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☆ Our base case is one more hike in May, says Deutsche Bank's Brett Ryan
▼ + stars: | 2023-03-24 | 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 EmailOur base case is one more hike in May, says Deutsche Bank's Brett RyanBrett Ryan, Deutsche Bank sr. U.S. economist, joins 'Squawk on the Street' to discuss his projection for the Fed, and says he believes it will hike one more time at the May meeting.

☆ US stocks close higher as markets assess fresh bank woes and recession fears
▼ + stars: | 2023-03-24 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

US stocks ended higher Friday, capping off a week of Fed moves and more bank fears. The 2-year and 10-year Treasury yields both notched their lowest levels in six months. Deutsche Bank stock plunged as a new round of bank jitters hit the market in the wake of SVB and CS failures. All three major indexes ended the day higher, capping off another tumultuous week for markets. Yields on key Treasury bonds were down.

☆ Jim Cramer's top 10 things to watch in the stock market Friday: Bank mess, stocks slide, Activision deal
▼ + stars: | 2023-03-24 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Investors have been selling bank stocks overseas and in the U.S. off-and-on for two weeks since the failure of Silicon Valley Bank in California and later Signature Bank in New York. Any further limitation of TikTok in the U.S. would benefit Facebook-parent and Club stock Meta Platforms (META). As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

☆ A key indicator says a recession is guaranteed in 2023 — and Bill Ackman, Nouriel Roubini, and others are warning of trouble ahead
▼ + stars: | 2023-03-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

From the central bank's latest rate hike to new developments in the ongoing bank crisis, a lot has happened in my absence. And all the while, Jerome Powell's favorite bond-market indicator is quietly telling us that a recession is all but guaranteed this year. Talk of basis points, yield spreads, and other market jargon is obscuring the key message here: Markets think a recession is guaranteed in 2023. How much credence as a recession signal do you give the bond market indicator? He said the current bank crisis isn't a redux of that era, or even of 2008.

West Texas Intermediate U.S. crude futures fell 70 cents, or 1%, to $69.26 a barrel. Brent futures rose 2.8% in the week while U.S. crude futures rose 3.8%. The dollar rose 0.6% against other currencies, which also pressured oil, making crude more expensive to holders of other currencies. Goldman Sachs said commodities demand was surging in the world's biggest oil importer, with oil demand topping 16 million bpd. That means Russia aims to produce 9.7 million bpd between March and June, according to Novak, a much smaller output cut than Moscow previously indicated.

☆ We're back to where, if a European bank catches a cold, we get pneumonia, says Cramer
▼ + stars: | 2023-03-24 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're back to where, if a European bank catches a cold, we get pneumonia, says CramerMad Money host Jim Cramer weighs in on the trading day, which started down as investors worried about the health of Deutsche Bank, but ended the day higher after the European market closed.

☆ Morning Bid: Bank angst persists, unnerves Europe
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +5 min

But banks boosted borrowing under the Fed's newly launched Bank Term Funding Program to $53.7 billion - almost 5 times its first outing the previous week. European bank stocks fell 3% early on Friday, with Deutsche Bank shares (DBKGn.DE) down for a third day - losing 5% amid rising market costs for insuring against the risk of default. European Central Bank President Christine Lagarde is due to attend Friday's European Union summit in Brussels and update leaders on the state of affairs in the financial system. Wider markets were lower in Asia and Europe and U.S. stock futures were in the red again ahead of the open. With less than a 50% chance of another Fed rate rise in this cycle now priced into the futures, almost 80 basis points of rate cuts are now seen by year-end.

☆ Here's why we only bought 1 stock this week, despite the market being oversold
▼ + stars: | 2023-03-24 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +5 min

The Club has taken a restrained approach to the oversold stock market in recent days, making only one purchase after an assertive buying spree the week prior. This was the case even though our trusted S & P 500 Short Range Oscillator has continued to signal an oversold market, which often suggests stocks may be poised for a bounce. The S & P 500 and Nasdaq Composite traded up as much as 1.8% and 2.5%, respectively, before retreating in the afternoon. The market being in oversold territory isn't the only requirement for the Club to put money to work in a stock we like. A week ago, we bought 130 shares, at $30.15 each , following Halliburton's roughly 13% decline over just a few days.

