WORLD
Cathie Wood says banking crisis was ‘looming in plain sight’
“Asset and liability duration mismatches” combined with falling deposits in the banking system had been pointing to the potential crisis that was in plain sight, the ARK Investment Management chief said Tuesday night on Twitter.
INDIA
India offers Taliban officials a course in economics, leadership
New Delhi doesn’t formally recognize the Taliban government, that seized power in 2021 in the wake of the US exit from Afghanistan.
WORLD
Apple delays bonuses for some and limits hiring in latest cost-cutting effort
The shift will reduce the frequency of bonuses for a portion of Apple’s corporate workforce, said the people, who asked not to be identified because the plan hasn’t been announced publicly.
WORLD
BofA gets more than $15 billion in deposits after SVB failure
The inflows offer a first glimpse into the deluge of deposits that made its way to the country’s largest banks as customers fearful of a spreading crisis sought refuge in the firms seen as too big to fail.
WORLD
TikTok considers splitting from ByteDance if deal with US fails
A divestiture, which could result in a sale or initial public offering, is considered a last resort, to be pursued only if the company’s existing proposal with national security officials doesn’t get approved, according to people familiar with the matter. Even then, the Chinese government would have to agree to such a transaction, the people said.
WORLD
Fed rate pause is a tough call after inflation reaccelerates
February’s consumer price index, excluding food and energy, increased 0.5% last month and 5.5% from a year earlier, according to Bureau of Labor Statistics data out Tuesday.
WORLD
Google is rolling out more AI features for customers on the cloud
As Silicon Valley buzzes about so-called generative AI — software that can create images, text and video based on user prompts — Google Cloud offered a glimpse of what it’s doing to keep up in the race.
BUSINESS
Core retail inflation in US exceeds forecast for Feb; tough call on rate hike for Fed
The consumer price index, excluding food and energy, increased 0.5 percent last month and 5.5 percent from a year earlier, according to Bureau of Labor Statistics data out Tuesday.
BUSINESS
Oil extends decline as Fed watchers wait for US inflation data
Brent’s nearby put skew — a gauge of how much more traders are willing to pay for contracts that profit from a price decline rather than a rally — rose to the highest level since mid-August on Monday amid the market turmoil.
WORLD
Too-big-to-fail lenders rake in deposits after three banks fail
JPMorgan Chase & Co., the largest US bank, alone received billions of dollars in recent days, and Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. are also seeing higher-than-usual volume, according to people with knowledge of the matter. Representatives for the firms declined to comment or didn’t respond to messages.
WORLD
Doctors are quitting Britain’s NHS for a career in business
Many of the medics on picket lines are also thinking of walking out of their careers entirely — and the world of finance and business offers an unexpected but increasingly attractive option.
BUSINESS
What to watch in money markets for signs of systemic bank stress
The failure of Silicon Valley Bank has stirred concern additional banks might also be in danger of a funding shortfall.
COMMODITIES
Crude slides deeper as Fed watchers wait for US inflation data
Crude has had a bumpy year as traders juggle concerns over a global economic slowdown and optimism around China’s demand rebound after the nation ended Covid Zero
WORLD
Global financial stocks lose $465 billion on SVB impact worry
Losses widened early Tuesday, with the MSCI Asia Pacific Financials Index dropping as much as 2.7% to the lowest since Nov. 29.
BUSINESS
Treasury two-year yield rebounds after biggest slide in decades
The yield rose 11 basis points to 4.08%, its first increase in four days. The latest move comes as traders await US consumer price inflation data on Tuesday for clues on the Federal Reserve’s rate trajectory after the failure of several US banks muddied the outlook for US interest rates.
WORLD
The great hiking cycle is seen as done as yields drop below cash
Benchmark short-end bond yields have crashed below their economy’s cash rates across most of the developed world in the few sessions since the collapse of Silicon Valley Bank.
MARKETS
Financial stocks lose $465 billion globally on SVB impact worries
The combined market capitalisation of the MSCI World Financials Index and MSCI EM Financials Index has dropped about $465 billion in three days
WORLD
Apollo eyes SVB assets as suitors Circle $73.6 billion loan book
Apollo, one of the world’s largest alternative asset managers, is among other investors looking to buy pieces of Silicon Valley Bank, according to people familiar with the matter.
BUSINESS
Credit Suisse default swaps hit record as SVB failure hits banks
Shares of European banks and insurers slumped on March 13 and Credit Suisse’s stock tumbled as much as 15% to a fresh record low.
BUSINESS
Rolex accelerates Swiss production boost to meet rising demand
At present, new watches are generally unavailable for immediate purchase through the company’s authorized network, prompting dealers, such as Watches of Switzerland Group Plc, to resort to buyer wait lists.
BUSINESS
Bali tourists banned from riding Motorbikes after bad behaviour
“They’re disorderly and they misbehave,” said Governor Wayan Koster on Monday. From here on, foreigners should only use modes of transport prepared by tourism services that meet certain standards “to ensure quality and dignified tourism,” he added.
WORLD
Jeffrey Gundlach warns of ‘imminent recession’ amid yield curve move
Two-year Treasury yields slumped as much as 24 basis points on Monday amid bets that the Federal Reserve will scale back interest-rate hikes.
WORLD
Fed bets pared as Goldman scraps March hike call on flaring risk
Goldman Sachs Group Inc. said they no longer expect the Fed to deliver a rate increase next week, even after US authorities moved to contain a crisis spurred by the exodus of depositors from Silicon Valley Bank and Signature Bank.
WORLD
Here’s what the Fed’s US bank rescue means for markets
Authorities rushed to stem panic about the health of the US financial system by pledging to fully protect depositors’ money following the collapse of SVB and offer one-year loans to banks under easier terms than usual.
