Author: Steven Sahiounie

Former Lehman Brothers executive says the Fed must cut rates and guarantee deposits held by regional lenders The banking crisis could swallow another 50 regional lenders in the US if the country’s authorities don’t take appropriate steps to resolve structural issues, former vice-president at Lehman Brothers Lawrence McDonald said in an interview with RIA Novosti. “Policy-makers will most likely be forced to introduce a much larger withholding to maintain outflows of deposits from bank accounts that significantly exceed $250,000,” he said. The collapse of Lehman Brothers, which caused funding markets to seize up and made it hard for global lenders to…

Shipments of Russian seaborne crude declined last week but there is no substantial evidence that Moscow is implementing a 500,000-barrels-a-day output cut scheduled for March, Bloomberg reported on Tuesday. Volumes of oil destined for China, India, and Türkiye – nations that have not joined Western sanctions – and cargoes that have not yet confirmed their endpoint slumped by 90,000 barrels a day (bpd) to 3.23 million in the seven days to March 17. A total of 30 tankers were loaded with 22.6 million barrels of Russian crude in the same period, the outlet reported, citing ship-tracking data. This volume represents…

Traditionally, higher NVT ratios indicate that an asset is becoming more expensive, while lower NVT ratios indicate the opposite. An on-chain indicator that tracks bitcoin’s (BTC) relative valuation shows the asset has gotten “cheaper” in 2023, despite the recent price increase. Bitcoin’s Network Value to Transaction (NVT) ratio has declined 60% for the year to date, despite a 68% increase in BTC’s price. BTC’s current NVT ratio of 36.18 is slightly below the 365- day average of 36.40. The current ratio trails the 30-, 60-, 90- and 180-day NVT ratios, which all range between 44 and 49. The cause of…

Crypto prices remain flat ahead of the FOMC’s rate decision. Good morning. Here’s what’s happening: Prices: Crypto prices continue to remain flat as traders a traders await the FOMC’s decision on interest rates. Insights: Monetary liquidity expectations are one driver moving crypto markets these days, though not in the way many think – even if easing is around the corner, liquidity is tight, argues CoinDesk columnist Noelle Acheson. Good morning Asia. Crypto markets are once again fairly flat as traders await the next release from the Federal Open Market Committee (FOMC). Bitcoin is up 0.1% in the last 24 hours to $28,163…

Stock futures were slightly lower early Wednesday as investors braced for the Federal Reserve’s next move in its inflation-fighting rate hiking plan. Futures tied to the Dow Jones Industrial Average fell 50 points, or 0.15%. S&P 500 futures were down 0.2%, while Nasdaq 100 futures were 0.37% lower. In regular trading the major averages rose for a second day. The Dow Jones Industrial Averageadded 316 points, or nearly 1%. The S&P 500jumped 1.3%, and the Nasdaq Compositegained 1.58%. The moves came as fears over the ongoing banking crisis showed signs of easing, with investors “heartened by the increasing likelihood that…

It will be very difficult for venture capital firms and startups to find another bank that is as startup-friendly as the fallen Silicon Valley Bank, said U.S.-based venture capital firm Race Capital. “SVB was not just another bank around the corner. They really were the bedrock of Silicon Valley,” said Edith Yeung, general partner at Race Capital, on CNBC “Squawk Box Asia” on Wednesday.  SVB was Race Capital’s primary bank and two of their portfolio companies had 100% funds sitting in SVB, Yeung said. “If you are a startup founder, you may be able to find another bank to custody your…

Gold prices have more room to spike as global banks struggle and investors await the U.S. Federal Reserve rate decision, and could go as high as $2,600 per ounce. Prices of the metal on Monday breached $2,000 to mark the highest since March 2022. Its all-time high was $2,075 in August 2020, Refinitiv data showed. “A sooner Fed pivot on rate hikes will likely cause another gold price surge due to a potential further decline in the U.S. dollar and bond yields,” CMC’s Market Analyst Tina Teng, who sees gold prices hitting between $2,500 to $2,600 an ounce, told CNBC. Gold prices…

Asia-Pacific markets rose on Wednesday as investors looked ahead to the U.S. Federal Reserve’s latest update on its rate hike decision, as the central bank attempts to balance its inflation fight and stem a banking crisis. Japan’s Nikkei 225led gains in the region, advancing 1.93% and closing at 27,466. The Topix was 1.74% higher and finished at 1,962.93. Hong Kong’s Hang Seng index gained 1.76%, and the Hang Seng Tech index rose 1.01%. In Australia, the S&P/ASX 200rose 0.87% to close at 7,015.6, while in South Korea, the Kospi was up 1.2% to close at 2,416.96 and the Kosdaq gained…

Gold prices have more room to run as global banks struggle and the U.S. Federal Reserve renders another interest rate decision, potentially breaking all-time highs — and staying there. “A sooner Fed pivot on rate hikes will likely cause another gold price surge due to a potential further decline in the U.S. dollar and bond yields,” said Tina Teng from financial services company CMC Markets. She expects gold will trade between $2,500 to $2,600 an ounce. Investors have been flocking to gold and Treasurys as bank stocks have been whacked by the shuttering of Silicon Valley Bank and Credit Suisse’s implosion. Gold is…

BERLIN — Germany could be weeks away from introducing a bill to legalize cannabis under sweeping reforms that would greenlight the consumption and sale of the drug in Europe’s largest economy. Germany’s Health Minister Karl Lauterbach last week said that the plans had received “very good feedback” from the European Commission, the EU’s executive arm, adding that the bill could be announced by the end of March or in early April. “We will soon present a proposal that works, that is, that conforms to European law,” Lauterbach said, following months of talks with Brussels. The government published draft proposals for the legalization of adult-use…