Central banks buying gold

HONG KONG  – Global stocks and U.S. bond yields rose on Tuesday, as a U.S. regulator-backed deal by First Citizens BancShares to buy failed Silicon Valley Bank soothed wider worries about problems in the sector. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.3 percent by early morning Hong Kong time. U.S. stock futures, the S&P 500 e-minis, were up 0.21 percent. Australian shares jumped more than 1 percent, as lithium and commodity stocks rallied sharply after battery metals explorer Liontown Resources rejected a $3.7 -billion buyout bid from Albemarle Corp. Top U.S. banking regulators said on Monday that they planned to tell Congress that the overall financial system remains on solid footing after recent bank failures, but will comprehensively review their policies in a bid to prevent future collapses. Silicon Valley Bank deal offers beleaguered banking investors relief The concerns, however, haven’t completely gone away as Federal Reserve … [Read more...] about Stocks gain, US treasury yields rise as banking fear eases

A floor trader walks during afternoon trading at the Hong Kong Stock Exchange in Hong Kong, China. REUTERS/Bobby Yip/File photo HONG KONG – Global stocks rose and the dollar softened on Tuesday, as a deal backed by the U.S. regulator for First Citizens BancShares to buy failed Silicon Valley Bank soothed wider worries about problems in the sector. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.6 percent by early afternoon Hong Kong time. U.S. stock futures, the S&P 500 e-minis, rose 0.1 percent. Australian shares jumped around 1 percent, as lithium and commodity stocks rallied sharply after battery metals explorer Liontown Resources rejected a $3.7-billion buyout bid from Albemarle Corp. Lithium miner Liontown soars as it snubs $3.7-B Albemarle bid Top U.S. banking regulators said on Monday they planned to tell Congress that the overall financial system remains on solid footing after recent bank failures, but will comprehensively review their … [Read more...] about Stocks gain, dollar slides as banking fear eases

Regional U.S. lender First Citizens BancShares scooped up the assets of failed peer Silicon Valley Bank on Monday, in a vote of confidence for the battered banking sector that prompted a rally in bank shares. SVB’s collapse this month was the trigger for the worst banking shock since the 2008 global financial crisis, sending bank stocks globally on a wild ride and raising fears of systemic stress that could lead to more bank failures. But news of the SVB deal – after previous attempts to sell the bank failed – and a weekend free of fresh troubles helped boost confidence, especially among fragile U.S. regional banks, whose stocks rose sharply on Wall Street on Monday. SVB deal helps to steady banks amid credit crunch concerns Broader indicators of financial market stress were also calmer, with government bond yields rising and the euro higher against the dollar. “The banking sector had been holding its breath over the weekend, wondering whether Monday morning would deliver … [Read more...] about Silicon Valley Bank deal offers beleaguered banking investors relief

SYDNEY  – Australian Treasurer Jim Chalmers will convene a meeting of the country’s top financial regulators to check how the latest volatility in global financial markets could affect the country, an official in the treasurer’s office said on Tuesday. Australia’s Council of Financial Regulators (CFR) will meet on Thursday after Chalmers discussed the latest market turmoil in phone calls with U.S. Treasury Secretary Janet Yellen on Tuesday and European Central Bank President Christine Lagarde overnight. The CFR is made up of the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission, the Australian Treasury and the Reserve Bank of Australia. “It’s clear from my conversations that international authorities are prepared to do what’s necessary to reassure markets at a time of uncertainty and volatility,” Chalmers said in a statement. The discussions with key global financial officials come ahead of meetings of the World Bank and the … [Read more...] about Australia’s key financial regulators to review global banking turmoil

Share to Twitter Share to Linkedin Topline The chairman of Saudi National Bank, which was the largest shareholder of Credit Suisse, has resigned, according to a statement published Monday on the Saudi stock exchange, weeks after his comments helped tip the beleaguered Swiss bank’s share price into freefall, spooking already skittish financial markets and ultimately leading to a takeover by its compatriot rival UBS. Key Facts SNB’s board said in a statement it has “accepted” Ammar Al Khudairy’s resignation, which was “due to personal reasons.” The move comes days after Al Khudairy said SNB would “absolutely not” pump any more money into the struggling Swiss bank, pushing its stock to a record low earlier this month and helping drag other European banks down as well. Swiss banking giant UBS ultimately struck a $3.2 billion deal to rescue its longtime national rival, which was brokered by Swiss authorities and came at a steep discount … [Read more...] about Saudi National Bank Chair Quits After Comments Helped Push Credit Suisse Into Tailspin

