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☆ CNBC Daily Open: Nothing broke yesterday. Markets cheered
▼ + stars: | 2023-03-30 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

For markets still reeling from the banking crisis, no news is good news. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Or perhaps it was precisely the lack of any significant event that cheered markets. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Bitcoin’s correlation with stocks is at its lowest since 2021 as investors grapple with the cryptocurrency's narrative shift
▼ + stars: | 2023-03-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The break became more noticeable in March, as investors rediscovered bitcoin's appeal as alternative banking system as the regional banking crisis unfolded. Bitcoin's correlation with the S & P 500 is now at its lowest since September 2021, after reaching its highest ever in 2022 , according to Coin Metrics. Meanwhile, bitcoin's correlation with gold, a traditionally "risk-off" asset, has risen. This break in correlation is perhaps a sign more investors are waking up to this fact." Bitcoin became more of an institutional asset at the start of 2021 as big investors, short term traders and macro funds jumped into the market.

☆ CNBC Daily Open: After SVB collapse, stricter rules coming for banks?
▼ + stars: | 2023-03-29 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The rise in yields suggests traders are growing confident the banking turmoil is subsiding, and they're turning their attention back to inflation. In a bizarre way, even if that's bad news for inflation, that's probably good news for everyone who's been consumed by banking fears in recent days. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: UBS gets a new (old) Group CEO
▼ + stars: | 2023-03-29 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. This suggests UBS is prioritizing stability as it proceeds with its merger with Credit Suisse. The rise in yields suggests traders are growing confident the banking turmoil is subsiding, and they're turning their attention back to inflation. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Univest Financial CEO on the health of the regional banking sector
▼ + stars: | 2023-03-29 | 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 EmailUnivest Financial CEO on the health of the regional banking sectorJeffrey Schweitzer, CEO and President of Univest Financial, weighs in on the regional banking sector.

Wall Street posted solid gains on Wednesday as volatility slumped to its lowest since the U.S. banking tremors were first felt three weeks ago. While bond yields inched up, bond market volatility also fell and fixed income markets were pretty calm. The rate-sensitive Nasdaq jumped 1.8% for its best day in two weeks, boosted by positive tech company outlooks. The MSCI World financials index is now up three days in a row and the U.S. regional banking index has risen for four straight days, neither of which have been recorded since January. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Morning Bid: Bank calm, rates firm, Alibaba steals show
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +4 min

A semblance of calm has returned to world markets in the final week of the first quarter as the banking storm abates and the spotlight switched to a share-boosting six-way revamp of Chinese e-commerce giant Alibaba. Investors cheered the surprise move from Alibaba (9988.HK) as a sign Beijing's corporate crackdown may be nearing an end, sending shares of the Jack Ma-founded firm and peers soaring. The surprise move seeks to take advantage of Ermotti's experience rebuilding the bank after the global financial crisis 15 years ago. Broader stock markets were higher across the board, with Wall St futures up almost 1% ahead of the open. Futures markets now show a 50-50 chance of one more Fed rate hike in this cycle in May and half a point of easing by yearend.

☆ Stock futures are little changed as investors come off winning day: Live updates
▼ + stars: | 2023-03-29 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Traders work on the floor of the New York Stock Exchange (NYSE) on February 27, 2023 in New York City. Stock futures were little changed Wednesday night. S&P 500 futures and Nasdaq-100 futures were also near their flatlines. Regional banks, closely followed since Silicon Valley Bank's collapse earlier this month, also finished the session higher, with the SPDR S&P Regional Banking ETF (KRE) adding around 1%. Boston Federal Reserve President Susan Collins, Richmond Fed President Thomas Barkin and Minneapolis Fed President Neel Kashkari are all slated to speak in the afternoon.

☆ Stock futures rise slightly after Nasdaq falls for a second day: Live updates
▼ + stars: | 2023-03-28 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

U.S. stock futures ticked higher Tuesday night after the major averages declined on the back of higher bond yields. Dow Jones Industrial Average futures rose by 41 points, or 0.13%. S&P 500 and Nasdaq 100 futures climbed 0.14% and 0.09%, respectively. The Nasdaq Composite closed down 0.45% during the regular session on Tuesday, falling for a second straight day as rising yields weighed on tech stocks. Economists polled by Dow Jones forecast a decline of 3% in February, down from a rise of 8.1% the previous month.

☆ A.I. could drive $7 trillion in global growth in 10 years, Goldman estimates. Here's how to play it.
▼ + stars: | 2023-03-28 | by ( Pia Singh | ) www.cnbc.com time to read: +5 min

Within that, generative AI has a total addressable market of $150 billion, Goldman said. We believe Generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications," Goldman analysts wrote in a recent research report. But generative AI is able to produce new content such as text, video, images or computer code — putting it a step ahead. "Generative AI tools have far-reaching implications across industries, from enterprise software to healthcare, financial services and more," Goldman said. With the tech giants already incorporating it into their products, Goldman sees generative AI boosting sales, productivity and product innovation.

