© Reuters. 5 major events in today’s financial market: European and American banking crisis lingers, Dow futures fall 300 points
Investing.com – Here are the top 5 things to know about the financial markets for Friday, March 24:
1.Fed lending surges,Highlights the huge pressure on the banking industry
European bank stocks slipped amid signs the banking crisis is far from over.
The Federal Reserve said on Thursday (23rd) that loans under the FIMA repurchase facility, which provides dollars to overseas central banks in emergencies, soared to $60 billion.
Meanwhile, news that Credit Suisse (SIX:) and UBS (SIX:) are being investigated by the US Department of Justice for allegedly helping Russian oligarchs evade Western sanctions.
Elsewhere, Deutsche Bank (ETR: ) shares also fell 12% to a five-month low, as its credit default swap (CDS) spreads widened sharply and hit record highs.
2.short institutionsHindenburg fires again
After hitting India’s Adani Group hard before, Hindenburg Research, a short-selling agency, launched a war against Block (NYSE: ). Before the time of writing, Block’s stock price continued to fall 4.7% before the market opened, and fell 15% on Thursday.
Hindenburg Research accused Block of systematically misleading investors and clients and evading regulation. Rappers in particular have often boasted about using Block’s cash app feature for fraudulent or illicit purposes, the report noted.
In response, Block said the company was considering legal action. However, Hindenburg Research’s short report reignited questions about how Block could maintain a strong valuation with little profitability and high interest rates.
3.U.S. stock futures fell,areasexbankgo down
U.S. stock futures fell before the open, reversing Thursday’s gains and heading for negative weekly growth. The focus turned again to the banking sector after weekly Fed balance sheet data showed banks shifted more lending to the new and more accommodative BTFP program, but overall lending was broadly stable under the Fed.
Investing.com’s U.S. stock market shows that as of 19:43 Hong Kong time (07:43 a.m. Eastern Time), blue-chip stocks fell 311.8 points, or 0.97%, down 33.6 points, or about 0.85%, mainly technology stocks It fell 57.2 points, or 0.45%.
Regional banks were lower, with First Republic Bank (NYSE: ) down 4.95%, PacWest Bancorp (NASDAQ: ) down 3.40%, Western Alliance BanCorp (NYSE: ) fell 3.20%.
4.Eurozone economyAt3Month strengthens; U.S. durable goodsOrder data will be released soon
Economic activity in the euro zone picked up in March to its highest level since June, largely thanks to the services sector. The U.S. and U.S. PMIs were also much better than expected.
Meanwhile, manufacturing remains in contraction, though supply chain disruptions are over and factories are ramping up to process inventories.
In contrast, it was weaker than expected and failed to pick up the positive momentum from February.
5.U.S. says it won’t rush to addStrategic Petroleum Reserve,crudeprice drop
Oil prices plummeted by around 4%. The banking crisis continued to weigh on the economic outlook. At the same time, the US government indicated that it would not immediately replenish the strategic oil reserve.
The U.S. government originally planned to replenish the strategic oil reserve at a price of around $70, but U.S. Energy Secretary Jennifer Granholm said in Congress on Thursday that it is difficult to replenish crude oil due to the current weak market conditions and will continue to wait for lower prices.
As of 19:43 Hong Kong time (7:43 a.m. Eastern Time), Investing.com Commodity Markets showed that: it fell 3.96% to $67.19/barrel; it fell 3.73% to $73.08/barrel.
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Compiler: Liu Chuan
