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☆ Dow futures rise more than 100 points after UBS buys Credit Suisse to stem bank crisis: Live updates
▼ + stars: | 2023-03-19 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

S&P 500 futures and Nasdaq-100 futures climbed 0.3%. UBS agreed to buy Credit Suisse for 3 billion Swiss francs, or $3.2 billion, with the combined bank to have $5 trillion in assets. But traders may be anxious for more to be done by regulators to stem the slide in regional banks. The SPDR Regional Banking ETF (KRE) tumbled 14% last week. "I think there's there's been an overreaction to the regional banks ... And that likely represents an opportunity," said Hogan.

☆ First Republic tumbles as $30 billion rescue fails to reassure investors
▼ + stars: | 2023-03-17 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

[1/2] A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike SegarMarch 17 (Reuters) - Shares of First Republic Bank (FRC.N) tumbled 17% in early trading on Friday after being briefly halted as $30 billion in deposits injected by large U.S. banks failed to quell investor worries about the beleaguered lender. Founded in 1985, First Republic had $212 billion in assets and $176.4 billion in deposits as of the end of last year, according to its annual report. "Judging by the market's reaction, it appears that maybe the damage has been done to the brand reputation of First Republic. First Republic said it borrowed up to $109 billion from the U.S. Federal Reserve between March 10 and March 15.

☆ First Republic Bank shares drop as $30 bln rescue fails to reassure investors
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike SegarMarch 17 (Reuters) - Shares of First Republic Bank (FRC.N) tumbled 13% in premarket trading on Friday as $30 billion in deposits injected by large U.S. banks failed to quell investor worries about the beleaguered lender. Shares of other U.S. mid-size banks including Western Alliance Bancorp shares (WAL.N) and PacWest Bancorp (PACW.O) dropped 2% and 5%, respectively. First Republic was caught up in a widening banking crisis triggered by the collapse of two other mid-size U.S. lenders over the past week. The rescue package came less than a day after Swiss bank Credit Suisse (CSGN.S) clinched an emergency central bank loan of up to $54 billion to shore up its liquidity.

☆ Bank troubles roil markets and make Fed's decision next week more fraught
▼ + stars: | 2023-03-17 | by ( Patti Domm | In | ) www.cnbc.com time to read: +7 min

Even with Friday's sell-off, the S & P 500 and Nasdaq scored gains for the week. The S & P 500 rose 1.4%, compared to a tiny loss of 0.2% in the Dow . "If the U.S. economy is going into a recession, they're going to be buying less cloud service. On Friday, durable goods for February is reported, and there are releases of flash S & P Global PMI data for services and manufacturing. Durable goods 9:30 a.m. St. Louis Fed President James Bullard 9:45 a.m. S & P Global Manufacturing PMI 9:45 a.m. S & P Global Services PMI

☆ No, Ron DeSantis can't stop Donald Trump's extradition from Florida to New York if he's indicted. Here's how it would go down.
▼ + stars: | 2023-03-15 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +12 min

Ron DeSantis can't stop extradition from Trump's home in Florida, but he could slow the process. DeSantis can't stop Trump's extradition, but he could slow it downThe standard method of interstate extradition in Florida, according to Holder and Bachner, involves the governors of each state. In that scenario, the Manhattan District Attorney's Office would present the indictment to the legal affairs office of New York Gov. DeSantis is then required to make sure the indictment is valid before ordering Trump's extradition from Florida. The Florida extradition statute describes the governor's role as simply making sure the extradition demand meets all the legal requirements.