Bank shares rebounded sharply on Monday after First Citizens BancShares Inc (FCNCA.O) said it would acquire the deposits and loans of Silicon Valley Bank, whose collapse earlier this month sparked a selloff in the sector. "The fact that we've got answers on Silicon Valley Bank, Signature Bank and Credit Suisse means that we have more answers than questions," said Art Hogan, chief market strategist at B Riley Wealth in Boston. Lawmakers are expected to put U.S. bank regulators on the defensive over the unexpected failures of regional lenders Silicon Valley Bank and Signature Bank when they testify before Congress later on Tuesday. The S&P 500 and Dow rose on Monday after the SVB deal was announced, while the Nasdaq Composite closed lower, led by a decline in technology-related stocks. The S&P index recorded five new 52-week highs and no new low, while the Nasdaq recorded 13 new highs and 40 new lows.

☆ Investors are pouring record amounts into money market funds as rates rise. How to pick the best one
▼ + stars: | 2023-03-28 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Investors in search of relative safety and attractive yields are piling into money market funds at record levels. In particular, they fled to government money market funds – which hold U.S. Treasurys – with retail assets surpassing $1.25 trillion. Here's what you should know as you browse: Three varieties In addition to government money market funds, there are also tax-exempt money market funds. She noted that there are also some state-specific money market funds, which might make sense for residents in high-tax jurisdictions. Money market funds also shouldn't be confused with money market accounts – which are interest-bearing accounts you can open at a bank.

☆ CNBC Daily Open: First Citizens made a good deal
▼ + stars: | 2023-03-28 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. More crucially, it signaled to markets that, despite SVB's financial difficulties, there was still value in SVB's reputation and relationship with its clients. The optimism was reflected in the SPDR S&P Regional Banking ETF (KRE), which rose about 0.87%. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: First Citizens struck a great bargain
▼ + stars: | 2023-03-28 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. First Citizens' purchase of SVB's assets was a bargain in monetary terms. The optimism was reflected in the SPDR S&P Regional Banking ETF (KRE), which rose about 0.87%. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ How First Republic's courtship of the wealthy led to meltdown
▼ + stars: | 2023-03-27 | by ( Lawrence Delevingne | ) www.reuters.com time to read: +6 min

March 27 (Reuters) - First Republic Bank (FRC.N) became the epicenter of the U.S. regional banking crisis after the wealthy clients it courted to fuel its breakneck growth started withdrawing deposits and left the bank reeling. Reuters GraphicsFor years, First Republic lured high net-worth customers with preferential rates on mortgages and loans. Morgan Stanley analysts estimated a deposit outflow of nearly half of total deposits according to a March 20 note. First Republic's loan book and investment portfolio also became less valuable as interest rates rose, which is hampering a capital raise. "Wealthy customers were drawn to First Republic in part because they could get large mortgages at rock-bottom interest rates," said McCoy.

☆ Stock futures are flat on Monday evening: Live updates
▼ + stars: | 2023-03-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Stock futures inched higher in overnight trading after the S&P 500 posted its third positive session in a row and banking sector concerns continued to ease. Meanwhile, S&P 500 and Nasdaq 100 futures added 0.11% each. Investors fought to extend last week's gains, but tech shares came under pressure. The Dow Jones Industrial Average added 194.55 points, or 0.6%, while the S&P 500 gained 0.16%. Beaten-up regional banking stocks, including First Republic , climbed along with the SPDR S&P Regional Banking ETF (KRE ).

☆ JPMorgan says commercial real estate decline is intensifying. Beware these exposed stocks
▼ + stars: | 2023-03-27 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

As commercial real estate comes under even greater pressure, investors should steer clear of these stocks that are overexposed to the sector, JPMorgan said. Commercial real estate is already facing more challenges this year than other parts of real estate, such as retail or lodging. Last year, office real estate dropped 37.6%, also on a total return basis. Given this, JPMorgan screened for a basket of stocks with direct and indirect exposure to U.S. commercial real estate. JPMorgan also identified pharmacy store chains Walgreens Boots Alliance and CVS Health as having direct exposure to any slowdown in commercial real estate.

☆ The first quarter of 2023 is about to end. 'Fast Money' traders look ahead to earnings season
▼ + stars: | 2023-03-27 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

In the first quarter of 2023, the S & P 500 is up more than 3%. .SPX YTD mountain S & P 500 YTD However, the "Fast Money" traders said investors are failing to price in tightening credit conditions, as well as a weaker macro environment, ahead of first quarter earnings — particularly in the tech sector. Nathan said consensus estimates for tech stocks are elevated, even as those companies contend with a higher interest rate and inflationary environment. Similarly, investors piled into mega-cap tech stocks after the recent banking crisis, citing their "stability," Grasso said. Trader Karen Finerman was less negative on the sector, saying supply chain issues and a pullback in the stronger dollar have eased this year, weighing less on mega-cap tech stocks.

