- US futures surged alongside European stocks, as the prospect of additional US government assistance alleviated some fears about the beleaguered regional banking industry.
- S&P 500 futures increased roughly 0.3%. First Republic Bank shares rose 34%, outperforming regional counterparts, after a report that US authorities are considering increasing an emergency lending facility, giving the lender more time to strengthen its balance sheet. The 10-Yr Treasury yield increased by nearly nine basis points. The dollar index remained stable.
- European shares rose, with bank companies leading the way. Following last week's sharp losses, Deutsche Bank and Credit Suisse both rose.
- Silicon Valley Bank sold to First Citizens.
- Japan 10 Yr bond didn't trade all day, the first time in a month.
- Traders are in for another wild ride this week, as events in the banking sector, speeches from various Federal Reserve officials, and data on a key US inflation indicator are all expected. Over the weekend, Fed's Kashkari stated that financial turbulence had increased the risk of a US recession.
