Market Update

Due to continuing worries about the condition of the US banking sector, investors reduced their holdings of First Republic and other bank shares on Friday, causing a decline in US stocks.First Republic dropped by almost 33% to finish the week down by almost 72%. That represented a change from the …

Getting prepared for hard times seemed to be a popular theme among Americans. As bank woes hit the news headlines, clients have started to signal more urgent concerns. A lot of it is post-traumatic stress recalling the bad memories of the global financial crisis in 2008. But the numbers today, …

WTI crude oil modestly bounced after posting a fresh 2023 low of $65.22 a barrel. West Texas Intermediate fell to $65.22 per barrel on Friday, its lowest since November 2022. It currently trades at around $67.30 a barrel, breaking lower amid financial turmoil weighing on the market mood. At the …

Gold is trading at $1959.26 at the time of writing. Earlier on the day, gold price surged further on Friday reaching the highest level in eleven months, rising above $1,960 per ounce. The Gold Index XAU/USD is rising by more than $40, adding to weekly gains.Risk aversion amid the banking …

Consumer sentiment in the US weakened in early March with the University of Michigan’s (UoM) Consumer Confidence Index declining to 63.4 from 67 in February. This reading came in worse than the market expectation of 67. “Year-ahead inflation expectations receded from 4.1% in February to 3.8%, the lowest reading since …

SVB Financial Group filed for a court-supervised restructuring under Chapter 11 bankruptcy protection on Friday to seek purchasers for its assets, only days after its former affiliate Silicon Valley Bank was taken over by US regulators. The decision to seek bankruptcy protection comes after the company announced on March 13 …

The Chinese central bank eased a key monetary policy instrument on Friday, attempting to boost an economy facing hurdles from a slowdown in its largest export markets. The People’s Bank of China announced a 25 basis point reduction in the reserve requirement ratio for major banks, which specifies how much …

The Kremlin said on Friday that Russia had decided to extend the grain deal across the Black Sea for 60 days, echoing earlier statements by the Foreign Ministry. Ukraine stated that the agreement, which will expire soon, must be fully renewed under the current terms, which provide for an extension …

European stocks continued to recover for the second consecutive session on Friday, as measures taken by the United States and Europe to support banks calmed fears of an imminent collapse, but the European index was on track to record a decline for the second week in a row. The Stoxx …

Gold prices rose on Friday, supported by the weakness of the dollar, and are preparing for the largest weekly gains since mid-November, as the global banking crisis prompted investors to turn to the metal, which is considered a safe haven. And by 0313 GMT, gold in instant transactions rose 0.5 …