shun internal-combustion-engine vehicles for electric ones. It means EVs are grabbing a bigger slice of the global auto market, according to French investment bank Societe Generale , with one-third of cars sold in China now electric. The “sharp acceleration” in EV take-up in Europe has … Read more
Bitcoin breaks free of its banking troubles Bitcoin is continuing its tear as Asia begins its business day. The world’s largest digital asset by market capitalization recently pushed past $28,000, gaining 3% in the last 24 hours. Remember how the decline of crypto-friendly banks was supposed to smother crypto? That narrative didn’t last long. Turns … Read more
56 Mins Ago China leaves 1-year and 5-year loan prime rates unchanged The People’s Bank of China left the loan prime rates for 1-year and 5-year unchanged, after cutting the reserve requirement ratio for almost all banks by 0.25 percentage points last week. The 1-year LPR stayed at 3.65% while the 5-year LPR remained at 4.3%, … Read more
The energy sector has emerged as the worst performer among all 11 sectors of the U.S. market in the current week, with energy prices dropping sharply as a spate of bank failures reignited a wave of risk-off selling. Oil prices have crashed spectacularly, with WTI crude falling from $80.46 per barrel just 10 days ago to the … Read more
SINGAPORE, March 20 (Reuters) – U.S. stock futures rose in Asian trade on Monday in relief at a weekend rescue deal for Credit Suisse, though the mood was nervous and financial shares remained under pressure from contagion fears, even with support from global central banks. S&P 500 futures rose 0.5% in bumpy early trade. Japan’s … Read more