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☆ Morning Bid: Bond blows batter banks as SVB cracks
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +5 min

SVB may be an unusual case in point - given its exposure to both last year's attrition in the tech sector, related startups and bond markets. Major U.S. banks were also hit, with Wells Fargo (WFC.N) down 6%, JPMorgan (JPM.N) down 5.4%, Bank of America (BAC.N) 6% lower and Citigroup (C.N) 4% lower. In currency markets, the dollar held the line on Friday in its lonely easy monetary policy stance. The BOJ held off making changes to its controversial bond yield cap policy, leaving all options open ahead of a leadership transition in April. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Cathay’s people problem is Hong Kong’s too
▼ + stars: | 2023-03-10 | by ( Thomas Shum | ) www.reuters.com time to read: +3 min

HONG KONG, March 10 (Reuters Breakingviews) - Cathay Pacific (0293.HK) may be a high-flying reminder of the Asian finance hub’s pandemic-induced isolation for longer than anyone wants. It promises a swift reversal on a HK$6.5 billion ($834 million) net loss for 2022 Cathay reported on Wednesday. The company has close to 2,405 pilots, roughly 63% of pre-pandemic numbers, according to a survey conducted in March by the Hong Kong Aircrew Officers Association and seen by Breakingviews. That makes Cathay’s people problem Hong Kong’s too. Cathay Pacific carried 1.03 million passengers in January 2023, up from 24,699 last year.

☆ SVB collapse a sign of pain coming from end of easy-cash era
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +6 min

LONDON, March 10 (Reuters) - The easy-cash era is over and its impact is only just starting to felt by world markets yet to see the end of the sharpest interest rate hiking cycle in decades. European banks slid on Friday after JPMorgan (JPM.N) and BofA (BAC.N) shares fell over 5% on Thursday. BofA noted European banks' bond holdings have not grown since 2015. And with defaults rising, the focus is on the less visible private debt markets, which have ballooned to $1.4 trillion from $250 billion in 2010. Reuters Graphics5/FOR SALEReal estate markets started cracking last year and house prices will fall further this year.

The yen weakened and Japanese government bond yields plunged after the Bank of Japan opted to keep stimulus settings steady at Governor Haruhiko Kuroda's last meeting in charge, as expected. The benchmark 10-year JGB yield, which the BOJ pins within 50 basis points either side of zero, pulled back sharply from that ceiling to last sit at 0.445%. The yen was last down about 0.4% at 136.615 per dollar after a knee-jerk drop of as much as 0.6%. Japan's Nikkei (.N225) pared declines to last be down around 1%, compared to a 1.23% loss prior to the central bank decision. S&P 500 futures were down 0.57%, following the cash index (.SPX) dropping 1.8% and falling below its 200-day moving average.

☆ Morning Bid: Jumpy around jobs
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Vidya RanganathanFed Chairman Jerome Powell has made sure there is heightened focus on today's U.S. payrolls data. In his speech to Congress, Powell curiously mentioned this data point as one among a couple of indicators framing the Fed's thinking around how far and fast interest rates need to rise. The nail-biting around payrolls has meant investors barely reacted to other unsurprising but orchestrated developments in Asia. Haruhiko Kuroda concluded his last policy meeting as Bank of Japan governor, leaving Japan's ultra-low interest rates and controversial bond yield control policy an issue for successor Kazuo Ueda to tackle. Reuters GraphicsKey developments that could influence markets on Friday:U.S. February payrollsU.K. January industrial productionReporting by Vidya Ranganathan; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

[1/2] European Central Bank and SVB (Silicon Valley Bank) logos are seen in this illustration taken March 10, 2023. SVB, which does business as Silicon Valley Bank, was not immediately available for comment. "Silicon Valley Bank is shedding light on vulnerabilities across the US banking sector, primarily in the bond holdings that many large institutions hold," said Karl Schamotta, Chief Market Strategist at Corpay. “The current liquidity run on Silicon Valley Bank is having a knock-on effect on the wider banking system," said Rick Seehra, Prudential Lead at Bovill. But banking experts said SVB's issues were unique and the worries about the broader sector were not warranted.

