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☆ Column: Dollar's smile looks a little lopsided
  + stars: | 2023-03-24 | by ( Mike Dolan | Thomson Reuters | Mike Dolan Is Reuters Editor-At-Large For Finance | ) www.reuters.com   time to read: +6 min
Similarly, the U.S. economy and stock markets tend to outperform during booms and draw in overseas investment that lifts demand for dollars. Surely times of great banking and credit stress should boost the greenback? And now we face a bout of severe banking stress alongside stubbornly high inflation that had almost all major central banks raising interest rates again over the past week despite the pretty clear underlying credit stress. JPMorgan's take on the stressed side of the dollar smile last week pointed out that "the underlying macro-financial pathology that necessitates lower yields is the primary determinant of dollar direction". Clearly, the dollar smile is no laughing matter.
☆ Wall Street is confident high-yielding banks won't cut their dividends
  + stars: | 2023-03-22 | by ( Scott Schnipper | ) www.cnbc.com   time to read: +5 min
Atlanta's Truist Financial ($41 billion) now yields 6.2% while Minneapolis's U.S. Bancorp ($53 billion) pays 5.1% on its common stock. After all, high dividend yields are often a sign of financial or business distress, or a red flag that the payments so many mom-and-pop investors depend on are unsustainable. Wall Street just doesn't think most payouts will be cut — so long as any recession this year stays on the mild side. "Despite these lower dividend growth expectations, we believe these bank holdings still have attractive dividends," Peris added. A final straw in the wind: Wall Street has issued dozens of research reports since Silicon Valley Bank went under.
☆ Credit Suisse went the way of Bear Stearns in 2008. But this crisis is different
  + stars: | 2023-03-21 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +9 min
A sign of Credit Suisse pictured behind a sign of UBS in Zurich on March 18, 2023. The Swiss government said Tuesday it had ordered Credit Suisse to temporarily suspend the payment of some bonuses, including share awards, to bank staff. Credit Suisse is the first “global systemically important” bank to be rescued since 2008. Yet despite its importance to the financial system, most analysts are not expecting Credit Suisse’s demise to mark the beginning of another global financial crisis. “It’s possible that a vicious circle develops, in which credit tightens, the real economy deteriorates, and default rates start to rise,” he said.
☆ Credit Suisse bump trade looks over-optimistic
  + stars: | 2023-03-20 | by ( ) www.reuters.com   time to read: +2 min
NEW YORK, March 20 (Reuters Breakingviews) - Investors in Credit Suisse’s bombed-out stock are getting a little ahead of themselves. At that level, they’re 7% above the implied value of UBS’s offer, and a wider 13% using the lenders’ U.S.-listed shares, which trade until later in the day. That deal, like UBS’s rescue of Credit Suisse, was also a government-arranged attempt to prop up an ailing bank. Unlike Credit Suisse, Bear Stearns’ shareholders got a vote, giving them leverage to argue for a higher price. Credit Suisse shareholders have little left but hope.
☆ On the precipice: How Credit Suisse's day of drama unfolded
  + stars: | 2023-03-16 | by ( ) www.reuters.com   time to read: +5 min
Fifteen years later, Credit Suisse Group AG found itself on a similar precipice. By the time traders in New York were switching on screens on Wednesday, Credit Suisse had lost more than a fifth of its value. Credit Suisse did not comment for this story but noted recent interviews given by its CEO saying the bank was strong. STILL SMOLDERINGMarkets seemed to calm, but the fresh drama around Credit Suisse jogged memories that the financial system was not out of the woods yet. "We welcome the statement of support," Credit Suisse said.
☆ First Republic just got a $30 billion lifeline from JPMorgan and other Wall Street giants. Here's why its problems aren't over.
  + stars: | 2023-03-16 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +5 min
JPMorgan and 10 other banks are depositing $30 billion in First Republic Bank. A white knight has arrived to First Republic Bank's rescue. A consortium of America's biggest banks including JPMorgan Chase, Morgan Stanley, and Goldman Sachs are depositing a collective $30 billion in First Republic. This $30 billion lifeline may not be enough to reassure investors and depositors, and it may be a stopgap measure before a sale. The $70 billion lifeline from JPMorgan announced on Sunday did little to quell investors' concerns, Dahiya noted.
☆ While Yellen Assures, Banks Run
  + stars: | 2023-03-16 | by ( The Editorial Board | ) www.wsj.com   time to read: 1 min
Janet Yellen offered more assurances Thursday that U.S. banks are safe and sound—and we doubt even the Treasury Secretary believes it. Certainly no one else does. The biggest American banks had to commit $30 billion on Thursday to rescue First Republic Bank—15 years to the day since Bear Stearns’s collapse. The San Francisco-based bank’s shares have lost 70% since last Wednesday, and its credit rating has been downgraded to junk. First Republic investors and depositors haven’t been soothed by the Federal Deposit Insurance Corp.’s guarantee of uninsured deposits at Silicon Valley ( SVB ) and Signature banks, or the Federal Reserve’s new emergency lending facility.
