Wall Street rallied after a consortium of US private banks announced a $30-billion rescue package for First Republic, while European stocks jumped on a European Central Bank’s interest rate decision that was called a “dovish hike.” | AFP
Major US indices, which had opened the day in the red, also pushed into positive territory, with the S&P 500 finishing up 1.8 percent.
But the central bank raised its main rates by half a percentage point, as it had previously pledged to do. Dovish in monetary policy means favoring lower interest rates to maximise growth and employment, rather than pursuing a “hawkish” policy focused on raising interest rates to reduce inflation. Other European banking giants including BNP Paribas and Commerzbank were also in the green, though Societe Generale and Deutsche Bank fell.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First Republic Bank weighing options including sale – Bloomberg NewsU.S. private lender First Republic Bank is exploring strategic options including a sale, Bloomberg reported on Wednesday, citing people with knowledge of the matter. The troubled bank is
Read more »
European banks battered as Credit Suisse drops 20%Shares in European banks got pummeled again on Wednesday, as Credit Suisse plunged to fresh record lows after the lender’s biggest shareholder said it could not raise its 10 percent stake citing regulatory issues. | Reuters
Read more »
Wall Street down as Credit Suisse sparks fresh bank selloffU.S. stocks pared losses late on Wednesday but the Dow and S&P 500 still closed lower, as problems at Credit Suisse revived fears of a banking crisis, eclipsing bets on a smaller U.S. rate hike this month. | Reuters
Read more »
Argentina inflation tops 100% for first time since 1991‘I am tired, tired, just tired of all this, of the politicians who fight while the people die of hunger,’ says a woman in Argentina as inflation soars to triple digits.
Read more »
Record first half propels Lakers past PelicansAnthony Davis delivers a huge double-double as the Lakers, still playing minus the injured LeBron James, unleash 75 points in the first half. NBA
Read more »
The runner's guide to first aidKnowledge about first aid is key because it enables anyone to attend to injuries and equips them with the ability to help those in need
Read more »