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Markets remained fragile, with European bank stocks tumbling over 5% on Monday and U.S. banks set to open lower (.SX7P). Markets also moderated their view on UK rates and were pricing in a roughly 75% chance of a 25 bps hike when the Bank of England meets next week. Goldman Sachs said on Sunday the banking stress meant it no longer expected the Fed to hike rates next week. "It's not going to want to go clattering in with another 50 (bps hike) and see some other financial institution getting hosed." A new Fed bank funding scheme aimed at addressing some of Silicon Valley Bank's apparent problems with losses in its bond portfolio is expected to further help with stability for banks and bonds.

☆ Analysis: As banks break, markets hear the sound of peaking rates
▼ + stars: | 2023-03-13 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

U.S. interest rate futures surged and a hard-running rally in short-term bonds extended, putting two-year Treasuries on course for their best three-day gain since Black Monday in 1987. "If (U.S. Fed Chair Jerome) Powell lifts interest rates next week, he will jeopardise this situation," he added. At 4.4098% they are also below the bottom end of the Fed funds rate window at 4.5% - a sign markets see rates' peak is near. "I think people are linking Silicon Valley Bank's problems with the rate hikes we've already had," said ING economist Rob Carnell. "If rates going up caused this, the Fed is going to mindful of that in futures," he said.

☆ VIEW US intervenes to shore up SVB deposits, stem financial fallout
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +10 min

March 13 (Reuters) - The U.S. government announced actions to shore up deposits and stem any broader financial fallout from the sudden collapse of tech startup-focused lender Silicon Valley Bank (SIVB.O) (SVB), sending U.S. stock futures higher. "The market turbulence sparked by SVB has upended rising market expectations on the Fed rate path. The fact that SVB and Signature Bank depositors will be made whole is critical in maintaining trust in the financial system and should help stem contagion fears this week. But it also means that 50 basis points (a possible Fed interest rate hike) is off the table." Given what's happened in the U.S. financial system, a 25 basis point hike is more likely than a 50 basis point hike."

☆ Instant view: US intervenes to shore up SVB deposits, limit financial fallout
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +11 min

March 13 (Reuters) - The U.S. government announced actions to shore up deposits and stem any broader financial fallout from the sudden collapse of tech startup-focused lender Silicon Valley Bank (SIVB.O) (SVB), sending U.S. stock futures higher. ALVIN TAN, HEAD OF ASIA FX STRATEGY, RBC CAPITAL MARKETS, SINGAPORE:"Markets remain unsettled from the SVB failure. "The market turbulence sparked by SVB has upended rising market expectations on the Fed rate path. ANTHONY SAGLIMBENE, CHIEF MARKET STRATEGIST, AMERIPRISE FINANCIAL, TROY, MICHIGAN:"It was imperative that regulators stepped in and decisively acted before markets around the world opened for the week. GREG MCBRIDE, CHIEF FINANCIAL ANALYST, BANKRATE:"While the Fed has talked about a lot in the past year, until today it has been in the context of monetary policy.

The yen weakened and Japanese government bond yields plunged after the Bank of Japan opted to keep stimulus settings steady at Governor Haruhiko Kuroda's last meeting in charge, as expected. The benchmark 10-year JGB yield, which the BOJ pins within 50 basis points either side of zero, pulled back sharply from that ceiling to last sit at 0.445%. The yen was last down about 0.4% at 136.615 per dollar after a knee-jerk drop of as much as 0.6%. Japan's Nikkei (.N225) pared declines to last be down around 1%, compared to a 1.23% loss prior to the central bank decision. S&P 500 futures were down 0.57%, following the cash index (.SPX) dropping 1.8% and falling below its 200-day moving average.

☆ Shortly After Selling Home to Russell Westbrook, Formula One Heiress Buys Again in Brentwood
▼ + stars: | 2023-03-09 | by ( Katherine Clarke | E.B. Solomont | ) www.wsj.com time to read: 1 min

Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. Following the sale of their Brentwood home, Formula One heiress Petra Ecclestone and her husband, Sam Palmer, have scooped up another property in the same neighborhood.

