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Good morning and Happy Saint Patrick’s Day
By Staff Reporters
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The European Central Bank (ECB) lifted its three policy rates by 50 basis points for the sixth consecutive time, raising the benchmark for borrowing costs in the Euro-zone to 3.0% from 2.5%, the highest level since late 2008, as inflation is seen overshooting its 2% target through 2025.
CITE: https://www.r2library.com/Resource/Title/0826102549
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U.S. stocks blasted higher reversing some recent losses as the banking sector continues to remain in the headlines. First Republic climbed after reports that it could receive up to $30 billion in deposits from some of the nation’s largest banks in an attempt to stabilize the lending firm. In other equity news, Adobe topped quarterly expectations and offered upbeat guidance, while Dollar General offered mixed results.
The economic calendar was also busy today, as jobless claims declined more than anticipated, import prices dipped, housing construction activity rose much more than projected, and manufacturing output in Philadelphia remained solidly in contraction territory.
Treasury yields were higher too and the U.S. dollar dipped, while crude oil prices rose, and gold moved modestly to the downside.
Asia finished mostly lower amid the global banking worries, and markets in Europe rebounded even as the European Central Bank followed through with a 50-basis point rate hike despite the financial market turbulence. Finally, Suisse rallied after getting some capital support from the Swiss National Bank.
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Financial Planning, Investing, LifeStyle | Tagged: Asian stocks, Credit Suisse, ECB, European stocks, First Republic, Treasury yields, US Dollar, US equities |
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