Markets are higher in Europe and Asia, tracking a rally on Wall Street after a group of big banks offered a lifeline to First Republic Bank, the latest lender in the spotlight for troubles in the banking industry
Pedestrians pass the Dah Sing Bank's electronic screen in Hong Kong on Friday, March 17, 2023. Shares advanced Friday in Asia, tracking a rally on Wall Street after a group of big banks offered a lifeline to First Republic Bank, the lender investors had focused on in their latest hunt for troubles in the banking industry. BANGKOK — — Markets advanced Friday in Europe and Asia, tracking a rally on Wall Street after a group of big banks offered a lifeline to First Republic Bank, the latest U.
“The market remains cautious; traders do not want to get overexcited, especially with investors still focusing on what can go wrong instead of what could go right,” Stephen Innes of SPI Asset Management said in a report. In Asia, Hong Kong's Hang Seng jumped 1.8% to 19,548.26 and the Shanghai Composite index added 0.7% to 3,450.55.
Since SVB's failure, investors have been on the lookout for banks with similar traits, such as many depositors with more than the $250,000 limit that's insured by the Federal Deposit Insurance Corp., tech startups and otherThe Federal Reserve’s fastest barrage of hikes to interest rates in decades, to drive down inflation, has shocked the banking system following years of historically easy conditions.
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