NEW YORK, March 28 — Wall Street equities gained and US Treasury yields rose yesterday as investor concerns about the financial system were calmed after First Citizens BancShares...
NEW YORK, March 28 — Wall Street equities gained and US Treasury yields rose yesterday as investor concerns about the financial system were calmed after First Citizens BancShares said it would take on the deposits and loans of failed Silicon Valley Bank.
The S&P 500 bank index, after closing down more than 22 per cent for the month-to-date on Friday, finished up 3 per cent on the day. In Europe, Deutsche Bank shares rose 6 per cent after falling sharply on Friday with fears spreading to the United States after the cost of insuring its debt against default jumped.
For the underperformance of rate-sensitive sectors such as technology yesterday, James pointed to an increased probability that the US Federal Reserve would raise interest rates in May compared with Friday’s expectations. The central bank has been raising rates for a year as it battles inflation. Emerging market stocks lost 0.84 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.88 per cent lower, while Japan’s Nikkei rose 0.33 per cent.The dollar rose to a five-day high against the Japanese yen on Monday as authorities’ efforts to rein in worries over the global banking system helped soothe investor nerves.
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