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☆ US regional banks fall as FRC failure shakes faith in banking sector recovery
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - Shares of major U.S. regional banks fell further on Tuesday in the aftermath of the collapse of First Republic Bank (FRC.N), the largest U.S. bank failure since the 2008 financial crisis. The sell-off pushed the KBW Regional Banking Index (.KRX) 5.2% down to its lowest since November 2020. JPMorgan Chase & Co (JPM.N) on Monday bought a majority of First Republic Bank's assets. "First Republic bank failure means unfortunately that the other 'so called' troubled regional banks should probably continue to sleep with one eye open." Reporting by Jaiveer Singh Shekhawat, Niket Nishant and Medha Singh in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

May 3 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The U.S. regional banking index tanked 5.5% on Tuesday, its biggest fall since the depths of the crisis in mid-March. This may play into Malaysian policymakers' thinking as they prepare to deliver their latest interest rate decision on Wednesday. But that's what Asian markets will be waking up to on Thursday. Before that on Wednesday they have the Malaysian rate decision, services PMI data from Australia and India, and South Korean FX reserves to offer local direction.

☆ Watch CNBC's full interview with Kyle Bass
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Kyle BassKyle Bass, Hayman Capital Management founder and CIO, joins 'Last Call' to discuss the Federal Reserve's credibility, the regional banking crisis, and more.

☆ Watch CNBC's full interview with Guggenheim Partners' Alan Schwartz
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Guggenheim Partners' Alan SchwartzAlan Schwartz, Guggenheim Partners executive chairman, joins 'Last Call' to discuss the regional banking rout, JPMorgan's acquisition of First Republic Bank, and more.

☆ Regional banks see a sell-off following JPM's purchase of First Republic Bank
▼ + stars: | 2023-05-02 | by ( Leslie Picker | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRegional banks see a sell-off following JPM's purchase of First Republic BankCNBC's Leslie Picker joins 'Power Lunch' to report on a sell-off in the regional banking sector and more.

☆ Milken Institute Founder Michael Milken says regional banks should have followed 'finance 101'
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMilken Institute Founder Michael Milken says regional banks should have followed 'finance 101'Michael Milken, Milken Institute founder, joins 'Last Call' to discuss the regional banking crisis and his advice to Fed Chair Jerome Powell.

☆ Options Action: Traders bet on further downside for Pacific Western Bank
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOptions Action: Traders bet on further downside for Pacific Western BankMike Khouw, Optimize Advisors president, joins CNBC’s Melissa Lee and the Options Action traders to talk how options traders are reacting to the regional banking rout.

☆ Don't know Fed's tightening is enough to slow economy and halt inflation: Bridgewater's co-CIO
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDon't know Fed's tightening is enough to slow economy and halt inflation: Bridgewater's co-CIOKaren Karniol-Tambour, Bridgewater Associates co-CIO, joins 'Squawk on the Street' to discuss Karniol-Tambour's thoughts on the regional banking system, how the credit picture has influenced the executive's view on the economy and the outlook for risk assets.

The combined position fell to 447 million barrels (23rd percentile for all weeks since 2013) down from 534 million barrels (38th percentile) seven days earlier. Funds sold the equivalent of 99 billion cubic feet over the seven days ending on April 25, after buying a net total of 1,287 billion cubic feet in the previous eight weeks. The position slipped to 12 billion cubic feet net short (31st percentile for all weeks since 2006) from 87 billion cubic feet net long (34th percentile) a week earlier. Stocks were 280 billion cubic feet (+16% or +0.61 standard deviations) above the prior ten-year seasonal average on April 21, up from a deficit of 263 billion cubic feet (-8% or -0.98 standard deviations) on Jan. 1. Related columns:- Oil market has absorbed surprise production cut by OPEC⁺ (April 26, 2023)- Oil buying slows amid renewed concerns about economy (April 24, 2023)- Oil prices stall as short-covering rally is completed (April 17, 2023)John Kemp is a Reuters market analyst.

☆ Wall Street near flat after First Republic news, awaiting Fed
▼ + stars: | 2023-05-01 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The Fed, which has been raising rates to cool inflation, is expected to hike rates an additional 25 basis points on Wednesday. REUTERS/Brendan McDermidEnergy (.SPNY) was down the most of the major S&P 500 sectors, falling 1.3% as crude oil prices declined , . First-quarter results from S&P 500 companies have mostly beaten expectations, easing economic concerns. The S&P 500 technology index (.SPLRCT) climbed 0.2% on Monday, offsetting some of the day's weakness. The S&P 500 posted 35 new 52-week highs and one new low; the Nasdaq Composite recorded 88 new highs and 188 new lows.

