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For investors, the current instability in the global banking sector is increasingly feeling like a game of Whack-A-Mole, just as one problem area gets shored up, another problem pokes its head up. Just as concerns over banks in the US
Yesterday afternoon, the Fed raised the Fed Funds rate by 0.25% to 5.00%. The US central bank took the middle path in its statement and projections. The majority of FOMC members indicated they are thinking one more interest rate hike
Over the next 24 hours, three of the world’s major central banks are holding interest rate decision meetings. The main event today is the US Fed meeting with an interest rate decision, statement, and member projections due at 2:00 pm
Building on yesterday’s gains of 0.4% to 1.2% for US markets Monday with the Dow leading the bounce, US index futures are up 0.6%-0.9% this morning with Dow Futures once again leading the way. European indices are also rallying with
Over the weekend more steps were taken in an attempt to shore up confidence in the global banking system. UBS agreed to purchase troubled Credit Suisse for $3.2B. In addition, five central banks, the Fed, the Bank of Canada, the
A volatile week for world stock markets continues this morning with equities in retreat once again. US index futures are trading flat to down 0.6%, with Dow Futures leading the way lower. Over in Europe, the Dax is down 0.25%
Overnight the Swiss National Bank announced that it would provide Credit Suisse with CHF50B (US$54B) of lending support in a bid to boost confidence in the beleaguered bank after Saudi interests cut them off from additional funding. Credit Suisse initially
Yesterday’s equity market rebound turned out to be a dead cat bounce. US index futures are down 1.3%-1.7% this morning while over in Europe, the FTSE and Dax are down 2.4%, while Paris and Milan are both down about 3.2%.
Equity markets in North America and Europe are bouncing back this morning. US Index futures are up 0.8%-1.0% clawing back all of yesterday’s 0.3% loss for the Dow and building on yesterday’s 0.4% gain for the NASDAQ. Over in Europe,
It has been a good news, bad news evening and morning for banks and the markets. On the positive side, the Fed and the US Government stepped in with a plan to backstop depositors at Silicon Valley Bank in a
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