Australian shares are set to edge higher with some concerns about the US banking sector fading. Bitcoin falls as Binance sued by US regulator.
Almost 200 people are joining the NDIS every day, making the program one of the fastest growing areas of government spending.AUD -0.03% to 66.43 US centsIn New York: BHP +0.3% Rio +0.7% Atlassian +0.5%Spot gold -1.4% to $US1951.50 /oz at 1.39pm in New York10-year yield: US 3.52% Australia 3.19% Germany 2.
First Citizens will assume Silicon Valley Bank’s assets of $US110 billion, deposits of $US56 billion and loans of $US72 billion as part of the deal.Bank of America named Jill Schwartz co-head of global financial sponsors, replacing Kevin Sherlock.Schwartz will also keep her role as executive vice chair of global corporate and investment banking, according to a memo to staff from Thomas Sheehan, the lender’s head of global investment banking.
The pan-European STOXX 600 index rose 1.1%, with investors drawing comfort from news that First Citizens BancShares would acquire Silicon Valley Bank’s deposits and loans. European banks rose 1.4% after shedding 3.8% on Friday, when Deutsche Bank sparked a rout in the sector. Shares of that German lender were up 6.2% after tumbling 8.5% on Friday.Credit Suisse inched up 0.5% as the Swiss financial regulator, FINMA, said over the weekend it was considering whether to take disciplinary action against the bank.Novartis climbed 7.
writes on monetary policy, equities, commodities and currencies. He is the overnight markets editor and writes Before the Bell.
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