Share to Twitter Share to Linkedin Key Takeaways Silicon Valley Bank Gets A Savior Banking Crisis Ripple Effects Being Felt S&P 500 Aiming For A Close Over 4,000 Stocks closed out last week with solid gains. Both the S&P 500 and Nasdaq Composite added 1.5%. The banking sector, which remain under pressure, stabilized a bit, with the S&P Regional Banking ETF ending the week relatively unchanged, but looking higher in premarket. Early Monday morning, First Citizen Bancshares agreed to buy Silicon Valley Bank. That news, along with a report by Bloomberg that U.S. regulators are considering expanding the emergency lending program I mentioned in my column last week, is giving some much needed stability to the banking sector. Shares of First Republic Bank FRC , which have been under significant pressure of late, are up 27% in premarket. Meantime, Caterpillar is down about 1% in premarket. The stock was downgraded by an … [Read more...] about Banks Bouncing Back

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2434.94 points on Tuesday, up 1.07 percent, or 25.72 points, from the previous trading day. [NEWS1] Seoul shares rebounded Tuesday from a two-day loss on the back of the eased banking crisis in the wake of tightening monetary policies in major economies. The won rose against the dollar. The Kospi advanced 25.72 points, or 1.07 percent, to close at 2,434.94 points. Trading volume was moderate at about 516 million shares worth about 8.6 trillion won ($6.6 billion), with gainers outnumbering losers 689 to 190. Institutions bought a net 322 billion won, while foreigners sold 43 billion won and retail investors offloaded 278 billion won. The key stock index recovered its two-day losses from concerns about a banking crisis in the United States and Germany, sparked by unprecedented rate hikes in major economies. Investor concerns eased on news that regional First Citizens BancShares has agreed to buy … [Read more...] about Stocks rebound as banking crisis fears ebb, rates increase

Share to Twitter Share to Linkedin My recent tour with Intrepid Travel took me to six countries throughout central Europe. I heard the chimes of the astronomical clock in Prague, shopped along Vienna’s cobblestone streets, cruised the Danube River under the stars of Budapest, danced with locals in Kraków, and ate delicious vegan food in Berlin. Intrepid, whose mission is to create positive change through the joy of travel, are leaders in responsible tourism and specialize in small group travel. In addition to local group tours arranged by Intrepid throughout our trip, participants have free time to explore on their own in each destination. This is when I connected to my Jewish European roots and learned about my heritage. Here are five of the best places to experience Jewish history in Central Europe. Prague I spent most of the day exploring Prague’s Jewish Quarter and bought a Jewish Museum pass allowing entry into multiple places. The area is located … [Read more...] about 5 Of The Best Places To Experience Jewish History In Central Europe

Crude prices retreated on Tuesday after rallying the previous session, with markets focused on developments in the banking crisis and indications of strengthening demand in China. Prices eased after rising at the fastest pace in more than four months on Monday. West Texas Intermediate U.S. crude was down 1 cent, or 0.01 percent, to $72.80 a barrel. Brent crude futures fell 19 cents to $77.93 a barrel by 0651 GMT. “Though risks remain in the banking system amid the recent event, dip-buys in crude oil could be the prevailing trend in the near term,” said Tina Teng, an analyst at CMC Markets. Prices rose in the previous session after Turkey stopped pumping crude from Kurdistan via a pipeline following an arbitration decision that confirmed Baghdad’s consent was needed to ship the oil. Monday’s announcement that First Citizens BancShares Inc will acquire deposits and loans of failed Silicon Valley Bank spurred optimism about the condition of the banking sector that has roiled … [Read more...] about Oil prices soften; banking crisis and Chinese demand in focus

Shares of First Citizens BancShares ( FCNCA ) are skyrocketing after the regional bank purchased a large portion of collapsed Silicon Valley Bank . First Citizens said it struck an agreement with the Federal Deposit Insurance Corporation (FDIC) to buy out of receivership "substantially all loans and certain other assets, and assume all customer deposits and certain liabilities" of the former bank, which was taken over by the FDIC on March 10. First Citizens noted that as part of the deal, it will assume assets of $110 billion, deposits of $56 billion, and loans of $72 billion. It will also receive a line of credit from the FDIC for "contingent liquidity purposes," and struck an agreement with the FDIC to protect the bank against potential credit losses. First Citizens added it will not acquire any of the assets, common stock, preferred stock , debt, or assume any other obligations of Silicon Valley Bank’s former parent, SVB Financial Group. Bank Branches Open The … [Read more...] about First Citizens Bank Acquires Large Portion of SVB, Shares Soar