☆ ASIA Classic safe havens the winners as crisis goes global
  + stars: | 2023-03-15 | by ( Jamie Mcgeever | Thomson Reuters | Jamie Mcgeever Has Been A Financial Journalist Since | ) www.reuters.com   time to read: +3 min
March 16 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. There's no doubting it now - Credit Suisse has made the banking crisis global and, in classic financial crisis mode, investors are rushing for the global safe havens of the U.S. dollar, U.S. Treasuries and Japanese yen. Indeed, the most important driver for Asian markets on Thursday may come from Frankfurt. A cynic might point out that the ECB has form for failing to grasp the enormity of an unfolding financial crisis and raising interest rates. Debate is intensifying on the roots of the banking crisis - solvency, liquidity or asset quality?
☆ SVB proves even smaller banks are too big to fail
  + stars: | 2023-03-15 | by ( Peter Thal Larsen | ) www.reuters.com   time to read: +5 min
Yet last weekend U.S. authorities struggled to contain the fallout from the collapse of SVB Financial (SIVB.O), a relatively simple institution about half the size of the defunct Wall Street firm. After 2008, global regulators designed elaborate rules to make banks safer, and to limit the economic impact if they failed. The result was that when SVB failed, it had no additional buffer, leaving uninsured depositors potentially on the hook for losses that exceeded its capital. Five days after SVB failed, no buyer has yet come forward. It’s a timely reminder that even smaller banks can be too big to fail.
☆ Fed’s Magical Accounting Might Save Banks but Doom Rate Increases
  + stars: | 2023-03-14 | by ( James Mackintosh | ) www.wsj.com   time to read: 1 min
A trader on the floor of the New York Stock Exchange. Bank shares were down Monday in the aftermath of the collapse of Silicon Valley Bank. Just two days before the 15th anniversary of the Federal Reserve-backed rescue of Bear Stearns, the central bank is offering easy money to banks to stop an incipient run on the sector. The immediate question is whether it will succeed. The secondary questions for investors are whether this marks the end of the rapid rate rises that trashed markets last year, and what lessons can be learned.
☆ History of financial shocks shows this banking tumult could be a buying opportunity
  + stars: | 2023-03-14 | by ( Samantha Subin | ) www.cnbc.com   time to read: +2 min
If history is any guide, financial events like the collapse of Silicon Valley Bank could present an attractive buying opportunity for investors in the months ahead. Data compiled by Deutsche Bank macro strategist Alan Ruskin tracking several major financial events in recent history shows that the S & P 500 has gained a median of 19% a year after those incidents. While the fallout from SVB's failure could present more problems than many recent financial events, the aftershocks should fall short of the havoc wreaked in the wake of 2008's financial crisis, he wrote in a Tuesday note. Despite the wreckage the failures brought to financial markets — and regional banking stocks — history shows that these incidents could present a good buying opportunity for investors, with interest rates typically declining in their wake. Aside from the 1987 stock market crash and 1994 Orange County bankruptcy, history also shows that these incidents can also result in good news for rates.
☆ Fed’s Magical Accounting Might Save Banks But Doom Rate Increases
  + stars: | 2023-03-13 | by ( James Mackintosh | ) www.wsj.com   time to read: 1 min
A trader on the floor of the New York Stock Exchange. Bank shares were down Monday in the aftermath of the collapse of Silicon Valley Bank. Just two days before the 15th anniversary of the Federal Reserve-backed rescue of Bear Stearns, the central bank is offering easy money to banks to stop an incipient run on the sector. The immediate question is whether it will succeed. The secondary questions for investors are whether this marks the end of the rapid rate rises that trashed markets last year, and what lessons can be learned.
☆ Column: U.S. bank failure places oil prices under pressure
  + stars: | 2023-03-13 | by ( John Kemp | Thomson Reuters | John Kemp Is A Senior Market Analyst Specializing In Oil | ) www.reuters.com   time to read: +7 min
Responding to SVB’s failure, the central bank promised to make available additional liquidity to banks and other deposit-taking institutions. By reassuring depositors, the central bank aims to prevent runs on other institutions and contagion through the financial system. And by promising to buy high-quality assets at face value, the central bank is trying to forestall a fire sale that could depress valuations and become self-reinforcing. POLICY AND SUPERVISIONThe central bank’s intervention has highlighted the complex interaction between monetary policy and bank supervision. But given the spillovers between monetary policy and supervision, the offer of additional liquidity is probably not enough to insulate monetary policy from financial stability considerations.
