CNBC Daily Open: After First Republic rescue, the banking crisis looks contained (again)
Publishing timestamp: 2023-03-16 21:26:09
Summary
The European Central Bank has hiked interest rates despite the recent turmoil in Europe's banking sector, caused by a sell-off in Credit Suisse. However, the ECB has also said it would be ready to support banks if needed. The banking crisis has developed a pattern of crashes followed by reassurances and rebounds. U.S. Treasury Secretary Janet Yellen has said that only banks that "would create systemic risk and significant economic and financial consequences" would have their uninsured deposits protected. Despite this, U.S. stocks rallied on Thursday, with all major indexes posting gains. The banking crisis, which has now spread from the U.S. to Europe, appears contained thanks to the measures taken by financial regulators and central banks. However, there is a chance that the Federal Reserve might pause interest rate hikes. Tech stocks had a particularly good day, with Alphabet, Amazon, and Microsoft all posting gains.
Sentiment: MIXED
Tickers: FRC, AMZN, MSFT, GOOGL, CSG.N-CH,
Keywords: world markets, interest rates, markets, banks, technology, amazon.com inc, business news, microsoft corp, credit suisse group ag, alphabet inc, united states, economic events, janet yellen, first republic bank,
Source: https://www.cnbc.com/2023/03/17/stock-markets-first-republic-rescue-helps-contain-bank-crisis.html