☆ Crypto stocks slide after Silvergate decides to shut down
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

The crypto lender's shares slumped 45% to $2.86, a day after hitting a record low and losing 64% since the company flagged a going concern risk on March 1. Shares of Signature Bank (SBNY.O), which uses blockchain technology, fell 9%. Crypto exchange Coinbase Global (COIN.O), which severed ties with the bank last week, dropped 3%. Silvergate's announcement also adds to a list of high-profile collapses of crypto market players since last year. With Silvergate shares down 95% over the past 12 months, and 72% so far this year, shorting has been a profitable trade for bearish investors.

☆ Banks are under severe pressure this week, and it ain't from crypto
▼ + stars: | 2023-03-09 | by ( Bob Pisani | ) www.cnbc.com time to read: +1 min

The short answer seems to be, not much, but banks have a whole other list of problems. Signature Bank , a commercial bank based in New York City with a small exposure to crypto, is down about 15% to a new low this week on its exposure to crypto. Not surprisingly, analysts are trying to parse the distinctions between Silvergate, a bank that was a major player in the crypto space, and other banks who merely had some interest in crypto. On that kind of pressure, major regional banks like PNC, MTB, Zions Bancorp and Comerica are at or near 52-week lows this week. Regional banks this week MTB - 8% Regions Financial - 8% KeyCorp - 6% Fifth Third - 7%

☆ Jim Cramer's top 10 things to watch in the stock market Thursday: Jobs, Fed, crypto
▼ + stars: | 2023-03-09 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Club holding Eli Lilly (LLY) says trial results show its older Alzheimer's drug failed to slow cognitive decline. Oppenheimer says Club holding Meta Platforms (META) has figured out how to give more data to advertisers, and that's driving shares higher. 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.

LONDON, March 9 (Reuters) - Bitcoin steadied on Thursday near its lowest since mid-February, after U.S. crypto-focused bank Silvergate said it would voluntarily liquidate, the latest in a series of high-profile crypto collapses triggered by the collapse of the FTX exchange. Silvergate Capital Corp (SI.N) said on Wednesday it planned to close and voluntarily liquidate, after warning last week that it was evaluating its ability to operate as a going concern. Bitcoin was last down 0.4% at $21,624 , having fallen 2.2% on Wednesday to a 3-1/2 week low of $21,590. Multiple partners of the bank, including major crypto exchange Coinbase Global Inc (COIN.O), severed ties with Silvergate last week. Others, including Binance, said they did not have any asset losses at Silvergate.

☆ Crypto lender Silvergate's descent into voluntary liquidation
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: 1 min

March 9 (Reuters) - Crypto-focused bank Silvergate Capital Corp (SI.N) became the latest casualty of a meltdown in the industry after announcing plans to wind down operations and voluntarily liquidate. Founded in 1988, Silvergate ventured into crypto in 2013. The bank in December said it would shut its mortgage warehouse business amid rising interest rates and declining mortgage volumes. Reporting by Mehnaz Yasmin in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Asian shares stutter, dollar buoyant as data supports hawkish Powell
▼ + stars: | 2023-03-09 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 0.2% on Thursday, extending a drop of 1.4% the previous session. S&P 500 futures eased 0.1% and Nasdaq futures were off 0.3%Inflation data out of China showed on Thursday that domestic demand still remained tepid. The U.S. dollar index, measuring the greenback's value against a basket of major peers, hovered close to a three-month top at 105.6. The central bank on Wednesday left its key overnight interest rate on hold, becoming the first major central bank to suspend its monetary tightening campaign. On Thursday, the two-year Treasury yields held close to its 15 year highs at 5.0553%, while the benchmark 10-year yields were steady at 3.9775%.

☆ Here are Thursday's biggest analyst calls: Apple, Tesla, Target, Goldman Sachs, Meta, FedEx & more
▼ + stars: | 2023-03-09 | by ( Michael Bloom | ) www.cnbc.com time to read: +12 min

Bank of America reiterates Goldman Sachs as buy Bank of America said the investment bank is "best-in-class." Bank of America reiterates Taiwan Semiconductor as buy Bank of America said the semiconductor company has "strong AI potential." Evercore ISI reiterates Meta as a top pick Evercore named Meta a top pick, noting it still likes the company's business model. " Evercore ISI reiterates Meta as a top pickEvercore named Meta a top pick, noting it still likes the company's business model. Oppenheimer reiterates Meta as outperformOppenheimer said it's standing by its outperform rating on Meta.

