March, 2023

• 17 March

  Turkey set to allow Finnish Nato entry

  

  BLOOMBERG Turkey is nearing ratification of Finland’s accession into Nato, which would bring the military alliance a step closer to welcoming its 31st member as the effects of Russia’s invasion of Ukraine spread across the European security landscape. President Recep Tayyip Erdogan and Finland’s head of state, Sauli Niinisto, started a meeting in Ankara without speaking to reporters. The Turkish ...

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• 17 March

  Germany to send minister to Taiwan amid China tensions

  

  BLOOMBERG Germany will send a federal minister to Taiwan for political talks for the first time in 26 years next week, a trip which could anger the government in Beijing at a time of growing tensions between China and Europe. Bettina Stark-Watzinger, who oversees the education and research portfolios in Chancellor Olaf Scholz’s ruling coalition, plans a two-day trip to ...

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• 17 March

  Hong Kong lures Kaiko in its push to build crypto hub

  

  BLOOMBERG Cryptocurrency market data provider Kaiko plans to relocate its Asian headquarters to Hong Kong from Singapore, drawn by the city’s push to establish a global hub for the digital-asset industry. Hong Kong’s pro-crypto policy pivot and emergence from Covid-related curbs contributed to the Paris-based company’s decision, Chief Executive Officer Ambre Soubiran said in an interview. Kaiko feeds data to ...

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• 17 March

  UBS, Credit Suisse oppose idea of forced combination

  

  BLOOMBERG UBS Group AG and Credit Suisse Group AG are opposed to a forced combination, even as scenario planning for a government-orchestrated tie-up continues, according to people with knowledge of the matter. UBS would prefer to focus on its own wealth-centric standalone strategy and is reluctant to take on risks related to Credit Suisse, the people said, asking not to ...

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• 17 March

  ECB policymakers call for more interest rate hikes

  

  BLOOMBERG A trio of hawkish European Central Bank (ECB) policymakers came out in force to restate the case for hiking interest rates further, once financial-market volatility subsides. In the wake of a 50 basis-point increase accompanied by no clear signal on future moves, governors from Estonia, Lithuania, and Slovakia suggested the economy still needs another phase of tightening after global ...

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• 17 March

  Banks borrow $164.8 billion from Fed in rush to backstop liquidity

  

  BLOOMBERG Banks borrowed a combined $164.8 billion from two Federal Reserve backstop facilities in the most recent week, a sign of escalated funding strains in the aftermath of Silicon Valley Bank’s (SVB) failure. Data published by the Fed showed $152.85 billion in borrowing from the discount window  — the traditional liquidity backstop for banks — in the week ended on ...

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• 17 March

  First Republic falls as investors assess aid

  

  BLOOMBERG First Republic Bank shares fell again on Friday, set for their worst week ever, as sentiment around the lender remained fragile even after proposals for $30 billion of aid from Wall Street’s biggest banks. Shares in First Republic fell as much as 15% in US premarket trading, underperforming fellow regional banks, having already fallen by a record 60% so ...

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• 17 March

  Short selling key for Korea’s global index goal, says bourse CEO

  

  BLOOMBERG South Korea needs to take the politically sensitive step of fully lifting curbs on stock short selling to ensure inclusion in a key global index, the head of the country’s securities exchange said. Asia’s sixth-largest equity market is seeking to be upgraded in MSCI Inc.’s equity gauge to developed status from emerging, part of efforts to revitalise the sector ...

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• 17 March

  US futures steady, bonds gain as bank angst lingers

  

  BLOOMBERG US equity-index futures were steady on Friday and Treasuries gained, capping a tumultuous week for global markets amid lingering concern that the financial turmoil which has roiled bonds and stocks is not over. Contracts on the S&P 500 fluctuated after the index rallied 1.8% as larger banks threw a lifeline to First Republic Bank, the latest US lender to ...

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• 17 March

  China to let power prices turn negative in solar-rich province

  

  BLOOMBERG Power traders in China’s Shandong province can now ask to be paid for taking electricity as the province’s growing rooftop solar capacity threatens to overwhelm the grid. The province officially set the lowest price on its spot market below zero, according to a draft rule released by Shandong Development and Reform Commission. Negative prices that encourage generators to switch ...

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