Japan’s Topix slips 2% in Asian selling on Silicon Valley Bank concerns

45 minutes ago

The Topix falls under the impetus of financials, energy and cyclical consumption

Declines in the Japanese Topix were led by financials, energy and consumer cyclicals during Tuesday morning’s session, according to data from Refinitiv.

The index fell more than 3% to the lowest levels since mid-January – with financials losing more than 6%. Energy stocks lost 4.26% and consumer cyclical stocks fell 3.15%.

Basic Materials and Real Estate values ​​fell nearly 3%, followed by Industrials and Utilities.

Based on index points, Toyota Motor Corp lost the most and traded down 4.37%. After Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, Sony Group also lost the most and fell 3.1%.

– Jihye Lee

51 minutes ago

Singapore financials lead losses on STI; DBS biggest loser

Shares of Singapore banks were among the biggest losers in the Straits Times index on Tuesday, despite a statement from the country’s monetary authority that it has “insignificant exposures” to the banking fallout in the United States.

Shares of DBS, UOB and OCBC Bank fell 2.2%, 1.24% and 1.81% respectively, with DBS the STI’s second biggest loser.

The Singapore dollar also weakened 0.1% against the US dollar, trading at 1.3474.

—Lim Hui Jie

An hour ago

Asia-Pacific banks continue to suffer losses on SVB fallout

Asia-Pacific banks continued to see steep declines in Tuesday morning transactions.

Japan’s Softbank fell more than 3% in the first hour of Tokyo trading as investors continued to weigh concerns about the Japanese investment powerhouse.

Banks also recorded heavy losses, with Mitsubishi Ufj Financial Group down 6.92%, SMFG down more than 7% and Mizuho Financial down 7.34% and Nomura down 4.6%.

57 minutes ago

South Korean defense firm Firstec jumps 9% after North Korea fires missiles

Shares of South Korean defense technology company Firstec jumped more than 9%, bucking the selloff seen in the broader market.

Firstec manufactures components used in South Korean weapons systems like guided munitions and ground combat vehicles.

The stockpile spike came after North Korea fired two short-range ballistic missiles off its east coast on Tuesday, and as Seoul and Washington conduct their largest joint military drills in five years.

Hanhwa Aerospace, which makes artillery and anti-aircraft systems, also rose 0.63%.

—Lim Hui Jie

An hour ago

China to ease visa restrictions for foreigners

China is set to resume issuing “various” visas to foreigners to enter the country, its embassy in the United States said in a notice in Chinese translated by CNBC.

The changes announced overnight are expected to take effect on Wednesday Beijing time.

Visas to enter China that were issued before March 28, 2020 will be valid again and foreigners will be able to enter the mainland without a visa from Hong Kong, among other changes, the notice said.

The statement said China would also resume programs allowing citizens of the United States and other major countries to visit cities like Beijing for a few days – without needing a visa. The exact implementation remained unclear.

Mainland China tightened border controls in March 2020 in an effort to limit the domestic spread of Covid-19. The country scrapped incoming quarantine requirements in early January.

— Evelyn Cheng

2 hours ago

Dollar index at lowest since February, Asian currencies mixed

The dollar index was at 103.68, hovering around the weakest level since mid-February.

Asian currencies were trading mixed on Tuesday morning, with the New Zealand dollar and Australian dollar both strengthening to 0.6210 and 0.6651 against the greenback, respectively.

The Japanese yen weakened slightly to 133.24 against the US dollar and the offshore Chinese yuan also weakened to 6.8591 against the greenback.

The Korean Won also weakened slightly to 1,297.49 against the US Dollar.

An hour ago

US inflation expected to cool in February, says Dow Jones

The US consumer price index for February is expected to come in at 0.4% on a monthly basis or at an annual rate of 6%, according to Dow Jones estimates.

That’s just slightly below January inflation data of 0.5% and 6% respectively.

The CPI will be the next data point that could provide insight into the Federal Reserve’s decision ahead of its March 21-22 meeting.

A hot inflation report will raise expectations that the Fed could raise rates by 50 basis points, from the 25 points it put in place in February.

—Lim Hui Jie, Patti Dormitory

2 hours ago

Singapore says it has ‘insignificant’ exposure to failing US banks

The Monetary Authority of Singapore said its exposure to Silicon Valley Bank was “insignificant”.

“Singapore’s banking system has insignificant exposures to these failing banks in the United States,” the MAS said in a statement on Monday.

“Singapore banks are well capitalized and perform regular stress testing against interest rates and other risks,” he said, adding that their liquidity positions are sound and supported by a “base of stable and diversified funding”.

—Jihye Lee

6 hours ago

Fed’s Barr to lead SVB’s regulatory review

The Federal Reserve’s top regulator will lead a review of the events that led to the implosion of Silicon Valley Bank, the central bank said Monday.

Vice President for Oversight Michael S. Barr has been called in for the investigation, the results of which will be released May 1. The review will focus on the review and oversight of SVB, which the Fed oversees in its role as regulator. .

“Events surrounding Silicon Valley Bank demand a thorough, transparent, and prompt review by the Federal Reserve,” Chairman Jerome Powell said.

—Jeff Cox

12 hours ago

Biden says banking system is safe, calls on Congress to tighten rules after failures

President Joe Biden said on Monday that Americans can be sure the US banking system is safe after regulators rushed over the weekend to create a plan to support deposits at Silicon Valley Bank and Signature. Bank.

“Your deposits will be there when you need them. Small businesses across the country with deposit accounts at these banks can breathe easier knowing they can pay their employees and pay their bills,” he said. said in brief remarks Monday before market. open.

Biden stressed that no loss will be borne by US taxpayers. Also, bank management will be replaced and bank investors will not be protected, he said.

Biden also called on Congress to look for ways to strengthen banking rules to prevent these events from happening again.

—Christina Cheddar Berk

An hour ago

CNBC Pro: SVB Crisis Reveals How Tough Higher Rates Can Be — But These 3 Stocks Are Resilient, Strategist Says

Many companies will find it very difficult to operate in a higher interest rate environment, as the Silicon Valley Bank crisis demonstrated, said Anthony Doyle, head of investment strategy at Firetrail Investments.

“There will be winners and there will be losers and part of the challenge for investors today is to identify which companies will find this environment much more difficult than they have in a world with zero interest rate,” he said.

Still, he identified three stocks that he thinks look resilient in this new market environment.

CNBC Pro subscribers can learn more here.

—Weizhen Tan

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