☆ Manhunt for ex Maryland governor's former top aide after court no-show
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] Roy McGrath, the former top aide to an ex Maryland Governor, is seen in this U.S. Marshals Service wanted poster released on March 14, 2023 after McGrath failed to appear in court where he is charged with wire fraud and falsification. March 14 (Reuters) - The U.S. on Tuesday said it issued an arrest warrant and began a manhunt for Roy McGrath, the former top aide to an ex Maryland governor, for not appearing in court to face charges of wire fraud and falsification of records. In June 2020, McGrath was appointed Chief of Staff to former Republican Maryland Governor Larry Hogan, who served from 2015 to 2023. Reporting by Costas Pitas in Los Angeles; Editing by Caitlin Webber and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ The ex-chief of staff for Maryland's former governor went missing the day of his criminal trial. US Marshals are still searching for him.
▼ + stars: | 2023-03-14 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +3 min

Hogan's former chief of staff, Roy McGrath, failed to show up for his federal fraud trial. McGrath, a Florida resident, faces eight federal counts, including wire fraud, theft in programs receiving federal funds, and falsification of records. The charges against McGrath stem from his time serving as the executive director of the Maryland Environmental Service. He led the quasi-government agency before he was brought on as Hogan's chief of staff in June 2020. McGrath resigned as chief of staff to Hogan in August 2020.

☆ If you want to be defensive, look for strong balance sheets, says B. Riley's Art Hogan
▼ + stars: | 2023-03-14 | 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 EmailIf you want to be defensive, look for strong balance sheets, says B. Riley's Art HoganArt Hogan, B. Riley Wealth Management, joins 'Power Lunch' to discuss the Consumer Price Index data and whether the Fed has managed to finally get a grip on inflation.

☆ 25 years later, the company that modernized the way we straighten our teeth is still revolutionizing dentistry
▼ + stars: | 2023-03-14 | by ( Sponsor Post | Created Insider Studios With Align | ) www.businessinsider.com time to read: +10 min

Align Technology, the company behind the Invisalign® system and iTero™ intraoral scanners, is celebrating 25 years of transforming smiles and changing lives. Align Technology transformed the orthodontic industry with the Invisalign® clear aligner system, a series of clear, removable aligners custom-made for each patient. On average, Invisalign treatment is five months shorter than braces treatment, and Invisalign patients report 30% fewer doctor visits than braces patients. Fast Facts: The Invisalign clear aligner system was introduced in 1999. Invisalign® Personalized Plan delivers Invisalign treatment plans by automating doctors' specific treatment preferences for efficiency and treatment planning consistency.

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%.

☆ Talks underway on Black Sea grain deal extension in Geneva
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

GENEVA, March 13 (Reuters) - Negotiations began on Monday between U.N. officials and Russian Deputy Foreign Minister Sergei Vershinin on a possible extension to a deal allowing the safe export of grain from Ukraine's Black Sea ports, the Russian diplomatic mission in Geneva said. The deal, which was extended for 120 days in November, is up for renewal on March 18. Two sources involved with the talks said they were initially scheduled to last just one day but could be extended as needed. "Wheat and corn markets are weaker today as the talks start about extending the safe shipping agreement for Ukraine’s exports," said Matt Ammermann, StoneX commodity risk manager. "As such a large wheat and corn exporter, Ukraine’s supplies are vital to world markets."

[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".

☆ Russia suggests renewing Black Sea grain deal for shorter term
▼ + stars: | 2023-03-13 | by ( Gabrielle Tétrault-Farber | ) www.reuters.com time to read: +3 min

The Black Sea grain initiative, brokered between Russia and Ukraine by the United Nations and Turkey last July, aimed to prevent a global food crisis by allowing Ukrainian grain blockaded by Russia's invasion to be safely exported from three Ukrainian ports. Russia, he said, "does not object to another extension of the 'Black Sea Initiative' after its second term expiration on March 18, but only for 60 days." 'CRITICAL MOMENT'The United Nations said it noted the Russian position and that it remained "fully committed to the Black Sea Grain Initiative, as well as to efforts to facilitate the export of Russian food and fertilizer." "The UN Secretary-General has confirmed that the UN will do everything possible to preserve the integrity of the Black Sea Grain Initiative and ensure its continuity," it said in a statement. "To extend it for 60 days, you have to amend the deal."

