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Hi, dear traders! This is the latest review of the US stock market by InstaForex. The US market is in turmoil at the beginning of the new week. Recent high profile collapses in the US banking sector have sparked fears of a market crash. The US government has quickly stepped in with a bailout, but fears of contagion remain.
Reports on the bankruptcy of the Silicon Valley Bank have sent US stock indexes down by more than 1%, overshadowing positive labor market data. As a result, investors abandoned US assets, anxious that the SVB’s collapse could signal that the US banking sector is in trouble.The Dow Jones Industrial Average lost 345 points or 1.07% by the closing bell, while the NASDAQ slumped by 1.76%. The S&P 500 slid down by 1.45% to 3,861 points.
Key US indices extended their losses on Monday, losing between 0.6% and 1.1% after unsuccessfully trying to recoup their losses. As a result, the S&P 500 is forecast to trade in an intraday corridor between 3,740 and 3,910.
The S&P 500 tumbled by 4.6% last week in its worst weekly performance since September 2022. The Dow Jones slid down by 4.4% last week, losing more than 3% since the beginning of the year. On the other hand, the NASDAQ dropped by 4.7% in the last 7 days, but advanced by more than 6% since the beginning of 2023.
The sell-off was triggered by the situation in the US banking sector. On Wednesday, the Silicon Valley Bank, also known as SVB, had an emergency stock sale, but failed to raise the funds necessary to meet its obligations. At the same time, crypto lender Silvergate announced that it was shutting down due to catastrophic losses it had sustained in the collapse of FTX.
The news forced investors to reconsider cracks in the financial system, as well as brought up potential threats to both the sector and the economy as a whole. The regional banking index lost 2.4% during the trading session, while the S&P 500 financial index closed with a loss of 1.8%.
The problems facing the US banking sector have reminded investors of the stock market crash of 2008, completely overshadowing the positive labor market data.
The Non-Farm Payrolls report showed that the US economy added more jobs than expected in February. Average hourly earnings slowed down, while unemployment accelerated to 3.6%.
The data alleviated some fears that the Fed might raise interest rates by 50 basis points at its meeting in March.
The worst performing stocks were Silvergate, which plummeted by 22.9%, and the local bank First Republic, which dived by 14.8%. Shares of clothing retailer Gap lost 6.3% after the company reported a greater-than-expected fourth quarter loss. Its sales also fell short of Wall Street estimates.
The markets entered the new week with a touch of relief, but were overtaken by depression. The sudden shutdown of SVB on Friday after a failed attempt to raise funds raised concerns about risks for other banks.
The New York-based Signature Bank was also shut down over the weekend. SVB and Signature Bank are now the second and third-largest bank failures in US history. As a result, bank stocks around the world have been hit hard. Questions are mounting about the impact of the Federal Reserve's steepest cycle of rate hikes since the early 1980s.
Over the weekend, regulators stepped in to restore investor confidence in the banking system, saying SVB depositors would be able to access their funds on Monday.
The Treasury Department and the Federal Reserve announced that they would insure all depositors in SVB, even if their cash holdings are above the $250,000 insurance cap. However, stock and bondholders would not be bailed out.
Similar arrangements were made for depositors at New York's Signature Bank. Officials have stressed, however, that the bailout is intended to protect customers, not companies.
In response, the US government has unveiled the Bank Term Funding Program, which will provide emergency funding to insured backstop banks in exchange for collateral, such as US Treasury bonds and agency debt.
The SVB’s bankruptcy also impacted the UK. The British subsidiary of the bankrupt bank was acquired by HSBC for 1 pound sterling amid anxiety among tech sector customers. The takeover pushed shares of HSBC down by 2.6% at the London stock exchange.
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Modern Hong Kong is an Asian top financial centre. Having low taxation it has one of the most ideal economic systems in the world. The government does not interfere in the country’s economy and creates favourable conditions for business start-ups as well as Forex trading. Concentrating the biggest number of medium-sized and big businesses in the Asia, Hong Kong is one of the leading financial centres. InstaForex Company has visited this Asian commercially-vibrant metropolis and presents you this reportage.
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