Evening Headlines
Bloomberg:
- China’s $740 Billion Offshore Credit Market Rally Stalls Just as Restructuring Heats Up.
- Australia Bad Loans to Rise, Banks Can Take Shocks, CFR Says.
- TikTok Considers Splitting From ByteDance If Deal With US Fails.
- TikTok Could Control Data and Divide Americans, FBI’s Wray Says.
- Argentina Inflation Surpasses 100% as Economic Recession Looms.
- Asian Equities Advance as Banking Jitters Ease: Markets Wrap.
- Oil Rises From Three-Month Low After SVB Turmoil Rattles Markets.
- Apple Delays Bonuses for Some and Limits Hiring in Latest Cost-Cutting Effort.
- Ex Fed’s Quarles Says SVB Failure Not Due to Easier Bank Rules.
- America’s Largest Owner of Local Sports Channels Files for Bankruptcy.
- Signature Bank Faced Criminal Probe Ahead of Firm’s Collapse.
- ‘Old-School’ Signature Bank Collapsed After Its Big Crypto Leap.
- Short Sellers Scored $2 Billion Profit as Regional Banks Plunged.
- SVB Is a ‘Nail in the Coffin’ for Bay Area Housing Market’s Gold Rush.
- SVB Exposes ‘Lazy’ ESG Funds as Hundreds Bet on Doomed Bank.
- Goldman’s Rubner ‘Shocked’ by Big Market Moves, Blames Liquidity.
Wall Street Journal:
- Still Inflated. The White House spins the latest report on consumer prices.
- SVB Creditors Form Group Ahead of Possible Bankruptcy.
- Silicon Valley Bank and Joe Biden’s $19 Trillion Monday. His latest bailout is a solution for him now and a problem for us later.
- Fed to Consider Tougher Rules for Midsize Banks.
- The American Diet Has a Sandwich Problem.
- Russian Jet Collides With U.S. Drone Over Black Sea.
- Credit Suisse Finds Material Weaknesses in Financial Reporting.
- Facebook Parent Plans 10,000 Job Cuts in New Layoffs.
- Some School Districts Are Eliminating Honors Classes. Many Parents Aren’t Happy.
- Ohio Sues Norfolk Southern Over East Palestine Train Derailment.
Fox News:
CNBC.com:
- Private equity firms Apollo and KKR among those reviewing Silicon Valley Bank loans.
- Schumer gives campaign donations from Silicon Valley Bank’s ex-CEO, PAC to charity.
- FDA authorizes Pfizer’s Covid omicron booster as fourth shot for kids under 5.
MarketWatch:
- SVB’s collapse makes it impossible to say what stocks are worth as bond-market volatility explodes.
- SVB’s sudden collapse: 6 charts show the shock waves that ripped through global markets.
- Why Ray Dalio says SVB collapse is a ‘canary in the coal mine’.
- ‘Net worth of median household is basically nothing,’ says Carl Icahn. ‘We have some major problems in our economy.’.
- As SVB fails, Icahn says one of our major problems in this economy is there’s ‘no leadership on the corporate level’.
- Citadel founder Ken Griffin: Fed’s intervention in SVB collapse shows U.S. capitalism is ‘breaking down before our eyes’.
- Government bonds held at banks may be so-called ‘toxic asset’ of next financial crisis, fund manager says.
Zero Hedge:
- Watch: Trump Vows To "Totally Obliterate The Deep State" In "The Final Battle".
- Kremlin Blames US For Crashed Drone: 'Flying With Transponders Off Towards Russian Border'.
- New Wuhan Scandal: US Agencies Double-Paid Virus Research Costs.
- Taibbi: In FBI Case, The First Amendment Takes Another Bizarre Hit.
- DeSantis Admin Yanks Hyatt Miami Liquor License For Hosting "Drag Queen Christmas" With Kids Present.
- There's No Such Thing As 'Healthy Obesity'.
- Putin: "Complete Nonsense" That Anyone Other Than State Actor Behind Pipeline Explosions.
- A Mismatch Of Short And Long-Term Interest.
- Treasury To Give Biden Family 'Suspicious Activity' Banking Reports To GOP Investigators.
- Why Not Let Banks Fail?
- Apple Delays Bonuses And Implements Hiring Freeze, Report Says.
- Relief Rally Ruined By Ratings Agencies & Russia; Bitcoin Bid.
- US stocks and yields rebounded in the absence of any additional bank failures and as participants reflected on US CPI data - Newsquawk Asia-Pac Market Open.
- The Return Of The Widowmaker.
- WTI Holds Losses After API Reports Big Product Draws.
- Cathie Wood's ARKK Recorded Largest Inflows In Years As SVB Collapsed.
- Stocks and yields climb on in-line CPI and no more bank failures - Newsquawk US Market Wrap.
Newsmax:
TheGatewayPundit.com:
- Newsom Failed to Disclose His Personal Ties with Silicon Valley Bank as He Lobbied For Bailout.
- Tucker Carlson Asked GOP Presidential Hopefuls About Ukraine: Trump Calls for Peace in Europe, Regime Change at Home; DeSantis Response Stuns Establishment.
- BIDEN CRISIS: Moody’s Downgrades Banking Segment to “Negative”, Assets in US Banks Are $2 Trillion LESS than Their Balances.
- Joe Biden Targets Gun Manufacturers in CA Speech: “I Am Determined, Once Again, to Ban Assault Weapons and High-Capacity Magazines!” (VIDEO).
- STUNNING Video Woke Signature Bank Made Before They Went Broke.
- Woke Oscars Suffer Another Year of Brutal Ratings, Third-Lowest Ever: Report.
- If the GOP Tries to Compete with Dems in Mail-In Ballots and Ballot Harvesting They Will Lose.
- JUST IN: Inflation Rises by 0.4% in February and 6.0% Over the Past Year as Prices Remain High – Real Wages Drop for 32nd Straight Month.
- Demand ‘America First’ Science – Stop “Scientific Money Laundering” and Billions Funneled to China Via US-Funded Research.
- Shocking Study Out of Australia Shows up to a 26 Fold Increase in Excess Mortality in 2021 and 2022. Consistent With American Insurance Companies Findings.
The Epoch Times:
Twitter:
- @NewsBecker - Tucker Carlson on Silicon Valley Bank: "We're about to see bank consolidation, which means more government control. It will mean digital currency. A currency politicians control. You think that's not coming? Of course it's coming." (video)
- @songpinganq - Surveillance in #15minutecities, China uses facial recognition to fine you for jaywalking and debits your bank a/c straight away...and your face will display on a giant screen for everyone to see to shame you. You will lose your social credit scores too. (video)
- @zerohedge - CMBX 15 BBB- new lifetime lows. This is just starting . (graph)
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 942,034 Reports(+3,859 from prior week) 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 modestly higher, boosted 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 +.25% to +.75% on average.
- Asia Ex-Japan Investment Grade CDS Index 135.75 +3.25 basis points.
- China Sovereign CDS 75.25 -1.75 basis points.
- China Iron Ore Spot 132.9 USD/Metric Tonne +.9%.
- Bloomberg Emerging Markets Currency Index 47.5 -.05%.
- Bloomberg Global Risk-On/Risk Off Index 50.7 +.6%.
- Bloomberg US Financial Conditions Index -.52 +2.0 basis points.
- Volatility Index(VIX) futures 23.7 -1.0%.
- Euro Stoxx 50 futures -.05%.
- S&P 500 futures -.09%.
- NASDAQ 100 futures -.08%.
BOTTOM LINE: Asian indices are modestly higher, boosted 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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