☆ JPMorgan defends Deutsche Bank stock, says market getting it wrong
▼ + stars: | 2023-03-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

JPMorgan isn't concerned about Deutsche Bank , and investors should focus on the European bank's "solid" fundamentals, analysts from the firm said Friday. Shares of the German lender slid more than 11% on Friday following a spike in the company's credit default swaps Thursday night. Credit default swaps act as a insurance for bondholders in the event of the company defaults. To be sure, there was no clear catalyst for the spike in Deutsche's credit default swaps. DB 1D mountain DB falls JPMorgan, however, is maintaining its overweight rating on Deutsche Bank.

☆ Ron Insana: The Fed is still intent on taking the punch bowl away when the party is long over
▼ + stars: | 2023-03-24 | by ( Ron Insana | ) www.cnbc.com time to read: +2 min

Judging from the Federal Reserve's most recent statements and actions, the Fed may well be following the immortal advice of Nike and planning to "Just do it!" It seems they still want to drive short-term interest rates to their presumed terminal level, now almost universally believed to be 6%, or a full percentage point above its most recent target of 4.75-5%. The Fed acknowledged that recent bank troubles could lead to tighter credit conditions and make business and consumer loans more difficult to get. The Fed apparently doesn't mind that since it helps the Fed slow the economy and put the inflation genie back into the bottle. If I were at the Fed, I'd mind.

SummarySummary Companies European banks, bonds, CDS sell offDeutsche Bank CDS rise to highest since late 2018Confidence hurt, outlook dimsLONDON, March 24 (Reuters) - Confidence in European banks deteriorated further on Friday, with the cost of insuring against a debt default rising sharply as the profit outlook for the sector dimmed. Deutsche Bank's (DBKGn.DE) five-year credit default swaps (CDS) jumped 19 basis points (bps) from Thursday's close to 222 bps, rising to their highest since late 2018, data from S&P Global Market Intelligence showed. The prospect that interest rates may be close to peaking, as financial markets are signalling, would also curb banks' profit margins on lending. BOND WATCHEuropean banks' Additional Tier 1 (AT1) debt came under fresh selling pressure, with Deutsche AT1 prices down 6 cents, according to Tradeweb data. The selloff in AT1s highlighted concerns about rising funding costs for European banks and helped explain why the sector was facing renewed pressure on Friday, analysts said.

☆ Stocks making the biggest moves premarket: Deutsche Bank, Coinbase, Block, Marathon Oil and more
▼ + stars: | 2023-03-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

A Deutsche Bank AG flag flies outside the company's office on Wall Street in New York. Banks — Shares of U.S. banks fell as investors worried about the global banking system. First Republic Bank fell 3%, while Western Alliance , Zions Bancorporation and Fifth Third all lost more than 2%. Energy stocks — Energy names fell in in the premarket as oil prices slid, with investors worried about potential oversupply. Marathon Oil and Devon Energy fell about 3%.

☆ Things are pretty grim in real estate, but that could be a good thing for proptech startups in the long run
▼ + stars: | 2023-03-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Today, we've got stories on Deutsche Bank's tumbling shares, some bad news for Block, and why Gen Z might be in trouble. Of the many casualties of 2022, startups focusing on the real-estate market were some of the biggest. As the real-estate market dried up, thanks to rising interest rates, these companies that were meant to upend the industry through tech and innovation suddenly took a backseat. And while current conditions aren't ideal for proptech startups, that could actually benefit them in the long run. Click here to check out 26 of the hottest proptech startups set to take off in 2023.

