BEIJING — (AP) Asian stock markets were mixed on Friday after Wall Street sank on concerns about the health of U.S. banks coming under pressure from interest rate hikes.
Shanghai fell while Hong Kong and Sydney advanced. Markets in Japan and South Korea were closed for the holidays. Oil prices rose.
Wall Street’s benchmark S&P 500 index lost 0.7% on Thursday as investors worried about the health of banks after three high-profile bankruptcies in the United States and one in Switzerland.
Shares of PacWest Bancorp, an investor watch target, fell 50.6%. The bank said it was considering options and had been approached by potential partners and investors.
Investors are watching what steps authorities might take to limit further contagion risks, IG’s Yeap Jun Rong said in a report. Any inaction over the weekend could translate into a more pessimistic risk environment to start next week.
The Shanghai Composite Index lost 0.7% to 3,326.18 while the Hang Seng in Hong Kong gained 0.6% to 20,063.58.
Sydney’s S&P-ASX 200 rose 0.3% to 7,213.90. Markets in New Zealand and Southeast Asia declined.
On Wall Street, the S&P 500 fell to 4,061.22. The Dow Jones Industrial Average fell 0.9% to 33,127.74, putting it in negative territory for the year. The Nasdaq composite fell 0.5% to 11,966.40.
Rate hikes by the Federal Reserve and other central banks in Europe and Asia have put pressure on banks by causing market prices of bonds on their books to fall. Investors fear that depositors will withdraw money from struggling lenders, adding to their financial pressures.
Shares of Western Alliance Bancorp plunged as much as 61% after the Financial Times said the Phoenix-based bank was considering selling its business. The company denied the report. Its stock ended the day down 38.5%.
This week, regulators seized First Republic Bank and sold most of it to JPMorgan Chase.
Officials stressed they saw the banking system was sound and safe, but concerns were not leaving the market.
Wednesday, the Federal Reserve announced another hike that took its overnight rate to a range of 5% to 5.25% from near zero at the start of last year.
Traders expect at least a brief US recession this year. They expect the Fed to start cutting rates in the second half of the year to support economic growth, although Chairman Jerome Powell said this week he does not expect cuts any time soon.
Investors fear that even without more bank failures, turmoil in the sector could lead smaller institutions to cut lending. This could push up borrowing costs, putting downward pressure on economic growth.
A report on Thursday showed that the number of American workers filing for unemployment last week accelerated slightly more than expected. A resilient labor market is one of the main pillars of the economic downturn.
A more comprehensive government job report is due out on Friday.
The Fed signaled Wednesday that it may end rate hikes for now, but European Central Bank President Christine Lagarde said Thursday that we are not stopping. The ECB announced another rate hike, but with a narrower margin of a quarter of a percentage point.
Helping to support stocks despite all the worries was a significantly better than expected earnings season.
S&P 500 companies are still on track for a second consecutive quarter of declining earnings, but results have mostly been better than expected.
In energy markets, benchmark U.S. crude rose 43 cents to $68.99 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 4 cents on Thursday to $68.56. Brent crude, the price basis for international oil trade, added 47 cents to $72.97 a barrel in London. It advanced 17 cents the previous session to $72.50.
The dollar fell to 134.01 yen from 134.14 yen on Thursday. The euro gained $1.1042 from $1.1016.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
The mention sources can contact us to remove/changing this article
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]
- Russell Brand: YouTube suspends star’s ad revenue
- Trudeau makes explosive allegation against India
- Menopausal women say they are unsupported at work. Here’s how employers can step up
- ‘Worrying’ Net Zero proposals scrapped by PM
- Imperial’s Alzheimer’s research impact | Imperial News
- India involved in killing of Sikh leader say Canada
- University Health Network appoints chief artificial intelligence scientist
- Ohio governor tests positive for COVID-19
- NHS strikes: consultants and junior doctors coordinate action in England
- Doctors recommend getting flu vaccine now before virus spreads
- Immigrants suffer degrading treatment in UK detention says inquiry
- Communicating nutrition to pet parents of cancer patients