March 27, 2023
US Stocks Rise as Banks Rally; Treasuries Dip: Markets Wrap
US stocks rose as the banking sector bounced off recent lows on the prospect of further support from US authorities.
All three major US gauges advanced as concerns over the banking sector eased. First Citizens BancShares Inc. led a rally in regional lenders after agreeing to buy SVB Financial Group’s Silicon Valley Bank. First Republic Bank jumped on a Bloomberg report that US authorities are considering expanding an emergency lending facility that would give the lender more time to bolster its balance sheet.
Schnabel Pushed for ECB Statement to Say More Hiking Possible
European Central Bank Executive Board member Isabel Schnabel pushed for this month’s decision statement to signal possible interest-rate hiking in future, according to people with knowledge of the matter.
Schnabel, the official in charge of markets, argued against the Governing Council’s avoidance of explicit wording on the path of monetary policy after the half-point hike in borrowing costs on March 16, said the people, who declined to be identified because such meetings are private.
China’s New Premier Rolls Out Red Carpet to Foreign Executives
Chinese Premier Li Qiang vowed that China will “unswervingly” open wider to the outside world and establish a “broad space” for foreign companies to develop in China.
“China’s economy has deeply integrated into the global system. China will unswervingly stick to opening-up, regardless of changes to the global environment,” Li told foreign attendees of the China Development Forum on Monday, according to state broadcaster CCTV. The country’s growth will provide new momentum for the global economy, he added.
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