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Share to Twitter Share to Linkedin Bitcoin BTC and cryptocurrencies have rocketed higher over the last week as the Silicon Valley Bank-led banking crisis sparks worrying hyperinflation fears . Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster The bitcoin price has added almost 50% since early March, helping the ethereum price and other cryptocurrencies rally, due to rising expectations the Federal Reserve will pivot from its hawkish stance in the face of slowing inflation and bank collapses . Now, Tesla billionaire Elon Musk has waded into the debate, sending a warning to U.S. president Joe Biden after the Federal Reserve raised interest rates again. It's at the beginning of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodex — A daily newsletter for traders, investors and the crypto-curious that … [Read more...] about ‘Banks Are Melting’—Elon Musk Sends Warning To Joe Biden And The Fed Amid Wild Bitcoin, Ethereum And Crypto Price Swings

Share to Twitter Share to Linkedin Topline Mortgage rates tumbled last week to their lowest level in over a month, according to data released Wednesday morning by the Mortgage Bankers Association, as waning confidence in the U.S. banking system provides a reprieve to home buyers. Key Facts The average 30-year fixed mortgage rate slipped from 6.71% to 6.48% last week, falling to its lowest level since mid-February and its largest percentage decline since November. Mortgage applications rose 3% last week, according to the survey, as buyers take advantage of rapidly declining home prices. That followed a wild stretch for the banking sector – headlined by the failures of Silicon Valley Bank and Signature Bank, the nation’s second and third-biggest such failures ever – causing investors to pack into safer assets such as government bonds. Yields for 10-year U.S. Treasury notes sank 70 basis points to 3.4% in the two-week period … [Read more...] about Housing Market: Mortgage Rates Sink To 5-Week Low Amid Bank Havoc

A man watches stock quotations on an electronic board outside a brokerage, in Tokyo, Japan, March 20, 2023. REUTERS/Androniki Christodoulou SINGAPORE   – Asian shares spiked on Thursday and the dollar slid after the U.S. Federal Reserve hinted it could pause interest rate rises following turmoil in the banking sector, though it also reiterated its commitment to fighting sticky inflation. In a widely expected move, the Fed raised interest rates by 25 basis points, but it recast its outlook to a more cautious stance as a result of the banking stress. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1 percent to touch a two-week high of 515.62. The index was on track for its best week in more than two months. Focus now shifts to the Bank of England, with investors expecting a quarter-percentage-point increase in its policy rate after a surprise jump in inflation squashed hopes of the central bank pausing its tightening campaign. Asia’s rally looked unlikely to … [Read more...] about Asian shares surge, dollar slips after Fed hints at rate pause

Key Takeaways U.S. equities indexes fell on March 22, 2023, as the Fed hiked interest rates even though markets remained concerned about issues in the banking sector. The Dow, Nasdaq, and S&P 500 all posted losses of approximately 1.6% during Wednesday's session. Bank stocks saw significant declines, with First Republic (FRC) turning in the worst performance among S&P 500 stocks on uneasiness about its risk of failure. U.S. equities sank after the Federal Reserve raised interest rates another 25 basis points (bps) in its effort to bring down inflation. The decision came despite expectations by some that policymakers might pause hikes because of concerns about the banking sector in the aftermath of the collapse of Silicon Valley Bank and Signature Bank. Fed Chair Jerome Powell noted that the banking stress will likely cause tighter credit conditions that will impact the economy. The Dow, S&P 500, and Nasdaq all dropped about 1.6%. Bank stocks tumbled, … [Read more...] about Markets Dip as Fed Raises Rates Despite Banking Concerns

Key Takeaways U.S. stocks posted gains on March 16, with an industry bailout for First Republic Bank (FRC) and positivity around tech stocks sending markets higher. The tech-heavy Nasdaq added nearly 2.5% in Thursday's session, while the S&P 500 and the Dow advanced around 1.8% and 1.2%, respectively. Semiconductor stocks contributed to the gains in the tech sector, with Intel (INTC) leading the Dow higher following an analyst upgrade. U.S. equities jumped on an industry bailout of struggling First Republic Bank ( FRC ) and on enthusiasm for semiconductor and other tech stocks. The Dow and S&P 500 rose more than 1%, and the Nasdaq popped 2.5%. First Republic was the best-performing stock in the S&P 500, bouncing back from big losses earlier in the day after several major banks pledged $30 billion to prop up the ailing financial institution. Shares of Comerica ( CMA ), Regions Financial ( RF ), and other regional banks increased. However, American … [Read more...] about Markets Gain on First Republic Bank Aid, Tech Enthusiasm

