On Sunday, US regulators confirmed First Citizens Bank would buy much of the collapsed Silicon Valley Bank, although it would lead to $20 billion of losses for a deposit insurance fund paid for by US banks.
Futures contracts tracking the blue-chip S&P 500 rose 0.2 per cent, while those following the tech-heavy Nasdaq were flat.Despite concerns that their rate-raising agendas might dent financial stability, central banks on both sides of the Atlantic centred the fight against inflation by increasing interest rates last week.
On Friday, data from the personal consumption expenditures price index, the Fed’s preferred inflation gauge will be released, along with consumer price index data for the euro zone. Stocks fell in Asia after Chinese industrial profits slumped by 22.9 per cent, much weaker than expected, after factory activity struggled to recover from the country’s prolonged shutdown due to Covid-19. The CSI 300 fell 0.4 per cent and the Hang Seng index lost 1.2 per cent.
IrishTimes