Today’s Stock Exchanges, March 27th. Markets looking for redemption, 286 billion fleeing from banks to funds. First Citizens buys bankrupt Svb
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MILAN – Markets testing the restart after a closing last week, which saw the focus of fears on Deutsche Bank, while the turbulence unleashed first by Svb and then by Credit Suisse seemed to be subsiding. To certify how uncertain the phase is there are the data published by Financial Times according to which American investors have pumped 286 billion dollars in two weeks into monetary funds, an alternative to bank deposits, evidently concerned about the solidity of institutions as guardians of their money. This is the largest influx since the peak of the Covid crisis.
Credit Suisse, the Saudi CEO who caused the collapse resigns
Saudi National Bank chairman Ammar Abdul Wahed Al Khudairy resigns “for personal reasons”. The agency reports Bloomberg, reporting that he will be replaced by Saeed Mohammed Al Ghamdi as chairman after he resigned as CEO of the group. Talal Ahmed Al Khereiji has been appointed interim Chief Executive Officer. Al Khudairy, in an interview with Bloomberg TV on March 15, declared that Snb – Credit Suisse’s main shareholder with 9.9% of the shares – would not be “absolutely” open to further investments in Credit Suisse, giving the via the stock market crash which then led to the rescue of the second Swiss bank by Ubs.
Asian stocks ahead mixed
Asian stock markets in no particular order in the first weekly session after the tensions of the last eighth period triggered by the difficulties of the banking system. In Hong Kong the Hang Seng index falls by 0.74%, while in Tokyo the Nikkei rises by 0.47%. Shanghai fell by 0.65%, while the Kospi index of the Korean Stock Exchange decreased by 0.08%.
Positive futures on Europe and Wall Street
A positive start to the week is expected for the European stock markets after the turbulence of the last eighth caused by fears about the stability of the international banking system in the light of the SVB, Credit Suisse and Deutsche Bank cases. Frankfurt’s Dax is expected to start up by 0.37%, London’s Ftse 100 futures rise by 0.32% while those of the Uro Stoxx 50 mark +0.34%. Futures on Wall Street were also positive with the main indexes around +0.4%.
First Citizens buys Silicon Valley Bank
First Citizens Bank will take over large parts of Silicon Valley Bank, which went bankrupt in early March: Its 17 former branches will open today as First Citizens, the Federal Deposit Insurance Corporation said. The transaction includes the purchase of approximately $72 billion of SVB’s assets, discounted by $16.5 billion, the US regulator said, adding that as of March 10, SVB had $167 billion of assets and $119 billion of deposits. First Citizens, based in Raleigh (North Carolina), defines itself as the largest family-owned US bank.
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