© Reuters 5 major financial market events today: European and American banking crisis pending, 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 credit surges,Highlights the huge pressure on the banking industry
European bank stocks slipped amid signs that the banking crisis is far from over.
Loans under the FIMA repurchase facility, which provides dollars to foreign central banks in a crisis, rose to $60 billion, the Federal Reserve said Thursday.
Meanwhile, there’s news that Credit Suisse (SIX:) and UBS (SIX:) are being investigated by the US Department of Justice for allegedly helping Russian oligarchs avoid Western sanctions.
Elsewhere, Deutsche Bank (ETR: ) shares also fell 12% to a five-month low, as its credit default swap (CDS) widened sharply to record highs.
2.short institutionsHindenburg fires again
Having previously hit India’s Adani Group hard, short-selling agency Hindenburg Research has launched a war against Block (NYSE: ). At the time of writing, Block’s stock price was still down 4.7% before the market opened, and fell 15% on Thursday.
Hindenburg accused Research Block of systematically misleading investors and clients and avoiding regulation. Rappers in particular have often bragged about using the Block cash app feature for fraudulent or illegal purposes, the report noted.
In response, Block said the company was considering legal action. However, the brief Hindenburg Research report raised questions about how Block could maintain a strong valuation with little profitability and high interest rates.
3.US stock futures fell,areasexbankgo down
US stock futures fell ahead of the open, reversing Thursday’s gains and heading for negative weekly growth. The focus turned again to the banking sector after the Fed’s weekly balance sheet data showed that banks had shifted more lending to the new and more willing BTFP programme, but the overall lending position under the Fed was broadly stable .
Investing.com’s US stock market shows that, as of 19:43 Hong Kong time (07:43 Eastern Time), blue-chip stocks were down 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 League BanCorp (NYSE: ) fell 3.20%.
4.The Eurozone EconomyIn3Month getting stronger; US durable goodsOrder data will be released soon
Economic activity in the euro zone rose in March to its highest level since June, thanks mainly to the services sector. The US and US PMI were also much better than expected.
Meanwhile, manufacturing is still contracting, even though supply chain disruptions are over and factories are ramping up to process inventories.
In contrast, it was weaker than expected and failed to build on the positive momentum from February.
5.The US says it will not rush to addStrategic Petroleum Fundrawprice reduction
Oil prices plunged 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 US government originally planned to replenish the strategic oil reserve at a price of around $70, but US Energy Secretary Jennifer Granholm told Congress on Thursday that it was difficult to replenish crude oil due to the current weak market conditions and the will continue to wait for lower prices.
As of 19:43 Hong Kong time (07:43 Eastern Time), Investing.com Commodity Markets showed: down 3.96% to $67.19/barrel; down 3.73% to $73.08/barrel.
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Compiler: Liu Chuan
