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☆ SVB contagion fears hammer banks, roil markets
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +4 min

The Tokyo Stock Exchange banks index (.IBNKS.T) fell more than 7%, setting it on course for its steepest drop in nearly six months. Banks shares in Singapore and Australia fell. Heavy selling hit U.S. regional bank stocks overnight and traders raced away from bets on U.S. rate hikes, reckoning the instability would turn policymakers cautious. "Bank runs have started (and) interbank markets have become stressed," said Damien Boey, chief equity strategist at Sydney-based investment bank Barrenjoey. "Bank stocks had run up (when) it was thought that monetary policy might normalise a bit," said Jamie Halse, who manages a Japan-focused fund at Platinum Asset Management in Sydney.

☆ Biden vows new bank rules after SVB collapse, cites Trump rollback
▼ + stars: | 2023-03-13 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +4 min

"Americans can have confidence that the banking system is safe. The managers of the banks will be fired, Biden noted, and investors will lose money. Biden also promised new regulation after the biggest U.S. bank failure since the 2008 financial crisis. The U.S. Federal Deposit Insurance Corporation on Monday said it had transferred all Silicon Valley Bank (SIVB.O) deposits to a newly created bridge bank and that all depositors would have access to their money beginning Monday morning. Silicon Valley bank had $209 billion in assets at the end of last year.

☆ Biden to defend U.S. banking system after SVB, Signature collapse
▼ + stars: | 2023-03-13 | by ( Simon Lewis | ) www.reuters.com time to read: +4 min

WASHINGTON, March 13 (Reuters) - President Joe Biden will on Monday address a banking crisis that led U.S. regulators to step in with a series of emergency measures after the collapses of Silicon Valley Bank (SIVB.O) and Signature Bank <SBNY.O> threatened to trigger a broader crisis. Biden on Sunday hinted at new regulation of big banks after the biggest U.S. bank failure since the 2008 financial crisis, but faces a divided Congress unlikely to approve tougher new rules. Biden will give remarks on Monday morning on additional plans to keep the economy on track amid a crisis sparked by the sudden collapse of Silicon Valley Bank (SVB) last week, he added. POTENTIAL BANK CHANGESIn coming days, rules introduced after U.S. banks sparked a global financial crisis in 2008 with aggressive mortgage lending may come under the spotlight. Silicon Valley bank had $209 billion in assets at the end of last year.

"HSBC is Europe's largest bank, and SVB UK customers should feel reassured by the strength, safety and security that brings them," Britain's finance minister Jeremy Hunt said. The Bank of England said it had organised the sale to underpin confidence in the financial system and minimise any fallout for British technology firms. "This acquisition makes excellent strategic sense for our business in the UK," HSBC CEO Noel Quinn said in a statement. The Bank of England said SVB UK had a total balance sheet size of around 8.8 billion pounds. Other potential buyers for SVB UK had included Bank of London, which said on Sunday it had submitted a formal proposal.

☆ Biden to defend US banking system after SVB, Signature collapse
▼ + stars: | 2023-03-13 | by ( Simon Lewis | ) www.reuters.com time to read: +3 min

WASHINGTON, March 13 (Reuters) - President Joe Biden will on Monday address a banking crisis that led U.S. regulators to step in with a series of emergency measures after the collapses of Silicon Valley Bank (SIVB.O) and Signature Bank threatened to trigger a broader systemic crisis. Biden on Sunday hinted at new regulation of big banks after the biggest U.S. bank failure since the 2008 financial crisis, but faces a divided Congress unlikely to approve tougher new rules. Biden would give remarks on Monday morning on additional plans to keep the economy on track amid a crisis sparked by the sudden collapse of Silicon Valley Bank (SVB) last week, he added. Rules introduced after U.S. banks sparked a global financial crisis in 2008 by aggressive mortgage lending may come under the spotlight in coming days. Silicon Valley bank had $209 billion in assets at the end of last year.