☆ 3 Failed Banks This Year Were Bigger Than 25 That Crumbled in 2008
  + stars: | 2023-03-11 | by ( Karl Russell | Christine Zhang | ) www.nytimes.com   time to read: +6 min
The three banks that failed this year were worth more in inflation-adjusted assets than the 25 that collapsed in 2008. Before Silicon Valley Bank, the last bank to fail was in late 2020, as the coronavirus was ravaging the country. First Republic Bank ranks 14th, Silicon Valley Bank ranks 16th and Signature Bank ranks 29th. Silicon Valley Bank’s chief executive, Greg Becker, was a strong supporter of the move. In a review of the Fed’s oversight of Silicon Valley Bank released on Friday, Michael S. Barr, the central bank’s vice chair for supervision, said the Fed would “re-evaluate” its rules for banks that were similar in size to Silicon Valley Bank.
☆ Who will step up to buy SVB? The white knight might be a bank outside Wall Street.
  + stars: | 2023-03-11 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +5 min
SVB Bank, which catered to startups and tech founders, imploded in three days after a run on the bank. SVB Financial is reportedly looking to find a buyer by Monday. The implosion of Silicon Valley Bank means a working weekend for some bankers. SVB Financial Group is on the hunt for a buyer after regulators closed its Silicon Valley Banking business, according to Bloomberg. Though SVB's bond losses are taking up the headlines, its parent company SVB Financial has two business segments that are enticing.
☆ Takeaways from America’s second-largest bank failure
  + stars: | 2023-03-11 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +7 min
New York CNN —Silicon Valley Bank’s 48-hour collapse led to the second-largest failure of a financial institution in US history. Its stunning, and seemingly rapid, fall is the largest shutdown of a US bank since Washington Mutual in 2008. “That’s because its depositors were withdrawing their money so fast that the bank was insolvent, and an intraday closure was unavoidable due to a classic bank run.”High interest rates led to its demiseTo combat rampant inflation, the central bank has been aggressively raising interest rates since 2022. When interest rates were near historical lows, the banks bought up on long-dated, seemingly low-risk Treasuries. Faced with these higher interest rates, loss of IPOs and a funding drought, SVB’s clients began pulling money out of the bank.
☆ Silicon Valley Bank collapse sends tech industry into a panic
  + stars: | 2023-03-10 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +5 min
Following the bank’s collapse on Friday, uncertainty in the startup community only grew. Founders Fund, an influential venture capital firm founded by billionaire Peter Thiel, reportedly advised its portfolio companies to pull money from the bank. “SVB is the most important capital provider to tech startups and the biggest supporter of the community,” he said in a tweet. “Now is the time to support them.”The rapidly unfolding fallout at Silicon Valley Bank comes at a challenging moment for the tech industry. Now, the bank’s collapse risks compounding the industry’s cash crunch and broader turbulence.
☆ The Second-Biggest Bank Failure
  + stars: | 2023-03-10 | by ( Karl Russell | Christine Zhang | ) www.nytimes.com   time to read: +5 min
A bar chart of U.S. bank failures since 2001, showing that Silicon Valley Bank’s collapse was the second-biggest in U.S. history in terms of assets. Before Silicon Valley Bank, the last firm to fail was in late 2020, as the coronavirus was ravaging the country. It’s unclear whether the collapse of Silicon Valley Bank will spread to the broader industry. Silicon Valley Bank 209 17. Silicon Valley Bank 209 Fifth Third Bank 17.
☆ Bank run fear: SVB plunges again, leading to calls for a bailout
  + stars: | 2023-03-10 | by ( Allison Morrow | ) edition.cnn.com   time to read: +2 min
Shares of SVB (SIVB) were halted Friday morning after falling more than 60% in premarket trading. SVB, a relatively unknown bank outside of Silicon Valley, lends to higher-risk tech startups that are struggling as interest rates rise and venture capital money dries up. Essentially dealing with a bank run, SVB told investors it had to sell a portfolio of US Treasuries and $1.75 billion in shares at a loss to cover rapidly declining customer deposits. Widespread contagion fears may have calmed slightly Friday: Although SVB brought down mainstream bank stocks right along with it Thursday, most other bank stocks stabilized. When interest rates were near zero, large banks scooped up Treasuries and bonds.
