My top 10 things to watch Wednesday, March 22 1. The Fed meeting: does it really matter? Despite the banking crisis, the market is betting nearly 90% on another quarter-point interest rate hike on Wednesday afternoon. Investors are looking for any forward-looking comments in Fed Chairman Jerome Powell’s policy statement and post-meeting press conference. The … Read more
Gold price could hit $2,600 and stay at record highs Gold prices have more room to soar as global banks struggle and investors await the US Federal Reserve’s rate decision, and could hit $2,600 an ounce. Metal prices broke above $2,000 on Monday to mark the highest since March 2022. Its all-time high was $2,075 … Read more
UK inflation data paints a picture of the UK economy. Bloomberg/Contributor/Getty Images UK inflation jumped unexpectedly in February as food and energy bills continued to rise, putting additional pressure on households. The consumer price index (CPI) rose 10.4% a year, above a consensus forecast of 9.9% from economists in a Refinitiv poll and up from … Read more
U.S. Treasury Janet Yellen speaks during the American Bankers Association Washington Summit on March 21, 2023 in Washington, DC. Drew Anger | Getty Images News | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open updates investors on everything they need to know, wherever they are. … Read more
3 hours ago Healthcare and consumer cyclicals lead Hang Seng higher The Hang Seng Index led gains in the Asia-Pacific region on Wednesday, fueled by cyclical healthcare and consumer stocks. Shares of Geely saw the biggest moves, up 7.16% after the automaker posted a 45.6% year-on-year gain in revenue for the whole of 2022 and … Read more
The turmoil unleashed by the Silicon Valley Bank collapse demolished much of what the Federal Reserve, political leaders and investors thought they had learned from the 2007-09 global financial crisis. They assumed that complex securities, too-big-to-fail banks, and obscure, poorly regulated lenders were the weak links in the system. Instead, the weak links were its … Read more
UBS agreed on Sunday to buy embattled domestic rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) in a government-backed cut-price deal. Swiss authorities and regulators helped regulate the deal, which came amid fears of contagion to the global banking system after two smaller US banks collapsed in recent weeks. “Switzerland’s position as a … Read more
Dodge is resurrecting its controversial muscle car model, the Challenger SRT Demon, with one last special edition of the vehicle before production of the brand’s current V8-powered cars ends later this year. Dodge claims the new car will deliver 1,025 total horsepower, 945 pound-feet of torque and hit 60 mph from a 1.66-second launch. The … Read more
A security guard at a construction site at a bank branch of Credit Suisse Group AG in Bern, Switzerland, Monday, March 20, 2023. Stefan Wermuth | Bloomberg | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open updates investors on everything they need to know, wherever … Read more
A credit crunch is a significant tightening of lending standards between banks. Loans are more difficult to obtain and become more expensive. The banking crisis triggered by the failures of Silicon Valley Bank and Signature Bank will likely lead small and medium-sized institutions to prioritize a healthy balance sheet. The prospect of a recession led … Read more
