Evening Headlines
Bloomberg:
- SVB Crisis Drives Concern Over Japanese Banks’ Exposure to US Bonds.
- Startups Need to Learn Banking Risks, Australian Investor Says.
- Australia’s Weak Consumer Confidence Boosts Case for Rate Pause.
- Asia Faces Turbulence as Traders Shift Rate Bets: Markets Wrap.
- Oil Holds Risk-Off Drop as Fed Watchers Wait for Inflation Data.
- What Silicon Valley Bank’s Collapse Means for Climate Tech.
- SVB Didn’t Just Lend to Startups. It Was Key Partner for Affordable Housing.
- Buttigieg Backs Stricter Train Safety Rules After Toxic Ohio Derailment.
- ‘QE in Another Name’: New Bank Backstop Points to the End of Fed QT.
- SVB’s Failure Exposes Lurking Systemic Risk of Tech’s Money Machine.
- Why the US Backstop After SVB’s Failure Is a Bailout: Joe Weisenthal.
- Transcript: How the Federal Reserve Grew More Powerful Than Anyone Ever Imagined.
- Six Charts Show the Dramatic Shock of SVB’s Collapse.
Wall Street Journal:
- Biden’s Bank Bailout Whoppers. The President offers assurances that markets don’t believe.
- CEO Was There for SVB’s Quick Rise, Even Quicker Fall.
- Investors Are Searching for Safe Spaces in Banking.
- First Republic Leads Rout in Bank Stocks.
- Barney Frank Pushed to Ease Financial Rules After Joining Signature Board.
- Court Ruling Hands Win to Uber, Lyft.
- What Do We Actually Know About Covid-19? Not Enough.
- Biden Administration Approves Willow Oil Project in Alaska.
- Boeing Expected to Sell About 80 Dreamliners in Saudi Airline Deal.
Fox News:
CNBC.com:
- First Republic drops 60%, leads decline in bank stocks despite government’s backstop of SVB.
- Jeffrey Gundlach says Fed will hike funds rate next week to save credibility — but shouldn’t.
- CNBC Daily Open: The bank rout continues. The Fed might still raise rates anyway.
- Something broke, but the Fed is still expected to go through with hikes.
- Why Signature Bank was seized in third-biggest bank failure in U.S. history.
- Petco selects Adobe Experience Cloud as a one-stop destination for pet parents.
- 2-year Treasury yield posts biggest 3-day decline since aftermath of 1987 stock crash.
- Charles Schwab shares drop 12% even as the firm defends financial position.
- Stocks making the biggest moves after hours: GitLab, United Airlines, First Republic Bank and more.
MarketWatch:
- Banking industry jitters could mean more pain for stocks by dragging out Fed’s battle with inflation.
- Amid bank failures, savers look to stretch federal deposit cash protection beyond $250,000.
- SVB fallout likely to affect some software sales in the short term, and how startups are financed long term.
- GitLab stock drops more than 30% as revenue forecast misses.
- United Airlines stock tanks 7% after airline guides for quarterly loss on lower demand, higher fuel prices.
- Western Alliance and First Republic clobbered as regional bank jitters persist despite Fed backstops.
- Climate tech risked becoming a banking-crisis casualty. What’s next for solar and the rest of fledgling sector?
Zero Hedge:
- Big Trouble In Little Banks - Bailout Sparks Buying Panic In Bonds, Bitcoin, & Bullion.
- Monday Humor: Musk Triggers Angry Old Man With Tweet.
- Simon Black: The Unraveling Can Happen In An Instant.
- Michigan Governor Admits COVID-19 Lockdowns Went Too Far.
- Should The Names Of Stanford Student Disrupters Be Published?
- Johnstone: Imperial Narrative Managers Always Try To Make Peace Seem Unnatural.
- DB: "Today's Events Are Consistent With An Imminent US Recession".
- China To Host Major Middle East Summit After 'Success' Of Iran-Saudi Deal.
- Late Season Nor'easter Set To Wallop Millions In Northeast.
- Equities were mixed and yields dropped heavily in the fallout from recent bank failures - Newsquawk Asia-Pac Market Open.
- Hudson: Why The Banking System Is Breaking Up.
- Nomura Calls For Rate Cut At Next FOMC Meeting, End Of QT.
- Unchanged, but with some big MOVEs.
- Tucker Carlson Unbound: Setting Fire To The Uniparty.
- Yields & Financials in free fall amid haven flows on bank failure fallout - Newsquawk US Market Wrap.
