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Dollar Comes Back Bid, as First Republic Taken Over (Mostly) by JP Morgan

May 01, 2023
Overview: Most markets are closed for the May Day holiday. News that JP Morgan will acquire most of First Republic assets will be a relief for the markets. US equity futures are slightly firmer, and the 10-year Treasury yield is around three basis points higher, slightly above 3.45%. Recall that before the weekend, it has fallen from almost 3.55% …
Dollar Comes Back Bid, as First Republic Taken Over (Mostly) by JP Morgan Dollar Comes Back Bid, as First Republic Taken Over (Mostly) by JP Morgan Reviewed by Marc Chandler on May 01, 2023 Rating: 5
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Markets Becalmed Ahead of Key Data and BOJ Meeting Outcome

April 27, 2023
Overview: Some regional bank earnings were weighing on investor sentiment but reports that the FDIC is running out of patience with First Republic Bank to strike a private deal and could decide to downgrade its assessment. This could lead to limits on its ability to use the Fed's emergency facilities. Other reports said that the bank's adv…
Markets Becalmed Ahead of Key Data and BOJ Meeting Outcome Markets Becalmed Ahead of Key Data and BOJ Meeting Outcome Reviewed by Marc Chandler on April 27, 2023 Rating: 5
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Banking Stress Eases

March 21, 2023
Overview: The banking crisis is ebbing. The Bank of England and European Central Bank assured investors that the AT1 bonds are senior to equity claims, and Switzerland is a unique case. Bank share indices in the Europe and the US rose yesterday, even though the shares of First Republic Bank fell by 47% yesterday. The $123-stock at the end of last …
Banking Stress Eases Banking Stress Eases Reviewed by Marc Chandler on March 21, 2023 Rating: 5
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Terms of UBS Acquisition Wipes out Additional Tier 1 Capital and Spurs Fresh Concerns Terms of UBS Acquisition Wipes out Additional Tier 1 Capital and Spurs Fresh Concerns Reviewed by Marc Chandler on March 20, 2023 Rating: 5
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Fragile Calm to End the Volatile Week even with the Quadruple Expirations

March 17, 2023
Overview: The support for First Republic Bank shown by a consortium of US banks by shifting $30 bln of deposits is helping break the financial anxiety that has gripped the market for more than a week. The liquidity provisions for Credit Suisse by the Swiss National Bank also are contributing to improved sentiment. The Fed's balance sheet expan…
Fragile Calm to End the Volatile Week even with the Quadruple Expirations Fragile Calm to End the Volatile Week even with the Quadruple Expirations Reviewed by Marc Chandler on March 17, 2023 Rating: 5
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Concerns Over US Banks Rival Today's Jobs Report

March 10, 2023
Overview: The unexpectedly large rise in US weekly jobless claims, the largest since the end of last September and concerns about the impact of the sharp rise in interest rates on the liquidity and value of assets (bonds) owned by small and medium-sized banks saw the market unwind the effect of Fed Chair Powell's comments. The yield on the US …
Concerns Over US Banks Rival Today's Jobs Report Concerns Over US Banks Rival Today's Jobs Report Reviewed by Marc Chandler on March 10, 2023 Rating: 5
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And Yet it Moves: Understanding Why Italy's Threat is Exaggerated

June 27, 2017
Toward the end of 2015, Portugal bailed in some senior creditors in addressing a failed bank.  Many observers were aghast.  This was thought to be horrific and uncivilized by some of the very same people who are critical of the EU and Italy's decision not to bail in senior creditors in the two failed regional banks in Italy.    
They were wrong…
And Yet it Moves: Understanding Why Italy's Threat is Exaggerated And Yet it Moves:  Understanding Why Italy's Threat is Exaggerated Reviewed by Marc Chandler on June 27, 2017 Rating: 5
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