By Tom Westbrook SINGAPORE (Reuters) – Investors scrambled to pull down global rate expectations on Monday and abandoned wagers on steep U.S. hikes next week, reckoning the biggest American bank failure since the financial crisis will make policymakers think twice. On Sunday, the U.S. administration took emergency steps to shore up banking confidence, guaranteeing deposits…
By Andrea Shalal, Howard Schneider and Pete Schroeder WASHINGTON/SINGAPORE (Reuters) – U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank threatened to trigger a broader financial crisis. After a dramatic weekend, regulators said the failed bank’s customers will have access to all…
By Krystal Hu, Anna Tong, Jeffrey Dastin and Greg Bensinger (Reuters) – A wave of relief swept over Silicon Valley Sunday following a tense weekend of board meetings, emergency funding plans and pleas for help after regulators stepped in to backstop the region’s embattled namesake bank. Banking regulators said Sunday evening that depositors at Silicon…
By Bianca Flowers and Mrinmay Dey (Reuters) -The United Auto Workers (UAW) union said members at four local chapters working at Caterpillar had voted in favor of a new six-year labor contract with the firm, preventing a strike at the world’s largest maker of construction and mining equipment. Unionized workers unanimously accepted the deal that…
BEIJING (Reuters) – Oil prices slipped in Monday Asian morning trade as concerns about possible further U.S. interest rate hikes continue to rattle investors, though a recovery in Chinese demand and a weaker dollar provided some support. Brent crude futures fell 15 cents, or -0.18%, to $82.63 per barrel by 0132 GMT. West Texas Intermediate…
By Hannah Lang and Nupur Anand (Reuters) -State regulators closed New York-based Signature Bank on Sunday, the third largest failure in U.S. banking history, two days after authorities shuttered Silicon Valley Bank in a collapse that stranded billions in deposits. The Federal Deposit Insurance Corporation (FDIC) took control of Signature, which had $110.36 billion in…
By Howard Schneider WASHINGTON (Reuters) -Earlier this month the U.S. Federal Reserve in a report to Congress gave what has become a standard reassurance: Banks were strong and the overall financial system in solid shape. That confidence is now being tested as the Fed and other regulators watched the failure of Silicon Valley Bank last…
By Hannah Lang (Reuters) -State regulators closed New York-based Signature Bank on Sunday, just two days after California authorities shuttered Silicon Valley Bank, in a collapse that roiled global markets and left billions of dollars of deposits belonging to companies and investors stranded. The U.S. Treasury Department and other bank regulators said in a joint…
By Hannah Lang (Reuters) -New York state’s Department of Financial Services said on Sunday it has taken possession of New York-based Signature Bank and appointed the U.S. Federal Deposit Insurance Corp as receiver, the second bank failure in a matter of days. Signature Bank had deposits totaling approximately $88.59 billion as of Dec. 31, the…
By Lewis Krauskopf (Reuters) – A look at the day ahead in Asian markets from Lewis Krauskopf. Monday could kick off a rocky week in financial markets. A banking blow-up in the U.S. is sparking fears of global contagion risks, and those fears could emerge in Asian trading as the week begins. Regulators were scrambling…