☆ Wall Street near flat ahead of Fed decision; regional banks fall
▼ + stars: | 2023-05-01 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

JPMorgan will pay the U.S. Federal Deposit Insurance Corp $10.6 billion to take control of most of the regional bank's assets. The S&P 500 banks index (.SPXBK) was up 0.5%, but the KBW regional banking index (.KRX) was down 2.2%. Investors have been on edge about the banking system's health following the collapse of two other regional banks in March. First-quarter results from S&P 500 companies have mostly beaten expectations, easing economic concerns. The S&P 500 posted 35 new 52-week highs and one new low.

JPMorgan Chase & Co's (JPM.N) shares rose 3.1% to a near two-month high after the deal was announced earlier in the day. The S&P 500 Banks index (.SPXBK) gained 1.1%, while the KBW Regional Banking index (.KRX) shed 1.5%. Shares of regional banks PNC Financial (PNC.N) and Citizens Financial (CFG.N), that were among the bidders for First Republic, dropped 4.7% and 5.2%, respectively. "But regional banks will face higher cost of doing business for some time until confidence is rebuilt or there is a different regulatory scheme." Analysts now expect first-quarter earnings for S&P 500 companies to fall 1.9% from a year earlier, compared with a 5.1% fall expected at the start of April, according to Refinitiv data.

The S&P 500 Banks index (.SPXBK) gained 1.4%. Big banks such as Bank of America (BAC.N) and Wells Fargo & Co (WFC.N) rose 0.3% and 2.8%, respectively. First Republic's woes kicked off last week on a bleak note, but upbeat earnings from Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O) and Meta Platforms Inc (META.O) helped the benchmark S&P 500 (.SPX) notch its second consecutive month of gain on Friday. Analysts now expect first-quarter earnings for S&P 500 companies to fall 1.9% from a year earlier, compared with a 5.1% fall expected at the start of April, according to Refinitiv data. The S&P index recorded 21 new 52-week highs and no new low, while the Nasdaq recorded 48 new highs and 47 new lows.

☆ Explainer: Why First Republic Bank failed and what JPMorgan's deal means
▼ + stars: | 2023-05-01 | by ( Lawrence Delevingne | Thomson Reuters | Delevingne Works Primarily On Enterprise Stories Related To Finance. He Joined Reuters In | ) www.reuters.com time to read: +4 min

May 1 (Reuters) - The focus of the U.S. regional banking crisis turned on First Republic Bank in late March after the wealthy clients it courted to fuel its breakneck growth began pulling their deposits. The failure of First Republic, which said last week it had first-quarter outflows of more than $100 billion, marks the demise of a third major U.S. bank in just two months, after Silicon Valley Bank and Signature Bank . Merrill Lynch acquired the bank in 2007 but First Republic was listed on the stock market again in 2010 after being sold by Merrill's new owner, Bank of America. WHAT THE JPMORGAN DEAL MEANSJPMorgan said that under its deal First Republic's 84 offices in eight U.S. states would reopen as branches of JPMorgan Chase Bank from Monday, so customers of the failed bank will be dealing with the giant financial group instead. The biggest U.S. bank will get even bigger as a result of the deal for most of First Republic's assets.

☆ Futures muted ahead of Fed meet this week; First Republic Bank shares tank
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +3 min

Analysts now expect first-quarter earnings for S&P 500 companies to fall 1.9% from a year earlier, compared with a 5.1% fall expected at the start of April, according to Refinitiv data. Meanwhile, First Republic Bank's (FRC.N) shares tanked 38.5% in premarket trading. The rescue comes after the collapse of Silicon Valley Bank and Signature Bank in March, amid a deposit flight, forced the U.S. central bank to step in with emergency measures to stabilize markets. The KBW Regional Banking index (.KRX) and the S&P 500 Banks index (.SPXBK) have lost 22% and 10%, respectively, so far this year. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis remained unchanged, and Nasdaq 100 e-minis were down 1 point, or 0.01%.

PANW YTD mountain Palo Alto Networks YTD About half of the funds raised from this Lilly sale will go into building up our position in Palo Alto Networks . But here is our problem with reading too much into the conference calls of Tenable and Cloudfare and extrapolating that to Palo Alto. While it is highly likely that deal uncertainty increased out of the regional banking crisis, Palo Alto Networks is in a special class within the industry because it is taking share from the little guys. As a market leader in thirteen categories within security, Palo Alto is a winner from what is happening in the market. And with a management team committed to profitable growth and accelerating leverage in the business, we think Palo Alto Networks will continue to surprise to the upside.

☆ White House banking headache won’t end with First Republic deal
▼ + stars: | 2023-05-01 | by ( Stephen Collinson | ) edition.cnn.com time to read: +7 min

JPMorgan Chase is buying most assets of the troubled First Republic Bank and assuming all of its deposits in a deal announced Monday that was arranged by the US Federal Deposit Insurance Corporation. The independent agency’s new forced intervention is likely to fuel concerns about the overall health of the US banking sector. Biden’s new political headacheThe new concerns over the banking sector put the administration back in an unappealing position. Some progressive Democrats have balked at the idea that already mighty banks will get bigger by stepping in to snap up assets of troubled banks. On Sunday, he called for a shift in federal government policy to ensure all bank deposits.

