An uneasy calm descended on world markets with efforts by regulators and financial executives to ease contagion fears sparked by the collapse of Silicon Valley Bank shoring up sentiment. | Reuters
“Many of the ingredients are there for sentiment to recover but only time will tell if this lasts,” said ING senior rates strategist Antoine Bouvet.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9 percent, having slid 1.7 percent on Tuesday. Japan’s Nikkei index was flat while an index of Japanese banks, which has slid 8 percent this week, jumped over 3 percent.Bruised U.S. bank stocks regained some ground on Tuesday aided by news that private equity and buyout giants were looking to scoop up some of SVB’s assets. That left investors hopeful that efforts to shore up confidence would avert a wider financial crisis.
According to a Reuters report, a source close to the ECB Governing Council said the central bank was unlikely to ditch plans for a big rate move this week because that would damage its credibility. Short-term bond yields, which typically move in step with interest rate expectations, were mixed on Wednesday.
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