☆ Here's what's next: Silicon Valley Bank collapse has echoes of 2008. Here's why things are different this time
  + stars: | 2023-03-10 | by ( Julia Horowitz Anna Cooban | Julia Horowitz | Anna Cooban | ) edition.cnn.com   time to read: +6 min
London CNN —The failure of Silicon Valley Bank is rattling markets and raising uncomfortable questions: Will it undermine the broader banking system and start a new meltdown? A crucial lender to US technology startups, the bank came under pressure as Silicon Valley funding dried up, the result of an economic slowdown and rapidly rising interest rates. Bank stocks rattledFounded in 1983, SVB provided financing for almost half of US venture-backed technology and health care companies. SVB put the bonds up for sale as customers, facing leaner times, pulled their money from the bank. Silicon Valley Bank had about $209 billion in total assets and $175 billion in total deposits as of the end of last year, according to the FDIC.
☆ In praise of American finance’s regulatory mess
  + stars: | 2023-03-09 | by ( John Foley | ) www.reuters.com   time to read: +8 min
NEW YORK, March 9 (Reuters Breakingviews) - There are many issues on which China and the United States are far apart. The People’s Republic this week proposed combining financial regulatory functions into a new super watchdog to govern its financial sector more effectively. China’s proposed new National Financial Regulatory Administration is roughly in this mold. Since 2008, officials in Beijing have criticized the United States’ financial excesses and its “warped conception” of financial discipline. The new National Financial Regulatory Administration would sit directly under the State Council, which serves as China’s cabinet.
☆ WTA roundup: Katie Volynets escapes 5-0, third-set hole
  + stars: | 2023-03-02 | by ( ) www.reuters.com   time to read: +1 min
March 2 - Down 5-0 and a match point in the third set, the United States' Katie Volynets rallied to upset third-seeded Anastasia Potapova of Russia 5-7, 6-2, 7-5 on Wednesday in the second round of the ATX Open in Austin, Texas. Volynets heated up while winning the last seven games, as she lost just one point total in the final three games. Abierto GNP SegurosThird-seeded Donna Vekic of Croatia needed just 80 minutes to rout the United States' Emma Navarro 6-3, 6-2 in the second round at Monterrey, Mexico. Fifth-seeded Lin Zhu of China registered a 7-6 (4), 2-6, 6-3 win over Canada's Rebecca Marino, and Belgium's Ysaline Bonaventure topped Russia's Kamilla Rakhimova 7-6 (2), 1-6, 6-3. In the last match of the night, Slovakia's Anna Karolina Schmiedlova was scheduled to oppose the United States' Caroline Dolehide.
☆ Goldman Sachs executives to rally investors in New York
  + stars: | 2023-02-28 | by ( ) www.reuters.com   time to read: +6 min
[1/2] A Goldman Sachs sign is seen above their booth on the floor of the New York Stock Exchange, January 19, 2011. REUTERS/Brendan McDermid/File PhotoNEW YORK, Feb 28 (Reuters) - Goldman Sachs Group Inc's (GS.N) Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. DAN DEES, CO-HEAD OF GLOBAL BANKING & MARKETS, 52Dan Dees is the co-head of Goldman's global banking and markets division. JULIAN SALISBURY, CHIEF INVESTMENT OFFICER OF ASSET AND WEALTH MANAGEMENT, 51Julian Salisbury is chief investment officer of Goldman's asset and wealth management unit. KIM POSNETT, CO-HEAD OF ONE GOLDMAN SACHS, 45Kim Posnett is co-head of One Goldman Sachs, the company's program to unify its approach to clients across divisions.
☆ World Bank pick Ajay Banga comes with green finance cred
  + stars: | 2023-02-23 | by ( ) www.reuters.com   time to read: +2 min
U.S. President Joe Biden on Thursday nominated Ajay Banga to be the World Bank’s next president, replacing David Malpass, who announced last week he would step down a year ahead of schedule. It’s a strong signal that the United States wants to help developing countries switch to greener forms of energy. Both Banga and Malpass spent time at big banks, but that’s where the similarities end. As the World Bank’s biggest donor, the United States has traditionally installed government careerists who used the post to promote Cold War-era priorities. By choosing a banker who cares about the planet, Washington is signalling that green finance is a political priority.
☆ U.S. World Bank pick comes with green finance cred
  + stars: | 2023-02-23 | by ( ) www.reuters.com   time to read: +2 min
U.S. President Joe Biden on Thursday nominated Ajay Banga to be the World Bank’s next president, replacing David Malpass, who announced last week he would step down a year ahead of schedule. It’s a strong signal that the United States wants to help developing countries switch to greener forms of energy. Both Banga and Malpass spent time at big banks, but that’s where the similarities end. As the World Bank’s biggest donor, the United States has traditionally installed government careerists who used the post to promote Cold War-era priorities. By choosing a banker who cares about the planet, Washington is signalling that green finance is a political priority.
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