☆ In just a few minutes this week, Powell changed everything on market's view of interest rates
▼ + stars: | 2023-03-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Federal Reserve Chair Jerome H. Powell testifies before a House Financial Services hearing on "The Federal Reserve's Semi-Annual Monetary Policy Report" on Capitol Hill in Washington, U.S., March 8, 2023. That changed after Powell's appearance, during which he cautioned that if inflation data remains strong, he expects rates to go "higher than previously anticipated" and possibly at a faster pace than a quarter point at a time. Basically, it was the January inflation data plus signs that the labor market remains remarkably strong despite the Fed's efforts to slow it down. Brusuelas is among those who think the Fed should accelerate its inflation battle with a half-point rate hike. However, he said policymakers could be swayed by a potentially softer jobs report and inflation data next week that reverses course and shows price increases abating.

Ahead of the crucial non-farm payrolls report on Friday, data showed U.S. private payrolls increased more than expected in February, pointing to continued labor market strength. BlackRock's chief investment officer of global fixed income, Rick Rieder, said the Fed could raise rates to 6% and keep them there for an extended period of time to fight inflation. "Unless we get some data over the course of the next two weeks, we really don't know which way we should be landing. Unfortunately the most important piece of the data doesn't come until Friday, that's why we've got a market that's meandering a bit." ET, Dow e-minis were up 33 points, or 0.1%, S&P 500 e-minis were up 4.25 points, or 0.11%, and Nasdaq 100 e-minis were up 19.75 points, or 0.16%.

Ahead of the crucial nonfarm payrolls report on Friday, data showed U.S. private payrolls increased more than expected in February, pointing to continued labor market strength. A closely watched part of the U.S. Treasury yield curve saw its deepest inversion in more than 40 years on Tuesday. "Unless we get some data over the course of the next two weeks, we really don't know which way we should be landing. Unfortunately the most important piece of the data doesn't come until Friday, that's why we've got a market that's meandering a bit." BlackRock's chief investment officer of global fixed income, Rick Rieder, said the Fed could raise rates to 6% and keep them there for an extended period of time to fight inflation.

☆ Larry Hogan Says He Won’t Run for President in 2024
▼ + stars: | 2023-03-05 | by ( Eliza Collins | ) www.wsj.com time to read: 1 min

Larry Hogan recently served as Republican governor of Maryland, a state that has long favored Democrats. Former Maryland Gov. Larry Hogan said Sunday he won’t run for president in 2024, removing a potential moderate from the Republican field, which already includes former President Donald Trump. “I didn’t want to have a pileup of a bunch of people fighting,” Mr. Hogan said in an interview on CBS News that is set to air Sunday, according to a transcript released ahead of the show.

☆ At right-wing CPAC forum, Trump shows why he'll be tough to topple
▼ + stars: | 2023-03-05 | by ( James Oliphant | ) www.reuters.com time to read: +6 min

[1/4] Former U.S. President Donald Trump attends the Conservative Political Action Conference (CPAC) at Gaylord National Convention Center in National Harbor, Maryland, U.S., March 4, 2023. The three-day conference illustrated the iron grip he holds over the right-wing, grassroots base of his party and how hard it could be for a challenger to deny Trump the Republican presidential nomination in 2024. DeSantis also attended a gathering for Republican donors in Florida held by the anti-tax group Club for Growth to which Trump was not invited. In his remarks, Bannon maintained that Trump should be the Republican nominee, saying DeSantis and other potential challengers lacked experience. Trump and DeSantis both are scheduled in the coming days to visit Iowa, which holds the first Republican nominating contest next year.

☆ Ex-Maryland Gov. Larry Hogan won't challenge Trump in 2024
▼ + stars: | 2023-03-05 | by ( ) www.cnbc.com time to read: +7 min

He was Maryland's second Republican governor ever to be reelected. Some Republicans had hoped that Hogan, emerging as the new best hope of a small group of "Never Trump Republicans," would challenge Trump in 2020. In his first year as governor, Hogan went right to work on pocketbook issues. Hogan has long been upfront about his distaste for Trump as president. "I did not go out of my way to criticize the president," Hogan said.