☆ Credit Suisse delays filing its annual report, reviving fears about the Swiss bank's finances
▼ + stars: | 2023-03-09 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Credit Suisse has delayed filing its annual report after a call from the US financial watchdog. "Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received," Credit Suisse said. Credit Suisse ADRs have plunged 61% over the past year, with a restructuring plan announced on October 27 also failing to reassure markets of the bank's resilience. The SEC's late call isn't Credit Suisse's only regulatory worry. Read more: Credit Suisse is fending off concerns about its financial health, fanning fears of another Lehman Brothers moment that could roil the global financial system.

☆ Premarket stocks: What you need to know about this earnings season
▼ + stars: | 2023-03-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —About 99% of all S&P 500 companies have reported fourth quarter earnings and the results aren’t great. Companies listed in the S&P 500 index beat analysts’ earnings estimates by an average of just 1.3% last quarter. The market is “rewarding positive earnings surprises more than average and punishing negative earnings surprises much less than average for the fourth quarter,” reports FactSet. Inflation is (still) a big dealMore than 325 S&P 500 companies have cited the term “inflation” during their earnings calls for the fourth quarter. This marks the lowest number of S&P 500 companies using the “I”-word on their calls since the third quarter of 2021.

This would help its investment bankers in their pitches to clients, especially for IPOs, one of the sources added. Klein is selling his business to Credit Suisse for $175 million, the two said earlier this month. Credit Suisse will focus on managing money for the wealthy after the carve-out. A spokesman for Credit Suisse declined to comment, as did a representative for Klein. Credit Suisse reported its biggest annual loss last year since the financial crisis and cut its bonus pool by 50% for 2022.

The U.S. Treasury hit its $31.4 trillion borrowing limit last month. Investors need to actively manage their positions during a prolonged turbulent period in which borrowing negotiations could disrupt markets, Shah said. The Treasury bills yield curve indicates investors are demanding higher returns to hold debt due in August, signaling that it is perceived to be riskier than other maturities. Bid yields of Treasury billsStandoffs over the debt limit in the last decade have largely been resolved without causing major financial turmoil. Bond investors are navigating uncertainty around what they're calling the X-date, when the government can no longer meet its payments.

Many on Wall Street remain convinced that a widely expected recession is likely to roil markets once again sometime this year. Also encouraging for investors was Powell's repeated references to disinflation - a falling rate of inflation. "I think they do see a path where you can get that soft landing, that Goldilocks-type scenario play out," he said. Banks and asset managers that have reiterated recession calls in recent weeks include BlackRock, Wells Fargo and Neuberger Berman. "Do people think (rate cuts) will be in response to inflation that has been coming down or something more dramatic, in terms of economic slowdown?

[1/2] U.S. President Joe Biden speaks to the media after his arrival to the White House in Washington, U.S., January 30, 2023. The White House says it will only discuss future spending cuts after the debt ceiling is raised. Biden will call on McCarthy to release a budget plan in the meeting and to commit to support the nation's debt obligations, according to a White House memo seen by Reuters. The White House has said it would release its budget proposal on March 9. House Republicans, meanwhile, will aim to produce their budget proposal in April, said House Republican Leader Steve Scalise.

☆ Biden to ask McCarthy to show Republican budget in White House meeting
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, Jan 31 (Reuters) - President Joe Biden will release his proposed budget on March 9, the White House said on Tuesday, setting a deadline before his meeting with the Republican House speaker on Wednesday to discuss the nation's spending. Biden will ask Kevin McCarthy to release a budget plan in the meeting, and to pledge to meet the nation's debt obligations, according to a White House memo seen by Reuters. Asked what his message will be for McCarthy, Biden told reporters on Monday: "Show me your budget, I’ll show you mine." REUTERS/Evelyn Hockstein 1 2McCarthy responded with an admonition to Biden to not rule out negotiations before their White House meeting. The showdown over the growing U.S. debt threatens to roil the global economy if the United States defaults.

☆ 'Show me yours' - Biden to push McCarthy on Republican budget
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +3 min

[1/2] U.S. President Joe Biden delivers an economic speech at SteamFitters UA Local 602 in Springfield, Virginia, U.S., January 26, 2023. Biden will ask Kevin McCarthy to release a budget plan in the meeting, and to pledge to meet the nation's debt obligations, according to a White House memo seen by Reuters. Asked what his message will be for McCarthy, Biden told reporters on Monday: "Show me your budget, I’ll show you mine." McCarthy responded with an admonition to Biden to not rule out negotiations before their White House meeting. The showdown over the growing U.S. debt threatens to roil the global economy if the United States defaults.

