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Traders currently see a 50% chance of no rate hike at that meeting, with rate cuts priced in for the second half of the year. Shares of First Republic Bank (FRC.N) tumbled more than 60% as news of fresh financing failed to reassure investors, and so did Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O). U.S. bank regulators sought to reassure nervous customers on Monday who lined up outside SVB's Santa Clara, California, headquarters, offering coffee and donuts. Regulators also moved swiftly to close New York's Signature Bank SBNY.O, which had come under pressure in recent days. In China, where SVB was the main go-to foreign bank for the majority of start-ups, entrepreneurs and venture funds were also scrambling for alternative funding.

NEW YORK, March 14 (Reuters) - U.S. consumers have flooded banking giants, including JPMorgan Chase & Co (JPM.N), Bank of America Corp (BAC.N) and Citigroup Inc (C.N) with deposits after the collapse of Silicon Valley Bank, sources familiar with the matter said. Large banks saw in influx of money from consumers and businesses in the last week as SVB teetered, one of the sources told Reuters. Rating agency Moody's Investors Service on Tuesday changed its outlook on the U.S. banking system to negative from stable to reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank, Silvergate Bank, and Signature Bank. Shares of U.S. regional banks such as First Republic Bank (FRC.N), Western Alliance Bancorp (WAL.N) and KeyCorp (KEY.N) have slumped on fears of possible bank contagion following the collapse of SVB and Signature Bank (SBNY.O). For example shares of First Republic climbed nearly 40 percent after plunging more than 60% on Monday.

☆ Here are Tuesday's biggest analyst calls: Apple, Tesla, First Republic, Charles Schwab, Match & more
▼ + stars: | 2023-03-14 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Wells Fargo reiterates PNC as overweight Wells said PNC should benefit from a "flight to quality." Deutsche Bank reiterates Charles Schwab as buy Deutsche said liquidity risks for Charles Schwab are overblown. Wells Fargo reiterates Western Alliance Bancorp as overweight Wells said it's standing by shares of the regional bank. Wells Fargo reiterates American Express as overweight Wells said investors should buy the dip in American Express shares. Bank of America reiterates Amazon as buy Bank of America said it's standing by its buy rating on shares of Amazon.

☆ Wells Fargo says buy this regional bank stock that has been 'thrown out with the bathwater,' sees nearly 150% upside
▼ + stars: | 2023-03-14 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Investors should snap up shares of beaten-down regional bank Western Alliance, according to Wells Fargo. The firm reiterated its overweight rating on the stock, while lowering its price target to $65 from $90. Still, the new price target implies 148.9% upside from the stock's Monday closing price of $26.12. Western Alliance shares declined 47% on Monday as part of a massive selloff of regional bank stocks following the failures of SVB Financial and Signature Bank. Western Alliance shares were up 18.2% during premarket trading on Tuesday.

☆ US options traders bet on near-term recovery as bank stocks rebound
▼ + stars: | 2023-03-14 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

Options traders were buying up short-term call options on a variety of names, including the SPDR S&P regional banking ETF (KRE.P) and regional banks such as First Republic Bank (FRC.N) and Western Alliance Bancorp (WAL.N). "It's early days here but … there is some stability returning in bank share price action," said Michael Purves, chief executive of Tallbacken Capital. "Risk-on appears to be the flavor for regional banks today," said Ophir Gottlieb, chief executive of Los Angeles-based Capital Market Laboratories. Bullish speculation was particularly heavy in options expiring in less than a week, while longer-dated options saw less interest, he said. With some calm returning on Tuesday, options traders' also dialed back expectations for more near-term fireworks from the sector.

☆ JPMorgan, other big U.S. banks flooded with new clients post SVB collapse-FT
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

Even the U.S. government's emergency measures to stop the collapse of more banks have not stopped depositors from trying to move their accounts to larger banks or to shift to money market funds, FT reported. The Federal Deposit Insurance Corporation stepped in on Friday to protect the deposits of up to $250,000, but deposits over that amount - which accounted for 85% of SVB accounts - are at risk. Citi declined to comment on the report, while JPMorgan and Bank of America did not respond to Reuters requests for comment. Shares of U.S. regional banks such as First Republic Bank (FRC.N), Western Alliance (WAL.N) and KeyCorp (KEY.N) have slumped on fears of possible bank contagion following the collapse of SVB and Signature Bank (SBNY.O). Reporting by Lavanya Ahire in Bengaluru; Editing by Savio D'Souza and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ Ken Griffin's hedge fund Citadel takes a 5% stake in Western Alliance Bancorp amid banking turmoil
▼ + stars: | 2023-03-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Billionaire investor Ken Griffin's hedge fund Citadel has taken a 5.3% stake in Western Alliance Bancorp amid turbulence in the banking sector after Silicon Valley Bank's collapse, according to a regulatory filing released Monday . The hedge fund owns thousands of individual stocks and often trades in and out of positions quickly. WAL 5D mountain Western Alliance Bancorp The bank stock rallied more than 40% Tuesday following a 47% sell-off on Monday. On Monday, Western Alliance said it saw only "moderate" outflows , and its cash reserves exceed $25 billion. The hedge fund soared a whopping 38% in 2022, marking the firm's best year ever.

