The fallout from Silicon Valley Bank’s collapse has led to a continent-wide selloff in financial stocks erasing C$19.7 billion ($14.2 billion) in value from Canada’s top banks in the last four days.
Government-bond yields fell the most since since 2008 after a US bank failure spurred traders to reassess the outlook for additional Federal Reserve rate hikes.
The Biden administration is working to further tighten restrictions on the export of semiconductor manufacturing gear to China, escalating rules aimed at preventing the country from developing an advanced chip industry.
Derivative traders lost no time re-instating bets that the Federal Reserve will cut interest rates before the year is out.
Bitcoin is having its worst week since November as an equity selloff, jitters in the banking sector and an escalating US regulatory crackdown on crypto combine to hurt investor sentiment.
Colombian banks are slashing interest rates on credit cards by as much as 26 percentage points in response to pressure from the government of President Gustavo Petro, which is seeking to prevent a sharp slowdown in consumer spending.
SVB Financial Group’s record plunge on Thursday minted short sellers roughly half a billion dollars in paper profits. But they now face a challenge: how to close their positions.
Measures of financial vulnerabilities continued to rise in Canada as higher borrowing costs squeezed homebuyers at the end of last year, central bank data show.
Oil posted a weekly loss with macroeconomic headwinds dominating the market as traders await clearer signals on Chinese demand trends.
A few banks benefited from some startups that withdrew funds from the now-failed Silicon Valley Bank.