☆ Biden to release proposed U.S. budget plan on March 9 -source
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Jan 31 (Reuters) - U.S. President Joe Biden will put forth his proposed U.S. spending plan March 9, according to a source familiar with the White House plan. Representatives for the White House had no immediate comment on the planned budget release. Asked what his message will be for the House's top Republican, Biden told reporters on Monday: "Show me your budget, I’ll show you mine." While the U.S. president can propose a budget plan, Congress must pass any spending legislation. U.S. Treasury Secretary Janet Yellen has said the country may reach its debt limit as soon as June and has called on Congress to take swift action.

☆ U.S. lawmakers preparing plan to avert debt-ceiling crisis
▼ + stars: | 2023-01-22 | by ( Jason Lange | ) www.reuters.com time to read: +3 min

Congress's rules on the debt ceiling are intended to limit growth of the nation's debt. The White House has said raising the debt ceiling should not be a negotiation. Senator Joe Manchin, have said the administration needs to engage in a debt ceiling negotiation. A 2011 standoff over the debt ceiling lead Standard & Poor's to cut the U.S.'s credit rating, a historic first. Biden is hosting Democratic congressional leaders at the White House on Tuesday.

☆ Just 40% of people say their lives will be 'better off' in the next 5 years, a new global survey finds, with trust in business growing and trust in government falling
▼ + stars: | 2023-01-17 | by ( Reed Alexander | Read More | Read Less | ) www.businessinsider.com time to read: +4 min

Just 40% of respondents in a new global survey believe they'll be "better off" in the next five years. The annual Edelman Trust Barometer also found growing trust in business versus the public sector. Just four in 10 respondents who participated in the Edelman Trust Barometer for 2023 predicted that they and their families will be "better off" in five years — a dramatic 10-point reduction from last year. Edelman published its 2023 Trust Barometer this weekend, coinciding with a constellation of other warning signs that further economic pain may be on the way. The Edelman Trust Barometer, which this year polled more than 32,000 respondents in 28 countries, found that trust is tilting away from the public sector.

☆ US deficit widens by $85 billion in December
▼ + stars: | 2023-01-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Minneapolis CNN —The US government recorded a deficit of $85 billion in December, bringing the total deficit to nearly $1.42 trillion for the 2022 calendar year, the Treasury Department reported Thursday. The government, which runs on a fiscal year that starts in October, is running a deficit of $421.41 billion for its fiscal first quarter of 2023, a 12% increase from the fiscal first quarter of 2022, Treasury data shows. December’s deficit was nearly four times as large as the $21.3 billion deficit recorded in December 2021 as spending grew and revenue fell last month. Receipts totaled $454.94 billion, while outlays were $539.94 billion in December 2022. The House Republicans’ rules package adopted earlier this week included measures aimed at reining in federal government spending and keeping a lid on taxes.

☆ Bill Gross says markets are headed for 'potential chaos' if interest rates keep going up
▼ + stars: | 2022-12-20 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Famed investor Bill Gross said he expects big trouble ahead should the Federal Reserve keep hiking interest rates. "We've got potential chaos in financial markets," Gross said. A tightening of monetary policy would further roil the capital markets, according to Gross. Meanwhile, a rise in interest rates spells trouble ahead for commercial real estate, which could face "potential defaults" ahead, Gross said. "But in terms of a debacle, as in '07, '08, I don't think we're headed there."

☆ Putin was 'calculated' when he chose to send Brittney Griner back to the US while 'leaving others in custody in Russia,' Rep. Adam Schiff says
▼ + stars: | 2022-12-11 | by ( Katie Balevic | ) www.businessinsider.com time to read: +2 min

Rep. Adam Schiff said Russia's Vladimir Putin made a "calculated" choice to only swap Brittney Griner. Other Americans, like Paul Whelan, remain in Russian custody despite efforts to get them home. Putin made a one-for-one swap for arms dealer Viktor Bout to "roil the American" people, Schiff said. Paul Whelan and Marc Fogel remain held in Russia. And I'm so impressed with both the Whelan and Fogel families for their gratitude that one American is free," Schiff said.