☆ U.S. regulators say banking system 'sound and resilient'
▼ + stars: | 2023-03-24 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, March 24 (Reuters) - The multi-regulator U.S. Financial Stability Oversight Council agreed on Friday that the U.S. banking system remains "sound and resilient" despite stress on some institutions, the U.S. Treasury said in its latest statement to calm jittery markets and bank depositors. "The Council discussed current conditions in the banking sector and noted that while some institutions have come under stress, the U.S. banking system remains sound and resilient," the Treasury said in a statement. They added that the basis of the Treasury, Fed and FDIC determinations in the SVB and Signature cases "are of particular importance." Those actions to invoke "systemic risk exceptions" were taken by Yellen, President Joe Biden, the FDIC, and the Fed, which supervised Silicon Valley and Signature. Reporting by David Lawder; additional reporting by Pete Schroeder; Editing by Diane Craft and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Companies Deutsche Bank AG FollowNEW YORK, March 24 (Reuters) - Deutsche Bank AG (DBKGn.DE) has settled a lawsuit in which it accused two offshore funds of reneging on an agreement to sell it $1.6 billion of claims in the bankruptcy of Bernard Madoff's namesake firm. Incorporated in the British Virgin Islands, the Kingate funds funneled client money to Madoff for many years before his Ponzi scheme collapsed in 2008. The funds sold their claims against the former Bernard L. Madoff Investment Securities LLC to Deutsche Bank for 66 cents on the dollar in 2011. But the bank said the Kingate funds later got "sellers' remorse" because the value of the claims rose substantially. The case is Deutsche Bank Securities Inc v. Kingate Global Fund Ltd et al, U.S. District Court, Southern District of New York, No.

☆ Yellen chairs closed US Financial Stability Oversight Council meeting
▼ + stars: | 2023-03-24 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, March 24 (Reuters) - U.S. Treasury Secretary Janet Yellen will chair a closed meeting of the Financial Stability Oversight Council on Friday morning, according to daily media advisory for the department. The Treasury statement provided no further details about the subject of the FSOC meeting, which comes two weeks after regulators closed Silicon Valley Bank (SIVB.O), whose failure kicked off a bank-run contagion crisis. The body of financial regulators, led by the Treasury and including the heads of the Federal Reserve, the Federal Deposit Insurance Corp (FDIC), the Securities and Exchange Commission and other regulatory agencies, meets regularly to discuss the state of U.S. financial stability risks and oversight initiatives. Those actions to invoke "systemic risk exceptions" were taken by Yellen, President Joe Biden, the FDIC, and the Fed, which supervised Silicon Valley and Signature. Responding to a Senate hearing question on risks in the non-bank financial sector, Yellen said on Wednesday that the oversight council was working on revised guidance that would restore the body's capacity to designate non-bank financial institutions as systemically important.

The global banking sector has been rocked since the sudden collapse this month of two U.S. regional banks sparked fears of contagion to other lenders. Separate sources told Reuters that UBS has promised retention packages to Credit Suisse wealth management staff in Asia to stem a talent exodus. Credit Suisse and UBS declined to comment, while the Justice Department did not immediately respond to Reuters' emailed requests for comment. The takeover of Credit Suisse has also ignited broader concerns about investors' exposure to a fragile banking sector. Standard Chartered (STAN.L) Chief Executive Bill Winters said on Friday the wipeout had "profound" implications for global bank regulations.

☆ Deutsche Bank Selloff Sparks Contagion Fears
▼ + stars: | 2023-03-24 | by ( ) www.wsj.com time to read: 1 min

If a Grand Jury Votes to Indict Trump, Here's How It Could Play OutA New York grand jury could vote to criminally indict Donald Trump for his alleged role in a payment to a porn star, kicking off a process in which the former president would likely travel to Manhattan to face charges. WSJ’s Corinne Ramey explains where the proceedings could play out. Illustration: Preston Jessee

