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14/03/2023

Today’s Announcements & News

Asia

HSBC announced it would buy the UK subsidiary of Silicon Valley Bank for £1 ($1.21), according to a document.

Noel Quinn, Group Chief Executive of HSBC, said: “This acquisition is of strategic importance to our UK business. It strengthens our merchant banking franchise and strengthens our commitment to innovation and development in the UK and internationally. The ability to deliver services to rapidly growing businesses, including technology and life sciences.”

The bank’s Hong Kong-listed shares were up 0.53% in afternoon Asian trading.

United States

U.S. stock futures rose late Monday after the Dow Jones Industrial Average fell for a fifth straight day. Traders also focused on Tuesday’s key inflation report.

Dow Jones Industrial Average futures rose 117 points, or 0.37%. S&P 500 and Nasdaq 100 futures were up 0.33% and 0.31%, respectively.

Bank stocks recovered after coming under pressure during Monday’s trading session. SPDR S&P Regional Bank ETF

(KRE) rose 1.1 percent in after-hours trading. first republic bank stock

After falling nearly 62% on Monday, it rose 16% in after-hours trading. KeyCorp shares were handily up 10% after falling 27% in regular trading.

Commodities

Gold and silver prices rose sharply on Monday as their safe-haven appeal attracted investors spooked by Silicon Valley bank failures, and the crisis also fueled hopes that the Federal Reserve needs to put the brakes on its aggressive monetary policy.

The dollar and U.S. Treasury yields continued to fall despite regulators’ efforts to contain the turmoil at Silicon Valley Bank and Signature Bank.

With the help of short-covering long exposure, “gold looks very much like fulfilling its safe-haven mission,” said Bart Melek, head of commodity market strategy at TD Securities.

Spot gold was last up 2.44% at $1,921.63 an ounce, its highest level since early February. U.S. gold futures rose 2.6 percent to $1,916.50.


The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.

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