Treasury Secretary Yellen says emergency actions to backstop banks could be used again if needed Treasury Secretary Janet Yellen said Thursday that the federal emergency actions used to backstop Silicon Valley Bank and Signature Bank customers could be used again if necessary. “We have used important tools to act quickly to prevent contagion. And they … Read more
3 Hours Ago Healthcare and consumer cyclicals lead Hang Seng higher The Hang Seng index led gains in the Asia-Pacific region on Wednesday, powered by health-care and consumer cyclical stocks. Shares of Geely saw the biggest moves, up 7.16% after the automaker posted a 45.6% year on year gain in revenue for the whole of … Read more
CNBC Pro: RBC names 5 global financial stocks to buy right now as banks sell off The recent share price falls in European financial institutions have presented a buying opportunity, according to RBC Capital Markets. The investment bank named five stocks to buy during the share price dip, noting that these financial institutions are not … 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
Tech stocks lead Hong Kong index climb; Baidu surges over 10% The Hang Seng index led gains in the Asia-Pacific region on Friday, driven in part by the surge in tech stocks. Baidu was up almost 12% after its U.S.-listed shares surged overnight, following the launch of its Chinese-language ChatGPT alternative – named Ernie bot. Shares … Read more
18 Mins Ago Saudi National Bank says panic over Credit Suisse is unwarranted The chairman of Credit Suisse’s largest shareholder, Saudi National Bank, told CNBC’s Hadley Gamble that the recent market turmoil in the banking sector is “isolated” and stems from “a little bit of panic.” “If you look at how the entire banking sector has … Read more