CNBC Daily Open: JPMorgan takes over First Republic
Publishing timestamp: 2023-05-02 02:00:52
Summary
JPMorgan Chase has won the auction for First Republic Bank after US regulators took possession of First Republic on Monday. JPMorgan will get all of First Republic's deposits, loans, and securities and will pay the Federal Deposit Insurance Corporation about $10.6 billion for them. The US commercial property sector might be next to face a crisis, according to Charlie Munger, vice chairman of Berkshire Hathaway. The US markets dipped on Monday following JPMorgan's takeover of First Republic, but investors thought it was a good deal for JPMorgan, boosting its shares 2.1%. Asia-Pacific stocks traded mixed on Tuesday. Investors are waiting for the Federal Reserve meeting and Apple's earnings.
Sentiment: NEUTRAL
Tickers: AAPL, FRC, BRK.A, JPM,
Keywords: jpmorgan chase & co, markets, apple inc, regional banking, berkshire hathaway inc, interest rates, jamie dimon, charlie munger, business news, economic events, world markets, banks, first republic bank, federal reserve bank, united states, asia economy,
Source: https://www.cnbc.com/2023/05/02/stock-markets-jpmorgan-takes-over-first-republic.html