At the end of the week, US stocks closed in various ways. The growth trend concerned energy and financial companies. But on the contrary, Nike weakened due to a worsening forecast of sales and also companies connected to cryptocurrencies.
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FRC gains 30% amid banking mayhem
After a banking bloodbath for the past few weeks, First Republic Bank (FRC) gained 30%. The stock jumped from $12 to $16, but is still down from $120 three weeks ago.
EU stock indices rise over 1% 📈
The European stock indices rose despite the ongoing fears of more bank collapses. DAX jumped 1.1%, slowly heading back to 15,000, and STOXX is up 1.4%.
The European stock market digested inflation data negatively. This sent DAX 40, EU 50, and other EU stock indices approximately 2% lower on Friday.
SVB Financial Group files for bankruptcy
To facilitate the sale of its assets, SVB Financial Group has filed for Chapter 11 bankruptcy protection. This comes days after the US government seized its subsidiary, Silicon Valley Bank.
US regional bank stocks tank 🚨
First Republic Bank tumbles 64% 📉
The fear spread to First Republic Bank, whose stock dropped over 64% pre-market. The stock fell to the lowest level in 11 years. It poses a risk as another potential bank failure.
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The Interior Minister of Montenegro claims Do Kwon has been arrested in Podgorica, the capital of Montenegro. The identity verification should be confirmed soon.
BoE lifts interest rates again
The Bank of England lifted the UK’s interest rates by 25 bps, the eleventh rate hike in a row. The interest rates were increased from 4% to 4.25%, reaching 15-year highs, with the aim of bringing inflation down.
Trading platform eToro raised $250 million in an advanced investment agreement, topping the company’s valuation at $3.5 billion. ION Group, Social Leverage, SoftBank, and other major industry players invested in eToro in the recent deal.
SNB raises interest rates to 1.5%
The Swiss National Bank joined the Fed with another rate hike of 50 bps. The interest rates were increased from 1% to 1.5%, the highest since 2008. The central bank suggested more rate hikes could occur this year.
SEC’s fight with crypto intensifies
The SEC filed a new lawsuit against Jake Paul, citing crypto promotions without disclosing the payment he received for the promotion. Justin Sun is being sued for fraud and market manipulation. The SEC alleges unregistered sales of securities (TRX and BitTorrent). Moreover, Coinbase received a Wells Notice focused on staking and asset listing.
EUR/USD rose above 1.0900 after the Fed raised interest rates, the highest since early February. Another Fed’s rate hike of 25bps was delivered, but the US dollar weakened all around the place.