☆ Maryland ex-governor won't run for U.S. president
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +1 min

Hogan, who served eight years as Maryland governor ending in January, is considered a moderate in a party that has moved rightward. Trump won his party's 2016 nomination after facing off against 16 other Republican candidates. "The stakes are too high for me to risk being part of another multicar pileup that could potentially help Mr. Trump recapture the nomination." He has one major opponent announced for the Republican nomination - former South Carolina Governor Nikki Haley - though activist investor Vivek Ramaswamy also has entered the race. Florida Governor Ron DeSantis, former Vice President Mike Pence and former Secretary of State Mike Pompeo are among those considering challenging Trump for the nomination.

☆ Trump and DeSantis are the only 'big fish' CPAC attendees expect in the 2024 presidential race. But several say there's nothing wrong with others auditioning for supporting roles.
▼ + stars: | 2023-03-04 | by ( Warren Rojas | ) www.businessinsider.com time to read: +7 min

Donald Trump and Ron DeSantis are top of mind at the 2023 Conservative Political Action Conference. CPAC participants suspect 2024 will come down to those two, while others vie for the VP slot. 'An interesting race'Rory McSchane, a GOP political strategist from Austin, Texas is in the more the merrier camp. "My sincere hope is that she would be the vice president," Yadeta said of having Haley round out the 2024 ticket. Should Scott wind up taking the plunge, Bencosme said she could see herself supporting him in the GOP primary — and possibly beyond.

In North Carolina, party activists are seeking to punish Republican Senator Thom Tillis for his support for same-sex marriage rights. North Carolina State Representative Mark Brody, who supports censuring Sen. Tillis, says it is better to address differences directly. Law, who served as a senior member of Trump's 2016 and 2020 campaigns in Nevada, and the county party did not respond to requests for comment. Although Tillis retains support among the party establishment, Jim Womack, a county party chair, says the Senator’s critics are gaining strength. “The North Carolina Republican party will eventually be decentralized to the point where the grassroots will actually run the party,” Womack said.

☆ Germany reports another African swine fever case in farm pigs
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

HAMBURG, Feb 28 (Reuters) - Another case of African swine fever (ASF) has been confirmed in farm pigs in east Germany, authorities said on Tuesday. It was reported on a small farm with 11 animals in the eastern state of Brandenburg, the state's health ministry said. Wild boar coming into Germany from Poland were believed to have spread the disease to Germany, especially in the eastern states of Brandenburg and Saxony. The German government has been seeking to contain and eradicate ASF in the east partly by reducing the wild boar population. But the country’s large numbers of wild boar, which move over great distances, has made containment difficult.

☆ Wall Street edges higher after last week's rout
▼ + stars: | 2023-02-27 | by ( Sruthi Shankar | ) www.reuters.com time to read: +4 min

"Some relatively significant losses last week is the starting point," said Art Hogan, chief market strategist at B Riley Wealth. "Also, when you look at the drivers last week, better-than-expected economic data pushed yields higher. The yield on two-year Treasury notes , the most sensitive to short-term rate expectations, slipped after touching a near four-month high earlier. Seagen Inc (SGEN.O) surged 10.5% after the Wall Street Journal reported that Pfizer (PFE.N) was in early talks to acquire the biotech firm. The S&P index recorded three new 52-week highs and three new lows, while the Nasdaq recorded 51 new highs and 64 new lows.

☆ CNBC Daily Open: Markets took a beating — and there may be worse ahead
▼ + stars: | 2023-02-22 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Markets had their worst day in three months. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Some analysts think stocks are facing the reality of higher interest rates —a scenario the bond market has priced in. Subscribe here to get this report sent directly to your inbox each morning before markets open.

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