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Search resuls for: "Trevor Hunnicutt Tom Westbrook"


4 mentions found


☆ Bruised U.S. bank stocks shake off initial SVB contagion fears
  + stars: | 2023-03-14 | by ( Trevor Hunnicutt Tom Westbrook | Trevor Hunnicutt | Tom Westbrook | ) www.reuters.com   time to read: +7 min
Worries about potential contagion had also slammed bank shares in Asia and Europe as investors re-examined their risks, despite assurances from U.S. President Joe Biden and other global policymakers that the financial system is safe. In Europe, where some see lenders as less vulnerable, the banking index (.SX7P) first fell then recovered to rise 2.7%. Asian banking stocks had extended their declines overnight, with Japanese banks hard-hit despite reassurances from the Bank of Japan said about their capital buffers. Regulator FDIC had moved swiftly to close New York's Signature Bank SBNY.O as well as taking control of SVB. Citing people familiar with the matter, the WSJ said the investigators are also examining stock sales that SVB Financial Group's executives made days before SVB failed, adding that the Justice Department's probe involves the department's fraud prosecutors in Washington and San Francisco.
☆ SVB shockwaves rattle global banks in grip of contagion fears
  + stars: | 2023-03-14 | by ( Trevor Hunnicutt Tom Westbrook | Trevor Hunnicutt | Tom Westbrook | ) www.reuters.com   time to read: +7 min
Banking giants Citi (C.N), Wells Fargo (WFC.N) and JP Morgan (JPM.N) were also 1%-3% higher in the pre-market. Japanese financial institutions have sufficient capital buffers to absorb losses caused by external factors, including risks caused by SVB's collapse, the Bank of Japan said. 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. The prospect of higher rates had been "the reason investors have been really excited about Japan bank stocks", Ikeda added. We just ask for a little bit of time because of the volume," FDIC employee Luis Mayorga told waiting customers.
☆ SVB shockwaves pound global bank stocks gripped by contagion fears
  + stars: | 2023-03-14 | by ( Trevor Hunnicutt Tom Westbrook | Trevor Hunnicutt | Tom Westbrook | ) www.reuters.com   time to read: +6 min
[1/2] Customers wait in line outside a branch of the Silicon Valley Bank in Wellesley, Massachusetts, U.S., March 13, 2023. REUTERS/Brian SnyderMarch 14 (Reuters) - Silicon Valley Bank's collapse continued to pound global bank stocks on Tuesday as investors fretted over the financial health of some lenders, despite assurances from U.S. President Joe Biden and other policymakers. The European banks index (.SX7P) fell 0.6% after posting its biggest percentage loss in more than a year on Monday. "Bank runs have started (and) interbank markets have become stressed," said Damien Boey, chief equity strategist at Sydney-based investment bank Barrenjoey. The prospect of higher interest rates had been "the reason investors have been really excited about Japan bank stocks", Ikeda added.
☆ Global bank stock rout deepens as SVB collapse fans contagion fears
  + stars: | 2023-03-14 | by ( Trevor Hunnicutt Tom Westbrook | Trevor Hunnicutt | Tom Westbrook | ) www.reuters.com   time to read: +6 min
"Bank runs have started (and) interbank markets have become stressed," said Damien Boey, chief equity strategist at Sydney-based investment bank Barrenjoey. A furious race to reprice interest rate expectations also buffeted markets as investors bet the Federal Reserve will be reluctant to hike next week. 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. The prospect of higher interest rates had been "the reason investors have been really excited about Japan bank stocks." After marathon weekend talks, HSBC HSBA.L said it was buying the British arm of SVB for one pound ($1.21).
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