Shares have advanced in Asia, tracking a rally on Wall Street after a group of big banks offered a lifeline to First Republic Bank, the lender investors had focused on in their hunt for troubles in the banking industry
Pedestrians pass the Dah Sing Bank's electronic screen in Hong Kong on Friday, March 17, 2023. Shares advanced Friday in Asia, tracking a rally on Wall Street after a group of big banks offered a lifeline to First Republic Bank, the lender investors had focused on in their latest hunt for troubles in the banking industry.
“The market remains cautious; traders do not want to get overexcited, especially with investors still focusing on what can go wrong instead of what could go right,” Stephen Innes of SPI Asset Management said in a report. Australia's S&P/ASX 200 added 0.4% to 6,994.80. India's Sensex was 0.1% higher while Taiwan's Taiex surged 1.5%.for First Republic with a combined deposit of $30 billion.
Higher rates raise the risk of a recession later on and hurt prices for stocks, bonds and other investments. That latter factor was one of the issues hurting Silicon Valley Bank because high rates forced down the value of its bond investments.told a Senate committee on Thursday that the nation's banking system"remains sound" and Americans"can feel confident" about their deposits.
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