Saturday, June 10, 2023

US Regional Bank plunged on Wall Street, yielding 1%

US regional banks declined this Tuesday wall Street When fears re-emerged for the health of the financial system following the collapse of First Republic Bank, authorities intervened on Monday and partially sold off JPMorgan Chase, the nation’s largest entity.

loss to close PacWest, which left 27.28%; After metropolitan bank with a decline of more than 20%, and western alliance with 15.4%.

ETF create Which represents the regional banking sector, dropped 6.27% in its worst day since the turmoil in March.

The fall also came amid jitters ahead of the conclusion of tomorrow’s monetary policy meeting federal Reserve, In which the central bank is expected to increase interest rates again by 25 basis points.

Analyst Edward Moya said, “Wall Street is hitting the sell button as it looks like the banking crisis isn’t going away anytime soon and is poised to focus on the next weak link, the potentially bigger exposure to commercial real estate.” Lenders.” from Onda.

He Dow Jones It ended the session at 33,684, down 1.08%. one more lost nasdaq (12,080 integers), while S&P 500 It has declined by 1.16% and remains at 4,119.

In the early hours of this Monday, and after a weekend of speculation, US regulators intervened First Republic Bank and they reached an agreement to sell most of their operations JP Morgan for 10,600 million dollars (9,664 million euros).

The first Republic collapse of a regional bank is the third collapse in the US in just two months, following the collapse of Silicon Valley Bank and Signature Bank last March.

The bank plunged in the stock market and lost almost all of its value last week after it released its quarterly results and revealed that its customers had withdrawn more than $100,000 million in deposits during the recent banking crisis.

Nation World News Desk
Nation World News Desk
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