- US Intel Agencies Need To Focus Intensely On 'Diversity, Equity, Inclusion,' Intelligence Chief Says.
- Fed Announces Probe Into Its Own Regulatory Failure At SVB.
- Red Cross Giving Migrants "Maps And Guides" To Aid In Illegal Border Crossings.
- Nomura: "Deposit Flight" Does Not Just Go Away From Here.
Newsmax:
TheGatewayPundit.com:
- Biden Lies By Omission – Forgets to Tell Americans that We Are Bailing Out China’s Venture Capital Business with Silicon Valley Bank Rescue.
- Rep. Marjorie Taylor Greene ReTweets Heartbreaking Video of Young Children Devastated After Being Denied Visitation Day With J6 Political Prisoner Father.
- Ray Epps Lied – He Committed Criminal Acts and It Was ALL CAUGHT on Video — Here Are the Eight Trump Supporters the FBI Arrested and Who Are Serving Years in Prison for Committing Same Act.
- PURE EVIL: DOJ Responds to Tucker Carlson Video Footage of Peaceful Q-Shaman Being Escorted Through US Capitol – Says It “Lacks Context”.
- Study Finds US Government May Have Been BILLED TWICE by the Wuhan Lab for Its Research on Dangerous Pathogens Like the Coronavirus.
- Dem Presidential Wanna-be Candidate Gov Whitmer Hilariously Blames Data When Asked Why DOUBLE The Number of People In MI Died of COVID Compared to FL Where Lockdowns Were Lifted 10 Months Earlier.
- Ric Grenell on the Lou Dobbs Show: “Every Single Intelligence Agency Signed Off” on a Statement in April 2020 Declaring China Responsible for COVID Pandemic – It Was a Cover-Up (VIDEO).
- Tens of Thousands of Dutch Farmers Protest in The Hague: “Resist Much, Obey Little!”.
Twitter:
- @ChuckCallesto - JUST IN: Video emerges of Capitol police smiling while HOLDING DOORS OPEN for protesters on J6... (video)
- @isource_news - USA Sovereign Credit Risk Hits Record High As Interbank Funding Stress Explodes. Jump worse than Lehman crisis. (graph)
- @charliebilello - Silicon Valley Bank, Stock Based Compensation... 2011: $18 million 2012: $22 million 2013: $25 million 2014: $30 million 2015: $32 million 2016: $35 million 2017: $37 million 2018: $46 million 2019: $67 million 2020: $84 million 2021: $136 million 2022: $183 million.
- @steve_hanke - Sanctioned Chinese artificial intelligence groups are finding easy access to high-end US chips via intermediaries. Sanctions always have their workarounds.
- @gatewaypundit - Silicon Valley Bank Employees Made Large Donations to Biden and Other Democrats.
- @unusual_whales - Before the collapse of Silicon Valley Bank, executives sold a lot of their shares. Gregory Becker, CEO, sold 11% on Feb 27, 2023. Michael Zucker, General Counsel, 19% on Feb 5. Daniel Beck, CFO, sold 32% on Feb 27. Michelle Draper, CMO, sold 25% on Feb 1. Unusual.
- @WallStreetSilv - German food inflation ... And I bet the numbers are underreported. (graph)
- @MarketWatch - 20 banks that are sitting on huge potential securities losses—as was SVB.
- @Barchart - Cathie Wood's Ark Innovation ETF $ARKK has generated $300M in trading fees since inception despite losing roughly $10B of investor capital over the same time frame.
- @zerohedge - Oh BofA you've been a naughty, naughty bank. (graph)
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 942,034 Reports(+3,859 from prior report) Through March 3rd, 2023.
SKirsch.com:
- Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.
Night Trading
Morning Preview Links
BOTTOM LINE: Asian indices are lower, weighed down by financial and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.
- Asian equity indices are -2.0% to -1.0% on average.
- Asia Ex-Japan Investment Grade CDS Index 132.5 +7.25 basis points.
- China Sovereign CDS 77.0 +6.75 basis points.
- China Iron Ore Spot 132.0 USD/Metric Tonne +.33%.
- Bloomberg Emerging Markets Currency Index 45.3 -2.9%.
- Bloomberg Global Risk-On/Risk Off Index 67.3 +.%.
- Bloomberg US Financial Conditions Index -1.11 +16.0 basis points.
- Volatility Index(VIX) futures 24.8 -2.9%.
- Euro Stoxx 50 futures -.12%.
- S&P 500 futures +.37%.
- NASDAQ 100 futures +.46%.
BOTTOM LINE: Asian indices are lower, weighed down by financial and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.
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