SVB's meltdown sparked a partisan battle in Washington on Monday, with Democrats arguing that a Trump-era change to bank oversight rules undermined the stability of regional banks. In the money markets, indicators of credit risk in the U.S. and euro zone banking systems edged up. [1/3] U.S. President Joe Biden delivers remarks on the banking crisis after the collapse of Silicon Valley Bank (SVB) and Signature Bank, in the Roosevelt Room at the White House in Washington, D.C., U.S. March 13, 2023. On Monday morning, U.S. bank regulators sought to reassure nervous customers who lined up outside SVB's Santa Clara, California, headquarters, offering coffee and donuts. A furious race to reprice interest rate expectations also sent waves through markets as investors bet the Fed will be reluctant to hike next week.

☆ Silicon Valley Bank collapse: What you need to know
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +4 min

March 13 (Reuters) - Bank stocks around the world plunged on Monday even as President Joe Biden vowed to ensure the safety of the U.S. banking system, after Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) collapsed. U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank threatened to trigger a broader financial crisis. *California banking regulators closed the bank, which did business as Silicon Valley Bank, and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of its assets. All of the depositors of Signature Bank and Silicon Valley Bank will be made whole, and "no losses will be borne by the taxpayer," the U.S. Treasury Department and other bank regulators said. *In Britain, HSBC (HSBA.L) bought the UK arm of Silicon Valley Bank for a symbolic one pound on Monday, rescuing a key lender for technology startups in England.

☆ Sliding bank shares drag Wall Street down in choppy trade
▼ + stars: | 2023-03-13 | by ( David Carnevali | ) www.reuters.com time to read: +4 min

But many speculated the central bank could now become less hawkish, and the yield on the 2-year Treasury tumbled. Shares of SVB's peer Signature Bank (SBNY.O), which was also shut down by regulators, were halted. Weighing on the S&P 500, Charles Schwab (SCHW.N) tumbled 11.56% upon resuming trade after the financial services company reported a 28% decline in average margin balances and a 4% fall in total client assets for February. Shares of big U.S. banks, including JPMorgan Chase & Co (JPM.N), Citigroup (C.N), and Wells Fargo (WFC.N) all lost ground. The S&P 500 posted 1 new 52-week highs and 48 new lows; the Nasdaq Composite recorded 29 new highs and 526 new lows.

Biden said his administration's actions over the weekend meant "Americans can have confidence that the banking system is safe", while also promising stiffer regulation after the biggest U.S. bank failure since the 2008 financial crisis. Shares in U.S. banking giants JP Morgan Chase (JPM.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) nevertheless weakened. But your second thought is, how big was that crisis, how big were the risks that this step had to be taken?" U.S. regulators stepped in on Sunday after the collapse of SVB, which had seen a run after a big bond portfolio hit. [1/3] U.S. President Joe Biden delivers remarks on the banking crisis after the collapse of Silicon Valley Bank (SVB) and Signature Bank, in the Roosevelt Room at the White House in Washington, D.C., U.S. March 13, 2023.

☆ First Republic leads losses among U.S. regional banks on contagion fears
▼ + stars: | 2023-03-13 | by ( Medha Singh | ) www.reuters.com time to read: +4 min

[1/2] A person walks past the Park Avenue location of the First Republic Bank, in New York City, U.S., March 10, 2023. REUTERS/David 'Dee' DelgadoMarch 13 (Reuters) - Shares of U.S. regional banks slumped on Monday, led by losses in First Republic Bank (FRC.N) as news of fresh financing failed to assuage bank contagion fears following the collapse of SVB Financial Group (SIVB.O) and Signature Bank (SBNY.O). The KBW regional banking index (.KRX) slipped 5.4%, and the S&P 500 banking index (.SPXBK) fell 6%. U.S. President Joe Biden vowed to do whatever was needed to address a potential banking crisis after the collapse of Silicon Valley Bank and Signature Bank. Among Wall Street lenders, Bank of America Corp (BAC.N) dropped 3.3%, Citigroup Inc (C.N) and Wells Fargo (WFC.N) slid about 6% each, while lenders in Asia and Europe plunged too.

