FRC - Asia-Pacific shares rise tracking Wall Street's gains overnight as contagion fears from banking turmoil ease

2023-03-28 02:28:45 ET

Japan +0.15% .

China +0.03%

Hong Kong +1.39% . Hong Kong’s trade deficit has almost doubled to HK$45.37 billion ($5.78 billion) in February, compared to January’s figure of HK$25.37 billion.

Australia +1.04% . Australian February retail sales +0.2% m/m (expected +0.1%).

India +0.08% .

Overnight in the U.S., stocks on Wall Street ended higher – the Dow Jones Industrial Average gained almost 200 points, or 0.6% higher, and the S&P 500 was up 0.2%. However, the Nasdaq Composite finished lower by 0.5% at 11,768.84. The Dow Jones climbed 194.55 points to close at 32,432.08 and the S&P 500 rose 6.54 points to end at 3,977.53. Meanwhile, the Nasdaq concluded trading at 11,768.84, a slide of 55.12 points.

First Citizens ( FCNCA ) jumped 54% after reaching a deal to acquire loans and deposits from failed Silicon Valley Bank ( SIVB ). Meanwhile, the U.S. is reportedly mulling the expansion of an emergency lending facility for banks, which pushed First Republic Bank ( FRC ) 12% higher.

South Korean defense stocks largely rose on Tuesday as North Korean leader Kim Jong Un called for an increase in weapons-grade nuclear material production, state media KCNA reported.

Crude prices retreated on Tuesday after rallying the previous session, with markets focused on developments in the banking crisis and indications of strengthening demand in China.

Prices eased after rising at the fastest pace in more than four months on Monday. West Texas Intermediate U.S. crude fell 4 cents, or 0.05%, to $72.77. Brent crude futures dropped 30 cents to $77.82 a barrel by 0312 GMT.

Gold prices rose on Tuesday as the dollar slipped, although an improvement in risk appetite after efforts by regulators to allay fears over the global banking system limited the safe-haven metal’s appeal.

Spot gold was up 0.2% at $1,958.85 per ounce, as of 0308 GMT. U.S. gold futures rose 0.4% to $1,960.80.

Spot silver eased 0.1% to $23.06 per ounce, while platinum rose 0.5% to $976.87 and palladium added 0.7% at $1,418.44.

US futures higher. Dow Jones +0.29% ; S&P 500 +0.23% ; Nasdaq +0.17% .

More on the Bank Crisis:

• First Republic Bank: Why I Am Sticking To My Investment
• First Republic: Be Wary Of People Bearing Gifts
• FDIC inks deal for First Citizens to buy Silicon Valley Bank
• Moody's warns on spillover risk; banks continue emergency borrowing
• First Republic gains after getting $30B in deposits from banks

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