Asian shares rise sharply and the US dollar weakens amid easing banking sector concerns
Singapore — Asian shares rose sharply on Wednesday, while the dollar was on the defensive as easing concerns over the banking sector revived risk appetite, and Alibaba’s stock soared on the internet behemoth’s plans to split into six units.
The news lifted investor confidence in the wider Chinese tech sector, with shares of Alibaba’s e-commerce rival, JD.com, 7% higher, and gaming giant Tencent jumping 5%.After weeks of volatility in the market after the unexpected failure of two US banks and the rescue of Credit Suisse in Europe, investor nerves were calmed this week by the sale of assets in collapsed lender Silicon Valley Bank and no new signs of further stresses in the banking system.
Michael Barr, the Fed’s vice chair for supervision, criticised SVB for going months without a chief risk officer and how it modelled interest rate risk. Worries over inflation have prompted investors to recalculate what they expect the Fed to do in its next meeting in May.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks mostly rise as crisis fears ease furtherAsian and European stock markets mostly rose Tuesday, as fears of a banking crisis eased further.
Read more »
Asian markets mixed as banking fears persistAsian stocks were mixed in a cautious start to what could be another rocky week for global markets.
Read more »
Business Maverick: Asian stocks rise, dollar slips as bank fears ease: markets wrapAsian equities climbed, US stock futures edged higher and the dollar declined as fears of broader contagion from the banking turmoil eased.
Read more »
Asia shares jittery as US and European futures inch upInvestors hope authorities will ring-fence stress in the global banking system, while the cost of insuring against default nears dangerous levels
Read more »
LME nickel returns to regular trading hours in AsiaMove marks a crucial step in efforts to repair the market after last year’s unprecedented turmoil
Read more »
Business Maverick: US equity futures advance, currencies fluctuate: markets wrapUS and European share futures climbed while a benchmark of Asian stocks fell in cautious trading as investors weighed the risk of recession and its impact on interest rates. Major currencies fluctuated in narrow ranges.
Read more »