Germany's Commerzbank (CBKG.DE) fell as much as 12.7%, while Credit Suisse (CSGN.S) hit a new record low after falling 15%. Biden said his administration's rapid actions at the weekend should reassure Americans that the U.S. banking system is safe, and promised stiffer bank regulation after the country's biggest bank failure since the 2008 financial crisis. "Americans can have confidence that the banking system is safe. But big U.S. banks including JP Morgan Chase (JPM.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) also weakened. In the money markets, a closely watched indicator of credit risk in the U.S. banking system edged up, as did other indicators of credit risk in the euro zone.

But your second thought is, how big was that crisis, how big were the risks that this step had to be taken?" Trading in shares of SVB's peer Signature Bank (SBNY.O), which was shut down by regulators on Sunday, was halted. Shares of big U.S. banks including JPMorgan Chase & Co (JPM.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) fell between 2.8% and 6.3%. The KBW regional banking index fell 11.2%, while the S&P 500 banks index (.SPXBK) dropped 7.7%. The S&P index recorded no new 52-week highs and 44 new lows, while the Nasdaq recorded 19 new highs and 321 new lows.

☆ First Republic slumps as additional financing fails to soothe deposit outflow fears
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] A person walks past the Park Avenue location of the First Republic Bank, in New York City, U.S., March 10, 2023. First Republic on Sunday said it had secured additional financing through JPMorgan Chase & Co (JPM.N), giving it access to a total of $70 billion in funds through various sources. The bank's stock was last down 74% at $21.11 on Monday. "While the bank (SVB) is better positioned for potential deposit outflows on Sunday evening than it may have been earlier in the weekend, if there are net deposit outflows, it will shrink the EPS power of the bank," Raymond James analyst David Long wrote in the note. U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank (SIVB.O) threatened to trigger a broader financial crisis.

Helping futures for the tech-heavy Nasdaq gain nearly 1%, U.S. two-year Treasury yields tumbled to more than a month low, while futures for the cyclicals-heavy Dow Jones edged lower. Big Tech and growth companies such as Meta Platforms (META.O), Amazon (AMZN.O) and Microsoft (MSFT.O) rose between 1% and 2% premarket. Traders' bets are currently equally split between a pause and a 25-basis-point rate hike at the Fed's next meeting in March. The projections of a terminal rate have also receded to just under 5% by June from around 5.5% in September earlier. ET, Dow e-minis were down 48 points, or 0.15%, S&P 500 e-minis were up 5.5 points, or 0.14%, and Nasdaq 100 e-minis were up 99.25 points, or 0.84%.

[1/2] A person walks past the Park Avenue location of the First Republic Bank, in New York City, U.S., March 10, 2023. There were multiple trading halts on bank shares as the KBW regional banking index (.KRX) fell 5.4%, and the S&P 500 banking index (.SPXBK) dropped 6%. Hogan said each regional bank has its own exposure to different parts of the market. He added the fate of regional bank stocks will be "case by case" as investors look to see which ones could have the most negative exposure. "First Republic Bank, which has significant exposure to the coastal real estate markets appears to be next on the list".

☆ Charles Schwab tumbles as drop in margin balances fans concerns after SVB collapse
▼ + stars: | 2023-03-13 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

March 13 (Reuters) - Charles Schwab (SCHW.N) on Monday reported a 28% decline in average margin balances and a 4% fall in total client assets for February, piling more pressure on the company amid fears over the fallout from the collapse of Silicon Valley Bank. The company's shares tumbled as much as 18% in volatile trading after markets opened with multiple halts and resumptions. Average margin balances fell to $60.6 billion last month, while total client assets slipped to $7.38 trillion, Charles Schwab. A failed share sale at the tech lender had drained $42 billion in deposits in a single day and sucked out liquidity. U.S. lenders First Republic Bank (FRC.N) and Western Alliance (WAL.N) also sought to calm investor worries over their liquidity and deposits on Friday.

☆ Factbox: Top five U.S. regional banks with most uninsured deposits
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

Uninsured deposits as % of total deposits - 68%3. Uninsured deposits as % of total deposits - 62%3. Uninsured deposits as % of total deposits - 58%3. Uninsured deposits as % of total deposits - 53%3. Uninsured deposits as % of total deposits - 51%3.