☆ CNBC Daily Open: SVB deposits and loans find a buyer
▼ + stars: | 2023-03-27 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +4 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. By all appearances, First Citizens Bank is a willing buyer of SVB — unlike UBS' forced marriage with Credit Suisse, orchestrated by Swiss regulators. Deutsche Bank is not another Credit Suisse in two key aspects. Deutsche Bank reported a 1.8-billion-euro ($1.98 billion) net profit, giving it an annual net income for 2022 of 5 billion euros. By contrast, Credit Suisse had a fourth-quarter loss of 1.4 billion Swiss francs ($1.51 billion), bringing it to a full-year loss of 7.3 billion Swiss francs.

☆ First Citizens just bought Silicon Valley Bank – here's everything you need to know about the latest twist in the banking turmoil
▼ + stars: | 2023-03-27 | by ( George Glover | ) www.businessinsider.com time to read: +6 min

First Citizens Bank agreed to buy most of Silicon Valley Bank on Sunday. The Raleigh, NC-based bank has taken over 17 branches of SVB, $119 billion of its deposits and $72 billion worth of loans. Here's everything you need to know about the latest twist in the US's regional banking turmoil. First Citizens Bank has agreed to buy SVB, according to a statement released on Sunday by the Federal Deposit Insurance Corporation. It'll also receive benefits tied to First Citizens' share price, which it estimated could be worth around $500 million.

☆ CNBC Daily Open: Deutsche Bank is not Credit Suisse
▼ + stars: | 2023-03-27 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

A Deutsche Bank AG branch in the financial district of Frankfurt, Germany, on Friday, May 6, 2022. Deutsche Bank is the latest bank to suffer a panic-driven sell-off. Deutsche Bank is not another Credit Suisse in two key aspects. By contrast, Credit Suisse had a fourth-quarter loss of 1.4 billion Swiss francs ($1.51 billion), bringing it to a full-year loss of 7.3 billion Swiss francs. On the other hand, Credit Suisse disclosed it had to use "liquidity buffers" in 2022 as the Swiss bank fell below regulatory requirements of liquidity.

☆ Stock futures are up as Wall Street looks to build on winning week: Live updates
▼ + stars: | 2023-03-26 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Stock futures edged higher Sunday evening as Wall Street came off a winning week and investors continued to follow the troubling bank sector. The moves come after Wall Street capped off a winning week despite volatility related to the Federal Reserve's latest interest rate hike and the ongoing bank crisis. The news reignited concerns over the health of the European banking system that started with UBS ' acquisition of Credit Suisse earlier this month. "Although markets were okay with the Fed, it was the second thing — the ongoing turmoil in the banking system — that mattered even more." In the week ahead, investors will likely continue watching the banking sector for indicators of potential weakness.

☆ Bank fears will likely lead to even more market volatility in the week ahead
▼ + stars: | 2023-03-24 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

Market turbulence could reign supreme once again in the week ahead, as investors worry about the potential for more trouble rippling through the banking system. The broader market was initially under pressure Friday as investors became jittery about Deutsche Bank . "The market is saying: 'You, the Fed, do not appreciate the slowdown that is going to hit us,'" Chandler said. "The market is going to do a lot better and it held onto its gains despite all the things that rocked the market. He added that market concern about banks has risen, and there is concern credit tightening will hurt the economy.

☆ Analysis: End of central bank rate hikes now firmly on the horizon
▼ + stars: | 2023-03-23 | by ( Balazs Koranyi | ) www.reuters.com time to read: +5 min

The U.S. Federal Reserve, the European Central Bank and the Bank of England all raised rates as expected in the last week, but each of them signalled caution about their next move, leaving investors unsure where borrowing costs are going. Central banks have also been quick. This is lightning-fast by central banking standards and ECB's Knot said policymakers needed to have a deeper look at how it is affecting lenders. Combined, these factors suggest that big central banks are nearly done, and that upcoming rate moves may be their last. If so, our view is that it could indeed substitute for further rate hikes," Michael Gapen at Bank of America said.

☆ Elon Musk jokes ChatGPT 'couldn't do worse' than Jerome Powell as he slams the Fed's latest rate hike
▼ + stars: | 2023-03-23 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Elon Musk has slammed the Federal Reserve again after it decided to keep hiking interest rates. Musk warned the Fed's latest decision could make the US regional banking crisis worse. "A major driver of depositor flight is people moving money from low interest savings accounts to high interest money market (Treasury Bill) accounts," Musk said. Bond yields tend to rise when the Fed lifts interest rates, making money market accounts more attractive. He's noted that higher interest rates bump up monthly car-loan payments, effectively making it more expensice to buy vehicles.

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