Shares, news, data and earnings
18 minutes ago
First Citizens who bought Silicon Valley Bank
First Citizens Bank agreed to buy Silicon Valley Bank’s deposits and loans, the US Federal Deposit Insurance Corporation announced early Monday.
“The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as First-Citizens Bank & Trust Company on Monday, March 27, 2023,” the FDIC said in the release.
“Customers of Silicon Valley Bridge Bank, National Association should continue to use their current branch until they receive notification from First–Citizens Bank & Trust Company that system conversions have been completed to allow full-service banking at all other branches.”[ads1];
Read the whole story here.
– Elliott Smith
5 hours ago
Fed’s Kashkari says bank stress brings US closer to recession
The recent banking turmoil could bring the United States closer to a recession, Minneapolis Fed President Neel Kashkari said in an interview with CBS’ Face The Nation.
“It definitely brings us closer right now, what’s unclear to us is how much of these bank strains lead to a widespread credit crunch,” he said when asked if the mid-sized bank crisis could have a real impact on the bank. economy. “And then that credit crunch, just like you said, would slow down the economy.”
He said Fed officials are monitoring the impact of the fallout from the banking sector “very, very carefully” and that the current system has the “full support” of the Federal Reserve.
“The US banking system is resilient and it’s healthy,” he said when asked about the stability of the banking system and its ability to control additional risks seen in California and New York.
“The banking system has a strong capital position and plenty of liquidity and has the full support of the Federal Reserve and other regulators behind it,” Kashkari said.
“I’m not saying all the stresses are behind us, I expect this process will take some time. But fundamentally, the banking system is healthy,” he said.
– Jihye Lee
4 hours ago
CNBC Pro: Rivian shares continue to hit lows. Here’s where Wall Street sees it going next.
Most electric car stocks are up this year, but Rivian is an exception.
The shares have reached their lowest level recently. Is Rivian just a cash-burning company, or does Wall Street see significant upside for the stock going forward? Here’s what they say.
CNBC Pro subscribers can read more here.
— Weizhen Tan
4 hours ago
CNBC Pro: ‘Sell to rallies’: Morgan Stanley says European banking sector ‘not as attractive as it was’
In the wake of the recent banking strains, Morgan Stanley has warned that the European banking sector is “not as attractive as it was” last week despite recent share price falls.
Strategists at the Wall Street bank also recommend 10 defensive stocks to own right now, while selling European banking stocks “into any material rally.”
CNBC Pro subscribers can read more here.
– Ganesh Rao
2 hours ago
European markets: Here are the opening calls
European markets are heading for a positive opening on Monday morning.
Britain’s FTSE 100 index is expected to open 53 points higher at 7,458, Germany’s DAX 154 points higher at 15,111, France’s CAC up 68 points at 7,083 and Italy’s FTSE MIB 197 points higher at 26,089, according to data from IG.
Germany’s Ifo survey of current economic sentiment is published on Monday.
—Holly Ellyatt
