Tag: Markets

Janet Yellen’s Remarks See First Republic’s Stock Tumbling

March 23, 2023
Business & MarketsCompanieseconomic policieseconomyFirst RepublicMarketsPolicies & ImpactstreasuryUSUS Newsyellen
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First Republic Bank, which has suffered significant losses since the onset of the banking crisis on March 8, saw its stock tank by 15 percent due to market concerns around the fate of the bank’s deposits. The chances of a full deposit insurance program being introduced by the Federal Deposit Insurance Corporation (FDIC) still hang…

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Closing Prices for Crude Oil, Gold and Other Commodities （Mar. 22）

March 22, 2023
Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for May delivery rose $1.23 to $70.90 a barrel Wednesday. Brent crude for May delivery rose $1.37 to $76.69 a barrel. Wholesale gasoline for April delivery rose 5 cents to $2.59 a gallon. April heating oil rose 5 cents to $2.74 a gallon. April natural gas fell 18 cents to $2.17…

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US Banking System Is ‘Sound and Resilient,’ Says Fed Chair Powell

March 22, 2023
banking crisisBusiness & Marketseconomic policieseconomyFederal ReserveFOMCMarketsUSUS News
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The U.S. banking system is “sound and resilient” as it maintains strong capital and liquidity conditions, Federal Reserve Chair Jerome Powell told reporters after the policy-making meeting of the Federal Open Market Committee (FOMC). Powell highlighted that the central bank took decisive actions with the Treasury Department and the Federal Deposit Insurance Corporation (FDIC) in…

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Senate Committee on Banking to Hold Hearings on SVB Collapse: ‘Hold Those Responsible Accountable’

March 22, 2023
bank failuresBusiness & Marketscongresseconomic policieseconomyExecutive BranchInvestmentMarketsPolicies & ImpactsPoliticsSenate Banking CommitteeSignature BankSilicon Valley BankUSUS News
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The Senate Committee on Banking, Housing and Urban Affairs said it would hold hearings next week on the collapse of Silicon Valley Bank (SVB) and Signature Bank earlier this month. Senate Banking Committee chairman Sherrod Brown (D-Ohio) announced on March 21 the first of several hearings on the latest banking crisis and promised to hold those responsible…

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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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