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HSBC Rescues British Arm Of Stricken Silicon Valley Bank

LONDON, March 13 (Reuters) – HSBC (HSBA.L) bought the UK arm of stricken Silicon Valley Bank for a symbolic one pound on Monday, rescuing a key lender for technology start-ups in Britain and helping curb the fallout from the biggest bank collapse since the financial crash.

The move comes after U.S. authorities moved to shore up deposits and stem any wider contagion from the sudden collapse of its parent Silicon Valley Bank (SIVB.O).

Full coverage: REUTERS

Dollar Slides As Fed Rate Hike Expectations Trimmed On SVB Collapse

SINGAPORE/LONDON, March 13 (Reuters) – The dollar fell on Monday on heightened expectations the Federal Reserve will be less aggressive with monetary policy as authorities stepped in to limit the fallout from the sudden collapse of Silicon Valley Bank (SIVB.O).

The U.S. government announced several measures early in the Asian trading day, saying all SVB customers will have access to their deposits starting on Monday.

The authorities also said depositors of New York’s Signature Bank (SBNY.O), which was closed on Sunday by the New York state financial regulator, would be made whole at no loss to the taxpayer.

Full coverage: REUTERS

Analysis: As Banks Break, Markets Hear The Sound Of Peaking Rates

SINGAPORE, March 13 (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 after withdrawals overwhelmed Silicon Valley Bank and closing under-pressure lender Signature Bank in New York.

Full coverage: REUTERS

Novartis Launches New $11 Billion Share Buyback

ZURICH, March 13 (Reuters) – Novartis (NOVN.S) has formally launched its new share buyback programme where it could spend up to 10 billion Swiss francs ($10.90 billion) repurchasing its shares over the next three years.

The Swiss company said it will buy a maximum of 10% of its own stock over the period from its last Annual General Meeting, which took place on March 7, up to the AGM in 2026.

Capital reductions of the registered shares repurchased under the scheme will be proposed at future AGMs, Novartis said.

Full coverage: REUTERS

Morning Bid: Bank Rescue Leaves Fed In A Rate Bind

A look at the day ahead in European and global markets from Wayne Cole.

So, U.S. authorities have ridden to the rescue of the financial system, generating the biggest rally in short-term bonds in decades amid talk the Federal Reserve might not hike rates at all next week given the stakes at play.

The Asian day began with a bang when the Treasury and Fed announced they would cover all depositors at SVB, not just those under the $250,000 insurance cap, although share and bond holders would get no help.

Full coverage: REUTERS

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Industry Dynamics

UK Inflation Rate Unexpectedly Rises To 10.4% In February

LONDON, March 22 (Reuters) – British inflation unexpectedly rose to 10.4% in February, pushed up by higher food prices and pricier drinks in pubs and restaurants, official data showed on Wednesday, a day before the Bank of England announces its latest interest rate decision. Economists polled by Reuters had forecast that the annual CPI rate […]

2023-3-22 | Industry Dynamics

Dollar Pauses, Sterling Drops Ahead Of Fed, BoE

LONDON/SINGAPORE, March 21 (Reuters) – The dollar steadied and sterling fell on Tuesday as traders reckoned banking stress would keep the Federal Reserve and the Bank of England from hiking rates much further, or at all, later in the week. Investors remained concerned over the fate of the banking sector after U.S. lender First Republic shares tumbled […]

2023-3-21 | Industry Dynamics

Analysis: UBS Swallows Doomed Credit Suisse, Casting Shadow Over Switzerland

LONDON, March 20 (Reuters) – UBS Group (UBSG.S) emerged as Switzerland’s one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss economy more dependent on a single lender. The unprecedented move announced late on Sunday in Zurich capped a race against time by regulators to avert a […]

2023-3-20 | Industry Dynamics