Share to Twitter Share to Linkedin U.S. Bancorp’s stock (NYSE: USB) has lost approximately 14% YTD as compared to the 4% rise in the S&P500 index over the same period. Further, the recent volatility in the stock price (down 20% over the last ten days) was due to the turmoil in the banking sector. Notably, the collapse of the Silicon Valley Bank, Signature Bank, and the Credit Suisse crisis has made investors cautious about banking stocks. Overall, USB is trading at the current price of $38 per share, which is 32% below its fair value of $55 – Trefis’ estimate for U.S. Bancorp’s valuation . The bank posted mixed results in the fourth quarter of 2022, with earnings beating the estimates but revenues missing the mark. It reported total revenues of $6.4 billion – up 12% y-o-y, primarily driven by a 37% jump in the net interest income, partially offset by a 19% decline in the non-interest revenues. While the NII benefited from the improvement in … [Read more...] about U.S. Bancorp Stock Is Undervalued

MANILA, Philippines  -The Olivares family-led housing developer Ovialand Inc. filed a P2.2-billion initial public offering (IPO) plan on Thursday to boost its pioneering premium affordable homes business and grow its land bank by nearly five times to over 200 hectares in five years. The builder, which is also partly owned by mass housing veteran Januario Jesus Gregorio Atencio III, is selling up to 396 million shares in June at a maximum offer price of P5.60 per share, its prospectus dated March 17, 2023 showed. SB Capital was tapped as sole underwriter for the offer. “Our public listing marks a new chapter in our history, as this is a launchpad for us to achieve greater milestones in providing the premier family living experience to our customers,” Ovialand CEO Marie Leonore Fatima “Pammy” Olivares-Vital said in a separate statement on Thursday. Ovialand gave approximate dates of the IPO in its prospectus. It said pricing of the shares would happen around June 12 this year … [Read more...] about Olivares-led Ovialand sets land buying spree with P2.2-B IPO

Share to Twitter Share to Linkedin Key News Asian equities were mostly higher overnight as the Yuan and the Asia Dollar Index both gained significantly versus the US dollar. Xi Jinping returned to Beijing from Russia with some lower-level agreements, especially regarding the northern and eastern borders. I have not heard an update on Xi’s call with Ukrainian leader Zelenskyy, but we know that he is keen to meet with the Chinese president. Given his reticence about Xi’s visit to Moscow, we can assume that he is open to hearing Xi out. An end to the war could be a positive black swan for markets. Tencent’s over-the-counter ADR traded at a significant discount to its Hong Kong share class, which was up +8% overnight versus the ADR's only +2% gain yesterday. This echoes the continued disparity between US and global/China views of China. Tencent’s results were slightly lower than expected, but the company is rebounding in its advertising division after the … [Read more...] about Yuan Strengthens Versus USD, Tencent Soars On Earnings

Share to Twitter Share to Linkedin Topline President Joe Biden’s approval rating fell to 38% in March after hovering above 40% over the past few months, according to an AP-NORC poll, as Americans remained concerned about the president’s handling of the economy amid concerns about the financial health of the banking sector. Key Facts According to the poll, Biden’s approval rating as of March is just two points above his lowest approval rating of 36%, which was reported in July last year amid surging inflation and steep fuel prices. His latest rating is down markedly from 45% in February. People’s approval of his handling of the economy stands at only 31%—significantly lower than his overall approval rating. Democrats' opinion largely influenced that figure, with 63% approving of the way Biden has handled the economy—down from 66%—compared to an overall approval rating of 76% among Democratic voters. Republicans’ approval of … [Read more...] about Biden’s Approval Rating Falls Again Amid Concerns About Economy, Poll Finds

MANILA, Philippines–Construction and engineering group Megawide Construction Corp. has obtained the approval of the Securities and Exchange Commission (SEC) to raise as much as P7 billion from the sale of preferred shares, boosting funds for its big-ticket infrastructure projects. Based on a document from the SEC, Megawide was allowed to register and offer to the public 40 million in nonvoting perpetual preferred shares with an option to upsize with additional 30 million shares. The preferred shares will be offered at a maximum price of P100 a share, allowing Megawide to raise at least P4 billion from this foray in the capital market. In case of strong demand, it can sell P3 billion in additional preferred shares. Megawide has mandated BDO Capital, BPI Capital, First Metro Investment Corp. and Standard Chartered Bank to arrange the offering and each of them has firmly committed to underwrite P1 billion. Proceeds from the offering will be used to fund various infrastructure … [Read more...] about Megawide secures SEC nod for P7B issuance