☆ Silicon Valley Bank to sell stock to cope with cash burn
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

Shares in the California-based parent of Silicon Valley Bank dropped nearly 30% in premarket trading on Thursday. Its customers' "cash burn" rose in February and is driving deposits lower than forecast, CEO Greg Becker said in a letter to investors. The company also liquidated most of its securities portfolio, raising $21 billion, which it plans to re-invest in shorter-term debt while doubling its term borrowing to $30 billion. "We are taking these actions because we expect continued higher interest rates, pressured public and private markets, and elevated cash burn levels from our clients," Becker said. "When we see a return to balance between venture investment and cash burn – we will be well positioned to accelerate growth and profitability," he added, noting SVB is "well capitalised".

☆ Morning Bid: Is China exporting deflation?
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

Relief wasn't immediate, as the figures were tinged by doubt on the robustness of China's consumption rebound, with inflation in the country also at its slowest in a year. That's likely welcomed since analysts are making their latest upward revisions to U.S. and European interest rate expectations and do not need another inflationary shock from China's reopening. European futures steadied in Asia as markets assumed a holding pattern with the focus on U.S. data as the driver of interest rate movement. The Bank of Japan concludes a two-day meeting on Friday, though it is increasingly dancing to its own beat. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3%; Japanese stocks rose 0.6% on Thursday.

Higher rates benefit the dollar by improving its yield and as traders look for safety while global stockmarkets drop. The dollar hit a two-month high against the euro of $1.0524 , extending Tuesday's 1.2% jump. The Australian dollar has weakened for a similar reason as the Reserve Bank of Australia has softened its tone. Having dropped over 2% on Tuesday, the Australian dollar weakened a bit more to hit a four-month low of $0.6568 on Wednesday. China's yuan finished the domestic session at 6.9706 per dollar, the weakest such close since Dec. 29, 2022.

☆ Powell's warning on higher U.S. rates pushes dollar to 3-mth high
▼ + stars: | 2023-03-08 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Higher rates benefit the dollar by improving its yield and as traders look for safety while global stockmarkets drop. The dollar hit a two-month high of $1.0528 to the euro , extending Tuesday's 1.2% jump. The Australian dollar has weakened for a similar reason as the Reserve Bank of Australia has softened its tone. Futures imply U.S. rates peaking above 5.6% and holding higher than 5.5% through 2023. The U.S. dollar index rose 0.2% in Asia trade to a more than three-month high of 105.86.

☆ Powell pushes dollar to three-month high
▼ + stars: | 2023-03-08 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

SINGAPORE, March 8 (Reuters) - The dollar was riding high on Wednesday, flung to three-month peaks when Federal Reserve Chair Jerome Powell surprised investors by warning that interest rates might need to go up faster and higher than expected to rein in inflation. Overnight it had shot more than 1.2% higher on the euro, its biggest one-day move in five months. The U.S. dollar index , which measures the dollar against a basket of six major currencies, jumped 1.3% overnight to a three-month peak of 105.65. The blockbuster week of central bank meetings and speakers rolls on later in the day, with the Bank of Canada setting policy and European Central Bank President Christine Lagarde speaking. "If they don't hike, the Canadian dollar will likely fall into a bucket of currencies where the central bank is unwilling to keep up with the Fed."

"(But) it feels like I should keep some dollars on hand, as the yuan will depreciate further." Others anticipating a bumpy ride ahead for the Chinese currency include China Southern Airlines (600029.SS). Such moves are perhaps not surprising given yuan volatility since Beijing suddenly unwound its zero-COVID strategy. "Overall, yuan exchange rate will remain basically stable at reasonable levels," he added at a March 3. news briefing. ($1 = 6.9009 Chinese yuan)Writing by Tom Westbrook; Editing by Vidya Ranganathan and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ NBA roundup: Red-hot Knicks outlast Celtics in double OT
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +10 min

Julius Randle added 31 points and nine rebounds for the Knicks, who also received 29 points and 11 rebounds from RJ Barrett. Jayson Tatum had 40 points, 11 rebounds and six assists for the Celtics, who have lost their last two home games. Bennedict Mathurin scored 17 points, Myles Turner added 16 and Chris Duarte had 15 for Indiana. Kelly Oubre Jr. scored 17 points for Charlotte, which dropped its third straight. Walker Kessler (17 points, 10 rebounds) and Kelly Olynyk (15 points, 10 rebounds) each had double-doubles in the loss.