☆ Hedge funds stand to lap up bearish profits from bank stock rout
▼ + stars: | 2023-03-13 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

LONDON, March 13 (Reuters) - Hedge funds ended last week positioned to scoop up winning profits from bearish positions on bank stock falls, according to a note by Goldman Sachs sent to clients late on Sunday. They sold financially themed shares and banks for nine straight weeks but rather than only exiting long positions, funds added bearish bets, according to the note seen by Reuters. Financials was the most net sold sector globally for Goldman Sachs's prime brokerage division, the part of the bank which serves hedge funds, the note said. Hedge funds not only exited bullish positions on bank themed equities, they added short positions as of Friday, betting bank shares would fall, the Goldman note said. Regional and smaller U.S. bank shares have slid on concerns of a broader fallout in the banking sector.

The Federal Deposit Insurance Corporation (FDIC), which was appointed receiver, was trying to find another bank over the weekend that was willing to merge with Silicon Valley Bank, people familiar with the matter said on Friday. However, it was not clear if regulators would have political support to throw a lifeline to the bank, which catered to Silicon Valley startups and investors. Silicon Valley Bank had an unusually high level of deposits that were not covered by the FDIC's guarantees, which are capped at $250,000. Signature Bank, First Republic Bank, PacWest Bank and Charles Schwab did not immediately respond to requests for comment. "Silicon Valley had a unique business model that was less dependent on retail deposits than a traditional bank."

[1/2] SVB (Silicon Valley Bank) logo is seen through broken glass in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/IllustrationMarch 10 (Reuters) - Shares of U.S. banks extended recent losses on Friday, with regional banks the hardest hit, as the failure of SVB Financial Group (SIVB.O) reverberated across the financial industry. A California banking regulator on Friday closed SVB, putting the tech-heavy lender into receivership in the largest bank failure since the 2008 financial crisis. While SVB's stock was halted on Friday, shares of other mid-sized U.S. banks added to recent, heavy losses. The S&P 500 regional banks index (.SPLRCBNKS) dropped 6%, bringing its loss this week to 20%, its worst week since 2009.

☆ First Republic, Western Alliance seek to calm contagion worries from SVB meltdown
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

March 10 (Reuters) - U.S. lenders First Republic Bank (FRC.N) and Western Alliance (WAL.N) said on Friday their liquidity and deposits remained strong, aiming to calm investors worried of a spill-over of risks from troubled startup focused-bank SVB Financial Group (SIVB.O). Shares of the three banks slumped between 20% and 60% in choppy trading that led to halts and resumptions. The disclosures come after banking regulators shut California-based SVB after a failed share sale that triggered worries of a liquidity crisis, hammered bank stocks and rippled through global markets. Western Alliance reported total deposits of $61.5 billion and warned of a moderate decline from these levels by the end of the quarter due to seasonal and monthly activity, but affirmed its full-year deposit growth forecast of 13% to 17%. Its investment portfolio is less than 15% of total bank assets and only less than 2% of total bank assets is categorized as available for sale.

☆ BlackRock-led investors in Aramco pipelines start bond sale
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Feb 9 (Reuters) - Investors in Saudi Aramco's gas pipelines network, led by BlackRock Inc (BLK.N), have begun a sale of dollar bonds in three tranches to refinance a multi-billion dollar loan that backed their stake purchase, a bank document showed. Initial price guidance was around 240 basis points (bps) over U.S. Treasuries (UST) for sukuk, or Islamic bonds, with a weighted average life (WAL) of 7-1/2 years, the document showed. Guidance was around 275 bps over UST for a tranche with a 12-year WAL and around 305 bps over UST for Formosa bonds with an 18-year WAL. The deal is expected to price late on Thursday. Reporting by Yousef Saba; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

[1/2] A family shops at the Wal-Mart Neighborhood Market in Bentonville, Arkansas, June 4, 2015. REUTERS/Rick WilkingCompanies Walmart Inc FollowFeb 8 (Reuters) - A federal judge in Chicago has dismissed a proposed class action lawsuit accusing Walmart Inc (WMT.N) of deceiving shoppers by selling Fudge Mint cookies that lacked fudge and mint. Eugene DeMaso, of La Salle, Illinois, said packaging for the cookies sold under Walmart's Great Value label misled reasonable consumers because the cookies' "fudge" contained no milkfat and its "mint" contained no mint ingredients. Rowland also agreed with Walmart that "mint" promised a flavor, not actual mint. The lawsuit said Walmart's cookies sold for at least $1.89 for 10 ounces, and would have sold for less absent the alleged misleading representations.

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