It took only 48 hours for Silicon Valley Bank to become the nation’s second-largest bank failure. The company’s problems started on Wednesday when the financial institution informed investors that it needed to generate $2.25 billion to cover an unexpected decline in deposits and improve its balance sheet and overall financial position. In a letter to…
Finance Sector Braces for Shockwaves After Silicon Valley Bank Collapse
March 10, 2023
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Stocks Tumble as Wall Street Wonders What Will Break Next
NEW YORK—Fear rattled Wall Street, and stocks tumbled Friday on worries about what’s next to break under the weight of rising interest rates following the biggest U.S. bank failure in nearly 15 years. The S&P 500 dropped 1.4 percent to cap its worst week since September. That’s despite a highly anticipated report on Friday showing…
Dollar Steady as Volatile Markets Brace for Payroll Data, Yen Slides
SINGAPORE/LONDON—The dollar index was steady on Friday, a rare spot of calm in volatile global markets ahead of key U.S. payrolls data later in the day, while the yen weakened after the Bank of Japan kept stimulus settings steady. The dollar jumped as much as 0.63 percent against the yen, a knee-jerk move after the…
Oil Prices Set for 5 Percent Weekly Drop on US Rate Hike Jitters
March 10, 2023
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LONDON—Oil fell for a fourth session on Friday, heading for its biggest weekly loss in five weeks on worries about the prospect of steep interest rate hikes in the United States hitting fuel demand. Brent dipped 41 cents, or 0.5 percent, to $81.18 a barrel by 0852 GMT. U.S. West Texas Intermediate crude (WTI) was…
Global Stocks, Wall Street Futures Sink Ahead of US Jobs Update
March 10, 2023
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BEIJING—Global stock markets and Wall Street futures fell Friday ahead of a U.S. job market update amid unease about possible further interest rate hikes. Markets in London, Shanghai, Frankfurt, and Tokyo declined. Oil prices were lower. Wall Street’s benchmark S&P 500 index fell Thursday by its biggest one-day margin this year after Federal Reserve Chair…
Refiner Citgo Petroleum Posts Record $2.8 Billion Profit for 2022
March 9, 2023
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HOUSTON—Refiner Citgo Petroleum Corp. on Thursday reported a record net profit of $2.8 billion for 2022 on strong motor fuel demand, high margins, and refining output that exceeded its plants’ listed capacity. Rebounding from a loss of $160 million in 2021 and two straight years of losses, the results for last year also exceeded the…
Wall Street Opens Higher Ahead of Payrolls Data
Wall Street’s main indexes opened higher on Thursday as a greater-than-expected rise in weekly jobless claims eased some rate-hike jitters ahead of a key payrolls report that could determine the Fed’s monetary policy path. The Dow Jones Industrial Average rose 78.43 points, or 0.24 percent, at the open to 32,876.83. The S&P 500 opened higher…
Dollar Holds Near 3-month Highs on Rates Outlook
SINGAPORE/LONDON—The dollar held near a three-month high on Thursday, underpinned by Federal Reserve Chair Jerome Powell’s message that interest rates would have to go higher and possibly faster. The yuan weakened after the government reported unexpectedly low inflation. In the second day of his testimony to Congress on Wednesday, Powell reaffirmed his message, though he…
Oil Slips for 3rd Day as Recession Fears Mount
March 9, 2023
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LONDON—Oil fell for a third day on Thursday as fears over the economic impact of rising interest rates offset a surprise drop in U.S. crude inventories and hopes for Chinese demand. U.S. Federal Reserve Chair Jerome Powell’s comments this week on the likelihood that interest rates will need to be raised more than previously expected…
Global Stocks Lower After Wall Street Steadies Amid Rate Fears
March 9, 2023
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BEIJING—Major global stock markets were mostly lower Thursday amid worries about more U.S. interest rate hikes. London, Shanghai, and Frankfurt declined. Tokyo advanced. Oil prices were lower. Wall Street futures were lower following Federal Reserve chair Jerome Powell’s warning that rate hikes might speed up because upward pressure on prices is stronger than expected. Investors…
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