Global stocks rose and the dollar softened as a deal backed by the U.S. regulator for First Citizens BancShares to buy failed Silicon Valley Bank soothed wider worries about problems in the sector. | Reuters
Top U.S. banking regulators said on Monday they planned to tell Congress that the overall financial system remains on solid footing after recent bank failures, but will comprehensively review their policies in a bid to prevent future collapses.
“This round of uncertainty that we’re seeing, it will likely continue for some more time,” said Manishi Raychaudhuri, Asia-Pacific head of equity research at BNP Paribas. “We haven’t seen the end of it.” He expects continued volatility for global markets going forward for at least one or two quarters.
“Ma’s return to business would be a strongly positive sign for China’s tech industry,” said Brock Silvers, chief investment officer at private equity firm Kaiyuan Capital. On Monday, the S&P 500 ended slightly higher as a deal for Silicon Valley Bank’s assets helped to boost bank shares, while technology-related stocks dipped amid profit taking after a strong quarter.
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