☆ Spring training roundup: Mets win Kodai Senga’s debut start
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +6 min

Cardinals catcher Tres Barrera was responsible for the only hit and run Senga allowed, a solo shot to left in the second. Francisco Lindor and Pete Alonso hit solo home runs and Tim Locastro hit a pair of RBI doubles and scored on a throwing error for New York. The Rays got their two runs from solo homers by Jose Siri and Randy Arozarena. Jake Rogers hit his third home run of spring training for the Tigers. The Athletics, who have flirted with a move to Las Vegas, played a two-game spring training series this weekend at Las Vegas Ballpark.

☆ NBA roundup: Nets stun Celts with NBA's biggest comeback of season
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +7 min

Cam Johnson added 20 points for the Nets, who also received 17 points apiece from Spencer Dinwiddie and Dorian Finney-Smith. Jayson Tatum, who turned 25 on Friday, finished with 22 points and 13 rebounds, but he missed all eight of his 3-point attempts. Terry Rozier posted 22 points, Gordon Hayward 17 and Mark Williams 13 points for Charlotte, which was hurt by 21 turnovers. Kings 128, Clippers 127De'Aaron Fox recorded 33 points, seven rebounds and seven assists and Sacramento won its fifth straight game by prevailing over visiting Los Angeles. Jonathan Kuminga, coming off the Golden State bench, chipped in with 19 points, seven rebounds and four steals.

☆ Microsoft, Kimbal Musk, NBA's Russell Westbrook invest in Brooklyn-based climate tech company BlocPower
▼ + stars: | 2023-03-02 | by ( Ian Thomas | ) www.cnbc.com time to read: +3 min

The round, which includes more than $24 million in Series B funding, was led by VoLo Earth Ventures. Microsoft Climate Innovation Fund, Credit Suisse, New York State Ventures, Kimbal and Christina Musk, and NBA player Russell Westbrook also were part of this equity round. The company also raised $130 million of debt financing led by Goldman Sachs, bringing BlocPower's total capital raised to-date to more than $250 million. BlocPower, a two-time CNBC Disruptor 50 company, has focused on improving the energy consumption and efficiency issues that many of the old buildings in the U.S. face. Since its founding in 2014, BlocPower says it has completed energy projects in more than 5,000 households, commercial buildings and houses of worship.

☆ Dollar squeezed as inflation drives up euro
▼ + stars: | 2023-03-02 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Euro zone inflation data is due later in the day. The yen hardly budged but the dollar made broad falls on Asian currencies as it retreats from recent highs. On Thursday the yen was a tad stronger at 136.04 to the dollar in early trade while the Australian dollar held Wednesday gains made despite softer-than-expected growth data and some hints that inflation may have peaked. "We consider the Australian dollar can increase materially in the weeks after China's Two Sessions meetings," he said. Besides European inflation, euro zone employment and central bank minutes are due later in the day, as is U.S. jobless claims data.

☆ Stocks pinned to lows as rate fears weigh
▼ + stars: | 2023-03-01 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Softer-than-expected growth and inflation data in Australia sent the Aussie dollar to a two-month trough at $0.6696 in early trade, but lifted the local stockmarket (.AXJO) from lows as traders wound back interest rate expectations. The mixed tone of data in the last few days seems to have lots of assets pausing at major chart levels. Two-year Treasury yields , a guide to short-term U.S. rate expectations, are close to four-month highs, but at 4.8407% are below a November peak of 4.8830%. Commodities steadied as China demand hopes balance global growth concerns, and Brent crude sat at $83.45 a barrel. "Should Beijing send Russia arms, it risks a rapid geopolitical breaking of the world economy," said Rabobank's research head, Jan Lambregts.

☆ NBA roundup: Spurs top Jazz, end 16-game skid
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +9 min

Jeremy Sochan added 13 points and Devonte' Graham had 12 for the Spurs, who got just their 15th win. Lauri Markkanen scored 28 points with 10 rebounds for Utah, Talen Horton-Tucker scored 16 points and Walker Kessler contributed 10 points and 15 boards. The Bucks are on their fifth 15-game winning streak in team history and second in four seasons after winning 18 straight Nov. 10-Dec. 14, 2019. Spencer Dinwiddie added 26 points, but Brooklyn scored only 19 points in the fourth and dropped its third straight. Zach LaVine added 17 points, DeMar DeRozan scored 13 points and Ayo Dosunmu scored 10.