☆ Banks tumble as SVB ignites broader fears about the sector
▼ + stars: | 2023-03-09 | by ( Sinéad Carew | ) www.reuters.com time to read: +2 min

The SPDR S&P regional banking ETF (KRE.P) was down 6.0% after hitting its lowest point since January 2021. "The Silicon Valley raise got everybody nervous about people's capital levels and what deposits are doing. "It just gets people freaked out because Silicon Valley, historically has been a very strong, well-run bank. If they're having issues right now, people are wondering what about other banks that are lesser quality and that don't have the reputation that Silicon Valley Bank has." Investors were also grappling with the decline of cryptocurrency-focused lender Silvergate Capital (SI.N), which said earlier this month it was evaluating its ability to operate as a going concern.

☆ Wells Fargo says buy Signature Bank, the 'last game in Crypto-town'
▼ + stars: | 2023-03-09 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

With the demise of Silvergate Bank, investors should turn their attention to New York-based Signature Bank ( SBNY ), which has a big opportunity to pick up business from the crypto market, according to Wells Fargo. Late Wednesday, Silvergate Capital said it would shut down Silvergate Bank, which had become the go-to bank for crypto businesses in the past few years as larger banks steered clear. Businesses still have Signature Bank, however. "Signature [is the] last game in crypto-town," said Wells Fargo equity analyst Jared Shaw, adding, "It's the only larger bank remaining with a functional on-ramp for institutional crypto investors. Wells Fargo has an overweight rating on Signature with a $185 price target, implying almost 95% upside from where shares traded Thursday afternoon.

☆ Instant View: Silvergate's planned liquidation fuels another crypto rout
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +3 min

MARKET REACTION:Shares of crypto-related companies fell on Thursday, as the bank's collapse sparked a crisis of confidence in the industry. Silvergate shares were down 26% while peer Signature Bank (SBNY.O) and former Silvergate partner Coinbase Global Inc (COIN.O) fell 8% each. I think this could have significant implications for crypto regulations in the U.S. and banks' ability to deal with digital asset platforms and cryptocurrency brokerages." "One of the largest of these banks was Silvergate, which positioned itself as a crypto-friendly institution. Indeed, this pressure is making it increasingly challenging for crypto businesses and traders to operate within the United States."

☆ Fed's Barr says crypto needs 'guardrails' to realize benefits
▼ + stars: | 2023-03-09 | by ( Pete Schroeder | ) www.reuters.com time to read: +1 min

WASHINGTON, March 9 (Reuters) - The top regulatory official for the U.S. Federal Reserve said cryptocurrency technology still could have "potential transformative" effects on the financial system, but needs "guardrails" to realize them. Fed Vice Chair for Supervision Michael Barr said recent turmoil in crypto markets make clear the sector could still pose a risk to traditional banks, but that the impact has been limited as regulators urge caution. Barr stopped short of saying banks have no role to play in crypto, but rather said regulators are busy figuring out what firms could do in the space while remaining safe and sound. He noted that technology behind crypto could make financial markets and payments systems more efficient and affordable. "Our goal is to create guardrails, while making room for innovation that can benefit consumers and the financial system more broadly," he said.

☆ Silvergate in talks with FDIC officials on ways to salvage bank - Bloomberg News
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

March 7 (Reuters) - U.S. federal officials have been discussing with Silvergate Capital Corp's (SI.N) management to avoid a shutdown, Bloomberg News reported on Tuesday, citing people familiar with the matter. Shares of the cryptocurrency-focused bank rose about 5% in after-market trading. Last week, the bank warned it was delaying its annual report and said it was evaluating its ability to operate as a going concern. U.S. regulators have been sent to the headquarters of Silvergate as the company looks for a way to stay in business, the report said. One possible option involves lining up crypto-industry investors to help Silvergate shore up its liquidity, the report said.

☆ Cathay looks to 'rebuild' after brutal pandemic losses
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

Cathay shares rose as much as 1.4% to HK$7.95 after the results were released, reversing morning losses and beating a 2.4% drop in the broader market (.HSI) as investors bet on a turnaround following heavy losses during the pandemic. "After three brutal years of the COVID-19 pandemic, we have finally entered into a new exciting phase, in which we will rebuild Cathay Pacific for Hong Kong." Cathay said it was operating about one-third of pre-pandemic passenger flight capacity by December and ended the year operating passenger flights to 58 destinations, double the 29 destinations the airline flew to in January 2022. It would operate at about 70% of its prepandemic passenger flight capacity by the end of 2023, with an aim to return to pre-pandemic levels by the end of 2024. It was operating about two-thirds of pre-pandemic cargo flight capacity levels by the end of 2022.