The fresh price falls in Europe came as investors were looking to see how far U.S. authorities would go to shore up the banking sector, particularly fragile regional lenders. REUTERS/Dado Ruvic/Illustration/File Photo 1 2CDS surge on banking sector turmoilUBS CHALLENGESThe global banking sector has been shaking since the sudden collapse this month of SVB and Signature Bank. But the worries spread quickly, and on Sunday UBS (UBSG.S) was rushed into taking over Swiss rival Credit Suisse after it lost the confidence of investors. Separate sources told Reuters that UBS has promised retention packages to Credit Suisse wealth management staff in Asia to stem a talent exodus. Standard Chartered (STAN.L) Chief Executive Bill Winters said on Friday the wipeout of Credit Suisse bondholders had "profound" implications for global bank regulations.

☆ Wall Street shakes off early losses — listen to the 'Homestretch'
▼ + stars: | 2023-03-24 | 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 EmailWall Street shakes off early losses after European markets closeJim Cramer on Friday discussed fresh concerns over the health of Deutsche Bank and the impact on Wall Street trading. He also explained his latest thinking on Club holdings Morgan Stanley (MS), Costco (COST) and more.

☆ US stocks slide as traders deal with fresh banking woes and digest outlook for rates
▼ + stars: | 2023-03-24 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +1 min

US stocks fell as traders remain wary of banking sector woes and assess the Fed's next move. Shares of Deutsche Bank dropped after the cost of its credit default swaps jumped. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Bank shares led the dive. Deutsche Bank sank 14% in Frankfurt on concerns about the health of the German lender.

☆ European banks default-risk indicator jumps, AT1 bonds fall
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

Deutsche Bank's (DBKGn.DE) five-year credit default swaps (CDS) jumped 19 basis points (bps) from Thursday's close to 222 bps, data from S&P Global Market Intelligence showed. UBS's (UBSG.S) five-year CDS also shot up 14 bps from Thursday's close to 130 bps, the data showed. European banks' Additional Tier 1 (AT1) debt also came under fresh selling pressure, with Deutsche and UBS AT1s down around four and two cents in price, respectively, according to Tradeweb data. Although European regulators and authorities in Asia have said this week they would continue to impose losses on shareholders before bondholders - unlike the treatment of bondholders at Credit Suisse - unease lingers. Reporting by Chiara Elisei and Amanda Cooper; Writing by Dhara Ranasinghe; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Bank is a casualty of the general fear in the market: Financial Times' Stephen Morris
▼ + stars: | 2023-03-24 | 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 EmailDeutsche Bank is a casualty of the general fear in the market: Financial Times' Stephen MorrisStephen Morris, Financial Times banking editor, joins 'CNBC’s ‘Power Lunch’ to discuss the reasons behind the declining shares of Deutsche Bank and the tumbling of European bank stocks.

☆ Wall Street downgrades European banks and names stocks to buy 'in case markets turn sour'
▼ + stars: | 2023-03-24 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Wall Street is downgrading European banks after stresses in the sector led to the emergency merger of the two largest lenders in Switzerland. The bank's strategists said — in a report titled "A dozen stocks in case markets turn sour" — their list of 12 buy-rated stocks would prove resilient during broad market sell-offs. The list includes companies such as Nokia , Sodexo , and SAP among others that strategists at Deutsche Bank Research said could outperform broader markets during recessionary environments. Meanwhile, they said that Sodexo's defensive growth profile is also expected to lead to top-line growth of 8-10% this year. Deutsche strategists Maximilian Uleer and Caroline Raab added that the German tech giant SAP had finished its costly cloud investments and is now starting to see benefits from the transformation.

☆ Deutsche Bank is too big to fail — we think management has a good handle on it, says Marathon's Bruce Richards
▼ + stars: | 2023-03-24 | 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 EmailDeutsche Bank is too big to fail — we think management has a good handle on it, says Marathon's Bruce RichardsBruce Richards, Marathon Asset Management, joins 'Squawk on the Street' to discuss European bank debt even as Deutsche Bank rattles the financial sector.

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