JARAA'IDJARAA'ID
Notification Show More
Latest News
Thai election winner appoints replacement party leader
Asia
Biden to supply Kyiv long-range ATACMS missiles after months of lobbying
Business
Rangers 1-0 Real Betis: Hosts record memorable home victory over Real Betis in UEFA Europa League clash
Sports
South Korea opposition leader ends 24-day hunger strike
Asia
Gita Mehta, writer and journalist, 1943-2023
Business
Aa
  • Home
  • Local News
  • Africa
  • United States
  • Europe
  • Asia
  • Sports
  • Videos
  • Live Score
  • More
    • Business
    • Market Data
      • Stocks
      • Commodities
      • Cryptocurrency
      • Forex
    • Weather
Reading: Asian equities join US banking rally after SVB collapse
Share
Aa
JARAA'IDJARAA'ID
  • Somalia
  • Africa
  • United States
  • Europe
  • Asia
  • Business
  • Sports
  • Videos
Search
  • Home
  • Local News
  • Videos
  • World
    • Africa
    • United States
    • Europe
    • Asia
  • Market Data
    • Stocks
    • Commodities
    • Cryptocurrency
    • Forex
  • More
    • Sports
    • Business
    • Weather
    • Live Score
Have an existing account? Sign In
Follow US
JARAA'ID > Business > Asian equities join US banking rally after SVB collapse
Business

Asian equities join US banking rally after SVB collapse

News Room
Last updated: 2023/03/15 at 4:13 AM
News Room Published March 15, 2023
Share
SHARE

Equities in Asia rose on Wednesday following a rebound in US banking stocks, as measures from regulators boosted confidence in the financial sector after the collapse of Silicon Valley Bank.

Japan’s Topix added 0.9 per cent in morning trading, South Korea’s Kospi added 1.9 per cent and Australia’s S&P/ASX 200 gained 0.6 per cent. Hong Kong’s Hang Seng index rose 1.6 per cent and mainland China’s CSI 300 gained 0.4 per cent.

The Topix Banks index gained 3.9 per cent after suffering its steepest decline in three years on Tuesday. Japanese regional banks First Bank of Toyama and Bank of Kochi rose the most, adding 5.2 per cent and 5.4 per cent, respectively.

US stocks rebounded on Tuesday after a sharp sell-off in the previous session triggered by concerns of contagion from the collapse of SVB and new data showing that inflation had slowed but was still high at 6 per cent.

The stubbornly high inflation data comes at a tricky moment for the Fed as it contends with bank failures and broader concerns about financial stability, increasing speculation that it will have to pause the ascent of its interest rate increases earlier than expected.

Bank stocks rallied the most, with shares in First Republic Bank closing up by more than 25 per cent.

The KBW Nasdaq Bank index closed up 3.2 per cent after falling 12 per cent on Monday. US regional banks had dropped sharply despite a promise from President Joe Biden that regulators would do “whatever is needed” to protect depositors.

The benchmark S&P 500 closed up 1.6 per cent, while the tech-heavy Nasdaq Composite gained 2.1 per cent.

On Monday, Japanese investment bank Nomura forecast the Fed would cut rates by 25 basis points at its meeting later this month. But investors pulled back from that view on Tuesday after the release of US inflation data.

The yield on the two-year US Treasury note, which closely tracks interest rate expectations and moves inversely to price, was up 0.7 percentage points at 4.29 per cent on Wednesday, climbing higher after experiencing its biggest one-day drop since 1987 earlier this week.

The yield on the 10-year note, which underpins global borrowing costs, rose 0.05 percentage points to 3.68 per cent.

Oil prices rose from a three-month low as sentiment recovered from the initial shock of the SVB collapse. West Texas Intermediate, the US benchmark, added 1 per cent to $72.02 per barrel.

Read the full article here

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room March 15, 2023
Share this Article
Facebook Twitter Email Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular News
Asia

Thai election winner appoints replacement party leader

News Room News Room September 23, 2023
Biden to supply Kyiv long-range ATACMS missiles after months of lobbying
Rangers 1-0 Real Betis: Hosts record memorable home victory over Real Betis in UEFA Europa League clash
South Korea opposition leader ends 24-day hunger strike
Gita Mehta, writer and journalist, 1943-2023
West Ham 3-1 TSC Backa Topola: Hosts storm back to record UEFA Europa League victory after early scare
Ethiopian prince’s hair, artefacts returned 155 years after British plunder
In New York, Somali Prime Minister talks with UAE Foreign Minister.
- Advertisement -
Ad imageAd image

You Might also Like

Biden to supply Kyiv long-range ATACMS missiles after months of lobbying

September 23, 2023

Gita Mehta, writer and journalist, 1943-2023

September 23, 2023

Raffles London and the new era of super-luxe hospitality

September 23, 2023

EU trade chief warns of “new areas of concern” in China relationship

September 23, 2023
  • Somalia
  • Africa
  • United States
  • Europe
  • Asia
  • Cryptocurrency
  • Forex
  • Stock Market

About US

Jaraa'id is your one-stop website for the latest global and local news and updates, follow us now to get the news that matters to you.
Quick Link
  • Privacy Policy
  • Terms of use
  • Press ReleaseSubmit
  • Advertise
  • Contact
Top Sections
  • Business
  • Sports
  • Videos
  • Market DataLive
  • Weather

Subscribe US

Subscribe to our newsletter to get our Latest articles instantly!

I have read and agree to the terms & conditions

2023 © Jaraa'id. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?