News Analysis A low-price auto campaign initiated by Chinese car companies and local governments has been sweeping throughout China since the start of March, but auto sales continue to fall. Experts indicate that middle-class Chinese citizens, the mainstay of consumption, face heavy debts as they lose confidence in the economy. On March 6, Dongfeng Motor…
China’s Low-Price Car Promotion Fails to Spur Sales as Consumer Confidence Declines
March 28, 2023
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US Banks Raising Savings Rates to Keep Customers From Running Due to SVB Collapse Jitters
March 28, 2023
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Business & Marketscd ratesCompanieseconomic policieseconomyInvestmentMarketspersonal financesavings ratesSilicon Valley BankstocksUSUS News
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American banks are currently raising their savings rates to keep customers from running due to jitters following the collapse of Silicon Valley Bank (SVB) and Signature Bank. The ongoing crisis in the banking industry is pushing lenders to offer more perks for customers, USA Today reported. Many depositors have been transferring their money from regional banks…
US Consumer Confidence Ticks Up in March
WASHINGTON—Consumer confidence inched up in March after two straight monthly declines, even as persistent inflation, bank collapses and anxiety over a possible recession weighed on American households. The Conference Board reported Tuesday that its consumer confidence index rose to 104.2 in March from 103.4 in February. Optimism about current conditions fell, though consumers grew slightly…
UK Banking System Faces ‘Very Heightened Tension’: BoE Governor
March 28, 2023
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The UK financial system is in a period of “very heightened tension and alertness” for further turmoil in the banking sector, Bank of England Governor Andrew Bailey has said. The UK banking system remains in “a strong position” but the central bank has to be “very vigilant,” Bailey told the Treasury Committee in the House…
Wall Street Muted at Open After Recent Bounce; Banks in Focus
Wall Street’s main indexes were subdued at the open on Tuesday following a three-day rally in the S&P 500 and the Dow that was fueled by support measures for the banking sector and a deal for Silicon Valley Bank assets. The Dow Jones Industrial Average rose 2.77 points, or 0.01 percent, at the open to…
Fed’s Jefferson: Stress Among Small, Regional Banks, Could Hit Small Businesses Hardest
March 28, 2023
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Business & MarketsbusinessesCompanieseconomic policieseconomyFedinflationJeffersonMarketsrecessionSilicon Valley Bank CollapseSmallUSUS News
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LEXINGTON, Virginia—The shuffling of deposits from small to large banks could have a disproportionate impact on U.S. small businesses that depend heavily on community and regional financial institutions for credit, Federal Reserve Governor Philip Jefferson said on Monday. “We are focused on the macroeconomy but we are aware … that there are potential distributional aspects,”…
Dollar Slips as Banking Sector Fears Ease, Yen Climbs
LONDON/TOKYO—The U.S. dollar fell slightly on Tuesday as receding fears of a full-blown banking crisis slowed demand for so-called safe haven assets. The yen rallied, despite traditionally also being a safe haven, with analysts pointing to a pick-up in flows ahead of the end of Japan’s fiscal year on Friday. The dollar fell as low…
Oil Extends Gains on Kurdish Supply Risks, Banking Relief
March 28, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Crude prices firmed on Tuesday, extending sharp gains from the previous session amid supply disruption risks from Iraqi Kurdistan and hopes that turmoil in banking is being contained. Brent crude futures gained 61 cents, 0.8 percent, to $78.73 a barrel by 1006 GMT. West Texas Intermediate U.S. crude was up 53 cents, or 0.7 percent,…
Stocks Rise After Bank Sale Fuels Investor Risk Appetite
March 28, 2023
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LONDON—Global stocks rose and the dollar eased on Tuesday, after a deal backed by the U.S. regulator for First Citizens BancShares to buy up Silicon Valley Bank soothed some of the recent concern about the health of the banking sector. U.S. banking regulators said on Monday they planned to tell Congress that the overall financial…
China’s Industrial Profits Slump Deepens on Soft Demand, High Costs
BEIJING—The slump in Chinese industrial firms’ profits deepened in the first two months of 2023, weighed by lackluster demand and stubbornly high costs as China struggled to fully shake the long-term effects of COVID-19. The sharp 22.9 percent contraction followed a 4.0 percent fall in industrial profits for the whole of 2022, data from the…
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