Anxiety in the US banking sector, oil prices fall for the third week in a row: what you need to know in the morning
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Main news of foreign markets this morning
Photo: pixabay.com 0 US stock indexes are down for the fourth day in a row
The S&P 500 lost 0.7%, the high-tech Nasdaq lost 0.5%, and the Dow Jones index fell 0.9%.
American stock indexes are down for the fourth trading session in a row due to renewed fears about problems in the US banking sector.
Shares of regional banks continue to fall rapidly. According to the results of yesterday’s trading, the S&P Regional Banks industry index decreased by more than 5%.
Among the leaders of the fall:
- PacWest Bancorp (-50%),
- Western Alliance Bancorp (-38%),
- Zions Bancorporation (-12%).
Asian stocks show mixed dynamics
The broad index of Asian shares (excluding Japan) MSCI AC Asia ex Japan Index rose 0.5% today, Hong Kong’s Hang Seng added 0.6%, China’s Shanghai Composite fell 0.7%, Singapore’s STI fell 0.2 %, and the South Korean Kospi practically did not change.
All because of pessimism on western trading platforms against the background of the banking crisis in the USA.
Japan’s stock market is closed on Friday due to national holidays.
Half of Americans are concerned about the safety of their money in banks
According to a Gallup poll, 48% of Americans are not confident in the safety of their savings in US financial institutions, which is the highest level since the global economic crisis of 2008. After the bankruptcy of the Lehman Brothers bank in 2008, 45% of respondents expressed such concerns.
The last Gallup poll was conducted after the bankruptcy of Silicon Valley Bank and Signature Bank, but before JPMorgan’s takeover of First Republic Bank, writes Fox News.
Oil prices fell for the third week in a row
Since the beginning of the week, Brent futures fell by 8.5% to $72.82 per barrel, and WTI contracts fell by almost 10% to $68.87.
According to analysts, the longest decline in oil prices since the beginning of the year is taking place against the background of growing fears about the slowdown in global economic growth, which could damage demand for energy resources.
Another reason for the drop in oil prices is the recent decision of Saudi Arabia to reduce the cost of raw materials for Asian countries.
Despite the recent decrease in oil prices, experts believe that the price of oil will increase in the second half of the year against the background of the deficit.
Source: Ministry of Finance
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