The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
webinar-thumb-1108
Estate Planning: Building a Legacy for the Future 
November 8, 2022
Webinar-mobile-desktop-267x320-1
Outlook 2022: Recover. Restart. Rebalance.
March 31, 2022
View All Webinars
Downloads
grocery-shopping-cart-as
Economic Updates
November 2023 Updates: Upward tilt of inflation still a possibility 
DOWNLOAD
Commuters-aa
Economic Updates
3Q 2023 PH GDP Report: Upward bias for full-year GDP forecast
DOWNLOAD
rates-bonds-market-ss
The Radar
An opportunity to add duration
DOWNLOAD
View all Reports
Metrobank.com.ph Contact Us
Follow us on our platforms.

How may we help you?

TOP SEARCHES
  • Where to put my investments
  • Reports about the pandemic and economy
  • Metrobank
  • Webinars
  • Economy
TRENDING ARTICLES
  • Investment Path Advisory
  • On Government Debt Thresholds: How Much is Too Much?
  • Philippines Stock Market Outlook for 2022
  • No Relief from Deficit Spending Yet

Login

Access Exclusive Content
Login to Wealth Manager
Visit us at metrobank.com.ph Contact Us
Access Exclusive Content Login to Wealth Manager
Search
The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
webinar-thumb-1108
Estate Planning: Building a Legacy for the Future 
November 8, 2022
Webinar-mobile-desktop-267x320-1
Outlook 2022: Recover. Restart. Rebalance.
March 31, 2022
View All Webinars
Downloads
grocery-shopping-cart-as
Economic Updates
November 2023 Updates: Upward tilt of inflation still a possibility 
November 22, 2023 DOWNLOAD
Commuters-aa
Economic Updates
3Q 2023 PH GDP Report: Upward bias for full-year GDP forecast
November 10, 2023 DOWNLOAD
rates-bonds-market-ss
The Radar
An opportunity to add duration
November 9, 2023 DOWNLOAD
View all Reports
Economy 3 MIN READ

Banking blip? Not so fast

April 25, 2023By Reuters
Related Articles
US recap: Dash for safety sends EUR/USD tumbling toward parity July 11, 2022 Fed officials embrace 'gradual' rate hikes, still aim high November 10, 2022 Wall Street plunges as recession fears grow June 16, 2022

April 26 (Reuters) – An unholy trinity of US developments on Tuesday – poor corporate earnings, a bank’s value going up in smoke, and slumping consumer confidence – will likely set an extremely gloomy tone for Asian markets on Wednesday.

This will be the backdrop to trade figures from Thailand and New Zealand, industrial production data from Singapore and inflation figures from Australia.

The three main indexes on Wall Street closed down between 1% and 2% – the Nasdaq’s 2% fall was its steepest in six weeks – as fears over the recession and the banking sector intensified.

The travails at First Republic Bank FRC should be a wake-up call to anyone who thought the US banking turmoil had somehow been cleared up in a matter of weeks.

After reporting on Monday a plunge of more than USD 100 billion in deposits in the first quarter, shares on Tuesday plunged 50% at the bank – the 15th largest in the country at the start of the year. The bank has lost 93% of its value this year.

The wider US regional banking index’s 4% slide – its fourth straight decline – took its year-to-date decline to 25%.

Notably, the plunge in US bond yields and Fed expectations on the back of this did not weaken the dollar – safe-haven buying pushed it up 0.5% for one of its best days since the banking shock in mid-March.

Safe-haven flows dominated trading on Tuesday, with the Japanese yen, Swiss franc, government bonds and gold all posting strong gains.

If there is a tailwind for Asian markets on Wednesday amid the headwinds it will be the after-hours results from Google’s parent company Alphabet (GOOGL) and Microsoft (MSFT). Profits at both tech giants topped Wall Street estimates, and shares in both rose 4% in after-hours trading.

On the economic data front on Wednesday, Australian weighted annual CPI inflation is expected to have finally slowed in the first quarter to 6.9% from a 33-year high of 7.8%.

Here are three key developments that could provide more direction to markets on Wednesday:

– Australia CPI inflation (Q1)

– Singapore manufacturing (March)

– Thailand trade (March)

(By Jamie McGeever; Editing by Josie Kao)

 

This article originally appeared on reuters.com

Read More Articles About:
Worldwide News Philippine News Rates & Bonds Equities Economy Investment Tips Fine Living

You are leaving Metrobank Wealth Insights

Please be aware that the external site policies may differ from our website Terms And Conditions and Privacy Policy. The next site will be opened in a new browser window or tab.

Cancel Proceed
Get in Touch

For inquiries, please call our Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an e-mail to customercare@metrobank.com.ph

Metrobank is regulated by the Bangko Sentral ng Pilipinas
Website: https://www.bsp.gov.ph

Quick Links
The Gist Webinars Wealth Manager Explainers
Markets
Currencies Rates & Bonds Equities Economy
Wealth
Investment Tips Fine Living Retirement
Portfolio Picks
Bonds Stocks
Others
Contact Us Privacy Statement Terms of Use
© 2021 Metrobank. All rights reserved.

Read this content. Log in or sign up.

​If you are an investor with us, log in first to your Metrobank Wealth Manager account. ​

If you are not yet a client, we can help you by clicking the SIGN UP button. ​

Login Sign Up