☆ Buy the bitcoin pullback as crypto will have more time to shine later this year, Bernstein says
▼ + stars: | 2023-05-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

"Bitcoin and the crypto financial system were made exactly for times like today," he said in a note Monday, highlighting the "breakdown of traditional financial systems" and "first principle questions on the fractional reserve business model of banks." "As the narrative towards a weaker dollar picks up, we believe bitcoin will emerge again as a faster horse than gold," Chhugani said. "Further, we believe it will also unleash a new crypto cycle, bringing about a new wave of innovation in crypto-based decentralized financial systems. Furthermore, the regulatory argument against crypto in the U.S. is weakening, according to the analyst, as Europe and Hong Kong take more progressive approaches. BTC.CM= YTD mountain Bitcoin (BTC) this year Bitcoin fell about 4% Monday, according to Coin Metrics, after closing out its fourth positive month in a row with a 3% gain.

NEW YORK, May 1 (Reuters) - The weekend rescue of troubled lender First Republic Bank (FRC.N) has done little to allay options traders' concerns about the overall health of U.S. regional banks. Traders who had bought upside calls on regional banks on Friday appeared to be exiting those positions as the regulator-engineered rescue of First Republic failed to catalyze a rally in the mid-cap bank sector. SPDR S&P Regional Banking ETF shares were down 2% at $41.70 in afternoon trading. At the individual stock level, traders were focused on regional lender PacWest Bancorp (PACW.O) on Monday. With PacWest shares down 7%, put options, typically used for bearish bets, outnumbered call options, usually employed for bullish bets, 4-to-1, according to Trade Alert data.

☆ Stocks making the biggest moves premarket: First Republic, JPMorgan Chase, SoFi Technologies & more
▼ + stars: | 2023-05-01 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

A view of the First Republic Bank logo at the Park Avenue location, in New York City, March 10, 2023. Check out the companies making headlines before the bell:First Republic Bank , JPMorgan Chase — First Republic shares were halted during premarket trading after falling more than 45%. The move comes after JPMorgan took control of First Republic after the beleaguered bank was taken over by regulators. SPDR S&P Regional Banking ETF — The regional banking fund fell 0.4% in premarket trading as investors reacted to the failure of First Republic. Norwegian Cruise Line — The cruise line stock jumped 3% after Norwegian Cruise Line Holdings beat first-quarter expectations on the top and bottom lines.

☆ First Republic collapse sparks sector-wide regional bank shares sell-off
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of PNC Bank, a subsidiary of PNC Financial Services Group, is seen on the window of a branch in Washington, U.S. April 30, 2023. REUTERS/Ashraf FahimMay 1 (Reuters) - Shares of regional lenders fell in morning trading on Monday following the collapse of First Republic Bank (FRC.N), the third major casualty of the biggest crisis to hit the U.S. banking sector since 2008. Among individual movers, Citizens Financial Group (CFG.N), PNC Financial Services Group (PNC.N), Truist Financial Corp (TFC.N) and U.S. Bancorp (USB.N) fell between 2.2% and 7%. While investors digested the quick deal for First Republic's assets with a pinch of salt, the regulator-engineered rescue effort sparked a sell-off in the mid-cap bank sector. Global banking has been rocked by the closure of Silicon Valley Bank and Signature Bank in March.

☆ Apollo CEO Mark Rowan on First Republic fallout: The business of regional banking will change
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApollo CEO Mark Rowan on First Republic fallout: The business of regional banking will changeApollo Global Management CEO Marc Rowan joins David Faber on 'Squawk on the Street' to discuss the fallout of First Republic's banking failure, Apollo's performance, recession prediction, and more.

☆ Here's what's next for bank stocks after the failure of First Republic
▼ + stars: | 2023-05-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

First Republic's demise was the third regional bank failure since early March, when Silicon Valley Bank and Signature Bank folded within days of each other. There is cautious optimism on Wall Street that First Republic will be the last failure of this period. However, reports from other regional banks weren't nearly as dire, with many reporting that deposits had stabilized and were growing again. However, the failure of First Republic could cause some more turbulence, at least in the short-term, for both deposits and bank stocks. "We don't believe that regional banks are completely out of the woods," Wolfe Research chief investment strategist Chris Senyek said in a note to clients on Monday.

☆ Beiley: The tightening of credit is raising the cost of capital, which is a negative for markets
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBeiley: The tightening of credit is raising the cost of capital, which is a negative for marketsEric Beiley, Executive Managing Director at Steward Partners Global Advisory, discusses the markets, earnings, and the regional banking sector.

☆ Rep. Maxine Waters says government intervention in regional banks 'is not a bailout at all'
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Maxine Waters says government intervention in regional banks 'is not a bailout at all'Rep. Maxine Waters (D-Calif.) joins 'Last Call' to discuss the regional banking crisis, the government's efforts to intervene in the sector, and the approaching debt ceiling deadline.

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