Fund managers say they are fielding more queries from clients about the odds of an invasion of Taiwan by China. Russia's invasion of Ukraine early last year has also made investors more wary of war risk, analysts said. Goldman Sachs' Cross-Strait Risk Index, which gauges the intensity of geopolitical risk between Taiwan and mainland China, hit a record high last August after then-U.S. House of Representatives Speaker Nancy Pelosi's trip to Taiwan. Jordan Stuart, client portfolio manager at Federated Hermes, says he cut China exposure last year while holding onto some small stocks that can "fly under the radar". The Taiwan Strait is a major route for ships transporting goods from East Asia to the United States and Europe.

☆ NBA roundup: Damian Lillard erupts for 71 in Blazers' win
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +7 min

Jerami Grant added 13 points and Nassir Little scored 11 for Portland, which connected on 54.5 percent of its field goal attempts and was 20 of 39 from 3-point range. Doncic scored 26 points with nine rebounds, while Irving had 21 points and 11 assists. Ayton also grabbed a team-high 11 rebounds and blocked three shots. Nikola Vucevic added 16 points and 13 rebounds for his 39th double-double of the season, third most in the NBA. Jakob Poeltl added 13 points and nine rebounds for the Raptors, who were coming off a win over the host Detroit Pistons on Saturday.

☆ NBA roundup: Kings edge Clippers 176-175 in 2OT
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +6 min

Kawhi Leonard scored 44 points and Paul George added 34 points and 10 rebounds for the Clippers. Russell Westbrook scored 17 points and dished out 14 assists in his debut with the team. Brunson was held to 13 points and shot 6-of-20 after averaging 32.5 points in his final eight games before the All-Star break. Andre Drummond (13 points, 10 rebounds) and Nikola Vucevic (13 points, 10 rebounds) both notched double-doubles for Chicago. Chris Paul scored 16 points and Josh Okogie added 15 as Phoenix won for the 12th time in 16 games.

☆ Morning Bid: Kuroda 2.0
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Japanese government's nominee for the Bank of Japan (BOJ) Governor Kazuo Ueda arrives for a hearing session at the lower house of the parliament in Tokyo, Japan, February 24, 2023. Interest rate markets are positioned for an end to yield curve control as a first step away from decades of super-easy policy experiments in Japan. Yet as he fronted his confirmation hearing before parliament on Friday, he sounded very much like incumbent Haruhiko Kuroda. Traders responded with relief and the Nikkei share average (.N225) had its best session in a month. A surprise could shake things up, though with U.S. rate expectations already ratcheting higher through February a degree of stickiness is priced in.

[1/3] A man wearing a protective mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a new coronavirus outbreak, at the Pudong financial district in Shanghai, China, February 28, 2020. REUTERS/Aly Song/File PhotoNEW YORK/SINGAPORE, Feb 24 (Reuters) - Many large money managers are steering clear of Chinese assets, missing out on the nation's post-COVID stock market rally in the latest example of strategic concerns trumping juicy returns. "For our investors who might have that concern, there are plenty of other opportunities away from China." The concern flagged by some is whether this is part of a structural downgrade for Chinese assets, said Will Malcolm, a Singapore-based portfolio manager at Aviva Investors. That could attract cash in a hurry, but the behaviour of large investors so far suggests that a large sentiment shift will be needed.

☆ Nvidia cheer ripples through chips as investors assess Fed minutes
▼ + stars: | 2023-02-23 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

[1/3] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 24, 2023. The MSCI all country share index (.MIWD00000PUS) was slightly firmer, adding to the year's 4.5% advance, after falling nearly 20% in 2022. The yield on 10-year Treasury was slightly firmer at 3.9254%. The Australian and New Zealand dollar were both slightly firmer against the dollar. Fed officials Mary Daly and Raphael Bostic are also due to make appearances later on Thursday.

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