Daily Digest: Monday 27th March
USA
-Failed US bank SVB was purchased over the weekend by First Citizen in a deal approved by the Federal Deposit Insurance Corporation (FDIC). The deal allows First Citizens bank to inherit all SVB depositors while also re-opening multiple SVB bank branches under the First Citizen name.
-Shares in First Citizen Bank, (ticker:$FCNCA) soared 53.74% during trading, on news of the purchase of SVB .
-US equities rallied at market open with significant upward movement across both big tech and banking, as fears of a wider banking crisis begin to fail.
-Three of the four US indexes followed traded up on the day, with the exclusion of the Nasdaq 100 which closed down 0.74%.
-Binance and its CEO Changpeng Zhao have faced lawsuits from the Commodity Futures Trading Commission (CFTC), citing potential breaches of derivate trading legislation in the US.
UK
-The FTSE 100 ended Mondays session up 0.90%, as market participants begin to build confidence in the wake of the recent banking sector turbulence.
-The Scottish National Party has announced that Humza Yousaf will succeed Nicola Sturgeon as leader of the SNP, following an internal party member vote.
Rest of the World
-The chairman of the Saudi National Bank Ammar Al Khudairy has resigned just days after the collapse of the Swiss bank Credit Suisse. The Saudi national Bank is thought to have taken considerable losses on their 9.8% stake in Credit Suisse after the debacle.
-Protests have continued across France as the Macron’s pension reforms face ongoing criticism from the general public.
-Entrepreneur and billionaire Jack Ma has returned to China after spending over a year abroad. Known for his role co-founding Alibaba, Ma retreated from the public eye following a thwarted attempt to enter the financial technology and banking sector during 2020.
-German public and air transport systems came to a halt on Monday morning as workers took part in nationwide walkouts, seeking pay increases in excess of 10% to support against the loss of purchasing power caused by high inflation.