Cathay shares rose as much as 1.4% to HK$7.95 after the results were released, reversing the morning's declines as investors bet on a turnaround following heavy losses during the pandemic. "After three brutal years of the COVID-19 pandemic, we have finally entered into a new exciting phase, in which we will rebuild Cathay Pacific for Hong Kong." [1/5] A Cathay Pacific Airways Airbus A350-900 airplane approaches to land at Changi International Airport in Singapore June 10, 2018. Cathay said it was operating about one-third of pre-pandemic passenger flight capacity by December and ended the year operating passenger flights to 58 destinations, double the 29 destinations the airline flew to in January 2022. It would operate at about 70% of its pre-pandemic passenger flight capacity by the end of 2023, with an aim to return to pre-pandemic levels by the end of 2024.

☆ Crypto-focused bank Silvergate plans to wind down operations
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: 1 min

March 8 (Reuters) - Crypto-focused bank Silvergate Capital Corp (SI.N) said on Wednesday it planned to wind down operations and voluntarily liquidate. The decision comes after the company flagged risks to its ability to continue operating as a going concern earlier this month, fanning liquidity concerns that sparked a rout in the crypto market. Multiple partners of the bank, including high-profile firms like Coinbase Global Inc (COIN.O) and Galaxy Digital, severed ties with Silvergate last week. Reporting by Manya Saini and Anirban Chakroborti in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

SYDNEY, March 8 (Reuters) - One of Australia's top government bureaucrats on Wednesday demanded Russia crack down on the large number of cyber criminals operating in the country, saying their actions posed a threat to national security. The comments come as Canberra reforms its cybersecurity policy following a raft of cyber attacks on some of the country's largest companies. "The greatest density of cyber criminals, particularly those with ransomware, are in Russia," Michael Pezzullo, Secretary of the Department of Home Affairs, told the AFR Business Summit in Sydney. The move follows a rise in cyber attacks since late last year with breaches reported by at least eight companies, including health insurer Medibank Private Ltd (MPL.AX) and telco Optus, owned by Singapore Telecommunications Ltd (STEL.SI). The United States and Britain sanctioned several Russians accused of cyber attacks last month, saying ransomware attacks have paralysed businesses, schools and hospitals.

☆ JPMorgan ending banking relationship with crypto exchange Gemini - source
▼ + stars: | 2023-03-08 | by ( Niket Nishant | ) www.reuters.com time to read: +1 min

[1/2] FILE PHOTO: A JPMorgan logo is seen in New York City, U.S., January 10, 2017. REUTERS/Stephanie Keith/March 8 (Reuters) - JPMorgan Chase & Co (JPM.N) is cutting ties with Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, according to a source familiar with the situation. In a tweet, Gemini said its relationship with the bank remains intact. Major exchange FTX's collapse spurred Silvergate's depositors into withdrawing $8 billion from the bank in the fourth quarter, sparking a liquidity crisis at the lender. Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ The life and times of Pope Francis as he marks his 10th anniversary as pontiff
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +9 min

[1/3] Pope Francis greets people as he attends the weekly general audience in St. Peter's square at the Vatican, March 8, 2023. REUTERS/Guglielmo MangiapaneVATICAN CITY, March 8 (Reuters) - Following are some of the major events of the life and ministry of Pope Francis, who marks the 10th anniversary of his election as pontiff on March 13. 2017Jan. 2 - Pope Francis says in a letter bishops must show zero tolerance to clergy who sexually abuse children. May 18 - In unprecedented move, all Chile's bishops offer to resign after attending crisis meeting with Pope Francis. In March 2022, he introduces a reform saying Catholic women could in future take charge of most departments.

March 6 (Reuters) - The S&P 500 made little progress on Monday, closing slightly higher than its session low as U.S. Treasury yields pulled higher with investors braced for this week's testimony from Federal Reserve Chair Jerome Powell and the February jobs report. Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows. "People are worried about the jobs number and the economic data because they're worried about what the Fed will do. According to preliminary data, the S&P 500 (.SPX) gained 2.72 points, or 0.07%, to end at 4,048.36 points, while the Nasdaq Composite (.IXIC) lost 12.59 points, or 0.11%, to 11,676.41. Since Powell last spoke strong economic data and hotter than expected inflation have raised concerns the Fed will raise rates higher than expected or keep them higher for longer.

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