☆ Elon Musk promotes release of internal Twitter documents rehashing platform’s block of Hunter Biden story
▼ + stars: | 2022-12-03 | by ( David Ingram | David Ingram Covers Tech For Nbc News. | ) www.nbcnews.com time to read: +7 min

The controversy involving Twitter and Hunter Biden dates to October 2020, weeks before the presidential election between Joe Biden and then-President Donald Trump. Taibbi wrote that he has seen no evidence that there was government involvement in Twitter’s move to block the New York Post story. Shortly after the New York Post published the article, Twitter pointed to concerns about hacked materials as the reason for blocking the story. Zuckerberg cited warnings from the FBI about election-related threats, though none about Hunter Biden in particular. Hunter Biden has said that federal prosecutors in Delaware are investigating his taxes.

☆ Europe agrees to cap the price of Russian oil at $60 a barrel
▼ + stars: | 2022-12-02 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

London CNN Business —The European Union has reached a consensus on the price at which to cap Russian oil just days before its ban on most imports comes into force. Capping the price of Russian oil between $65 and $70 a barrel, a range previously under discussion, wouldn’t have caused much pain for the Kremlin. “Today’s oil price cap agreement is a step in right direction, but this is not enough,” Estonian foreign minister Urmas Reinsalu tweeted Friday. The price cap is designed to be enforced by companies that provide shipping, insurance and other services for Russian oil. Confusion about the impact of that measure, along with lingering questions about the price cap, have unsettled traders.

China's CSI300 Index (.CSI300) was down 1.8% after opening down 2.2% while the yuan also retreated. Australia's benchmark stock index (.AXJO) closed 0.42% lower while its risk-sensitive currency was off more than 1%. Japan's Nikkei stock index (.N225) was down 0.6%. In Shanghai, demonstrators and police clashed on Sunday night as protests over the country's stringent COVID restrictions flared for a third day. The COVID rules and resulting protests are creating fears the economic hit for China will be greater than first expected.

South Korea's KOSPI 200 index (.KS200) retreated 1.35% in early trade and New Zealand's S&P/NZX50 Index (.NZ50) was off 0.4%. In China, demonstrators and police clashed in Shanghai on Sunday night as protests over the country's stringent COVID restrictions flared for a third day. There were also protests in Wuhan, Chengdu and parts of the capital Beijing late Sunday as COVID restrictions were put in place in an attempt to quell fresh outbreaks. The COVID rules and resulting protests are creating fears the economic hit for China will be greater than expected. "This remains a headwind for oil demand that, combined with weakness in the U.S. dollar, is creating a negative backdrop for oil prices."

☆ More anti-Covid protests in China triggered by deadly fire
▼ + stars: | 2022-11-27 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

TAIPEI, Taiwan — Protests against China’s restrictive Covid-19 measures appeared to roil in a number of cities Saturday night, in displays of public defiance fanned by anger over a deadly fire in the western Xinjiang region. A protester who gave only his family name, Zhao, said one of his friends was beaten by police and two friends were pepper sprayed. Posts about the protest were deleted immediately on China’s social media, as China’s Communist Party commonly does to suppress criticism. The Associated Press could not independently verify all the videos, but two Urumqi residents who declined to be named out of fear of retribution said large-scale protests occurred Friday night. The AP pinpointed the locations of two of the videos of the protests in different parts of Urumqi.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.3%, after U.S. stocks ended the previous session with gains. Australian shares (.AXJO) were up 0.7%, with most gains coming from mining and resources giants as a result of higher oil prices. Case numbers in Beijing and Shanghai are steadily rising, prompting authorities to close some facilities. "The biggest story for investors in Asia is still the China reopening," said Suresh Tantia, Credit Suisse's senior investment strategist in Singapore. While the FTX exchange collapse continues to roil cryptocurrency markets, Bitcoin was 0.33% higher in Asian trading hours to $16,184.

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