Tag: Markets

Canada’s Banking System Differs From US, Unlikely to See Run on Deposits: Economist

March 22, 2023
banksBusiness & MarketsCanadaCompaniesdepositseconomyMarketsSVBWorld
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News Analysis Canada’s banks are fundamentally different from American banks and less likely to suffer from the malaise that has consumed the U.S. financial system for most of March, says a U.S.-based economist and former senior fellow with the Montreal Economic Institute. He nevertheless adds that banking reform, as it relates to protection for depositors,…

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Manchin Says Biden’s ‘Radical’ ESG Agenda Is ‘Absolutely Infuriating,’ Undermines National Security

March 22, 2023
Business & MarketseconomyESGJoe BidenJoe ManchinMarketsPoliticsUSUS News
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Senator Joe Manchin (D-W.Va.) sharply criticized the Biden administration on Monday after President Joe Biden vetoed bipartisan legislation aimed at blocking a regulation that would push private retirement plan fiduciaries to consider environment, social, and governance (ESG) factors in investment decisions for tens of millions of savers. Manchin, one of two Senate Democrats who voted…

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Banking Turmoil Pounding Investor Confidence, Surveys Show

March 22, 2023
bankingBusiness & MarketsCompaniesconfidenceeconomic policieseconomyEuropeinflationInternationalInvestmentinvestorsMarketsrecessionsurveysUSUS NewsWorld
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LONDON—This month’s U.S. banking system turmoil and renewed recession worries have left global investor confidence at one of the lowest levels in the last 20 years, and that does not even account for this week’s demise of Credit Suisse. A monthly survey carried out by investment bank BofA following the collapses of Silicon Valley Bank…

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Troubled Credit Suisse Has Chinese Communist Party-Linked Member on Its Risk Committee

March 22, 2023
Business & MarketsCCPChinaChina Business & EconomyCompaniesCredit SuisseDemocratseconomic policieseconomyEuropeExecutive BranchInvestmentMarketsNational SecurityPolicies & ImpactsPoliticsThreat from Communist ChinaUSUS-China relationsWorld
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Credit Suisse bank, which collapsed last week, revealed on its website that it had a CCP-affiliated member on its board of directors. Shan Li, according to the bank’s website, is a board member with long extensive ties to the Chinese Communist Party (CCP), with senior roles on the bank’s risk management team, Asia advisory council, and…

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Wall Street Opens Muted Ahead of Fed Rate Decision

March 22, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsstocksUS
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Wall Street’s main indexes opened muted on Wednesday ahead of the outcome of the Federal Reserve’s rate-setting meeting in which the central bank will seek to balance inflation and banking sector concerns. The Dow Jones Industrial Average rose 9.59 points, or 0.03 percent, at the open to 32,570.19. The S&P 500 opened lower by 0.83…

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Systemic Credit Crunch Replaces Inflation as Fund Managers’ Top Worry

March 22, 2023
Business & Marketscentral bank policyCompaniescredit cruncheconomic policieseconomyinflationInvestmentinvestorsMarketsPolicies & ImpactsrecessionUS
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A systemic credit crunch has overtaken inflation as fund managers’ top fear this month as the biggest risk to the markets, according to a new poll. At least 31 percent of respondents labeled a systemic credit crisis as the most significant threat to markets, followed by 25 percent choosing stubbornly high inflation as the largest…

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Dollar Eases as Investors Ponder Outlook for Fed Rates

March 22, 2023
Business & Marketscryptocurrencyeconomic policieseconomyForexglobalinflationMarketsrecessionstocks
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LONDON—The dollar held around five-week lows on Wednesday, before the conclusion of the Federal Reserve’s policy meeting at which investors will be looking for any insight on what might happen with interest rates given the turmoil in the banking sector. Markets show a quarter-point rise in U.S. rates is the most likely outcome, but investors…

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Oil Slips on Demand Fears, Market Awaits Fed Decision

March 22, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices edged lower on Wednesday following fresh indications of weak demand, and as the market awaited a crucial interest rate decision by the U.S. Federal Reserve. Brent crude futures, which have risen by almost 3 percent this week, were down 30 cents, or 0.40 percent, at $75.02 a barrel at 1026 GMT. U.S. West…

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Crypto Exchange Coinbase Asks Supreme Court to Compel Disgruntled Customers to Pursue Arbitration

March 22, 2023
Business & MarketscoinbaseCompaniescrypto currencycryptocurrencyJudiciaryMarketsMedia & Big TechPolicies & ImpactsSupreme CourtUSUS News
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An attorney for cryptocurrency exchange Coinbase told the Supreme Court on March 21 that current customer disputes should not move forward in the lower courts while appellate courts have yet to rule on the company’s request to divert those cases to arbitration panels. Coinbase finds itself at the Supreme Court because it prefers the arbitration…

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World Stocks Cautiously Higher Ahead of High Stakes Fed Decision

March 22, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—World stocks were cautiously higher on Wednesday as hopes that a banking crisis would be averted were tempered by uncertainty before a Federal Reserve meeting that sees the central bank caught between taming inflation and maintaining stability. Data showing British inflation unexpectedly rose to 10.4 percent in February boosted expectations for a quarter point rate…

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