The central bank, including the Bank of Japan, Bank of Canada, Swiss National Bank and the European Central Bank, said it would increase the cadence of of seven-day maturity to daily from weekly operations. Such measures are invoked during periods of market stress to ease access to dollars by international trading partners.
Fed Raised Concerns About SVB's Risk Management in 2019
WASHINGTON-The Federal Reserve raised concerns about risk management at Silicon Valley Bank starting at least four years before its failure earlier this month, documents show.
In January 2019, the Fed issued a warning to SVB over its risk-management systems, according to a presentation circulated last year to employees of SVB's venture-capital arm, which was viewed by The Wall Street Journal.
Smaller Banks' Critical Role in Economy Means Distress Raises Recession Risks
Main Street businesses and American families are likely to find it harder to get a loan because of turmoil in the banking industry, denting economic growth and raising the risk of a recession.
"The risk in terms of the spark from SVB is real," said Greg Daco, chief economist at EY-Parthenon, a strategy consulting unit of Ernst & Young LLP. The collapse of Silicon Valley Bank set off fear among depositors that led to the failure of Signature Bank and the move to rescue First Republic Bank.
China's Benchmark Loan Rates Remain Unchanged
China's benchmark lending rates were kept unchanged as expected following a hold of key policy rates last week, according to a statement released Monday by the country's central bank.
The one-year loan prime rate was steady at 3.65%, while the five-year LPR was unchanged at 4.3%, said the People's Bank of China.
Vladimir Putin Harshly Criticizes West as Xi Jinping Strikes Softer Tone
Russian President Vladimir Putin hailed Moscow's deepening political and economic relations with China and hit out at the West for trying to contain the two countries' development, while Chinese leader Xi Jinping stressed that their relations aren't directed at third parties on the eve of his visit in Moscow.
In an article for the Chinese Communist Party's flagship newspaper, People's Daily, Mr. Putin wrote that the two nations are "standing on the brink of a new era."
Putin Visits Mariupol in First Known Trip to Ukrainian Territory Taken by Russia During War
In his first trip to territory seized in the past year, Russian President Vladimir Putin visited the occupied Ukrainian port city of Mariupol, which for Russia is a symbol of its goal to control eastern Ukraine and for Kyiv an illustration of Russian atrocities.
Mr. Putin drove through the streets of Mariupol, which was captured by his forces in May, after arriving there by helicopter, the Kremlin said in a statement. A clip of the visit broadcast on Russian state television shows the Russian president behind the wheel of a vehicle as a Russian official reports on the city's reconstruction. The clip shows him driving through streets lighted by streetlights.
North Korea Simulates Nuclear Attack With Launch of Short-Range Ballistic Missile
SEOUL-North Korea says it was simulating a nuclear attack on U.S. and South Korean forces with the launch of a short-range ballistic missile with a mock warhead Sunday.
The short-range ballistic missile was fired off at around 11:05 a.m. local time from the North's Tongchang-ri area and traveled about 500 miles before landing in the waters between Korea and Japan, South Korea's military said. The missile reached an altitude of about 30 miles and landed outside of Japan's exclusive economic zone, according to Japan's Defense Ministry.
Trump's Comments About Possible Arrest Reignite Political Fight
Top Republicans derided the possible indictment of Donald Trump over payoffs to a porn star as politically motivated, while Democrats warned that the former president's social-media exhortations were irresponsible and risked new violence akin to the Capitol riot.
Some potential Republican presidential candidates said that any prosecution of Mr. Trump could rally conservative voters to his side, potentially boosting his 2024 campaign prospects.
Biden's 'Go It Alone' Trade Deals Draw Warnings From Congress
WASHINGTON-The Biden administration is accelerating its efforts to pursue trade agreements that bypass Congress as it seeks to counter China, but the moves have sparked a fight with lawmakers that threatens to upend the president's trade strategy at a critical point of rising global competition.
Tensions have boiled over in recent days amid the administration's push to forge a free-trade deal on critical minerals to resolve a dispute with the European Union over electric-vehicle subsidies, the latest in a string of such pacts that skirt congressional approval.
Chicago Mayoral Candidates Vie for Key Hispanic Voters in Runoff
CHICAGO-The two candidates competing to become mayor of the nation's third-largest city are courting Hispanic voters, who make up roughly 30% of the population and could decide next month's election.
Paul Vallas, a former schools chief and moderate Democrat, has strong backing among white voters, while Brandon Johnson, a progressive Cook County commissioner, is working to solidify his support among Black voters. The crucial question is which candidate can expand his base to win the April 4 runoff.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
Ascot Resources 4Q
Economic Calendar (ET):
0830 Jan New motor vehicle sales
Stocks to Watch:
Haivision Announces Adoption of Shareholder Rights Plan; Says Non-Binding Expression of Interest From Evertz Technologies Expired on March 9; 'Not Aware of Any Third Party Preparing Any Take-Over Bid to Acquire Control'; Due to Evertz Non-Binding Expression of Interest, TSX Said It Will Defer Consideration of Acceptance of Rights Plan Until Such Time as TSX Is Satisfied That Appropriate Securities Commission Will Not Intervene
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NioCorp Developments Closes Business Combination With GXII; Separate Financing Deals Providing Access to Up to $71.9M in Net Proceeds Over Next Three Years
Expected Major Events for Monday
00:01/UK: Mar Rightmove House Price Index
05:00/JPN: Feb Convenience Store Sales
07:00/GER: Feb PPI
09:30/UK: 4Q Business Finance Review
11:00/UK: Feb Aluminium Production report
12:30/CAN: Jan New motor vehicle sales
14:00/US: 4Q Quarterly Financial Report - Retail Trade
14:00/US: 4Q Quarterly Financial Report - Industry
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Monday
Absci Corp (ABSI) is expected to report for 4Q.
Air Industries Group (AIRI) is expected to report for 4Q.
Akerna Corp (KERN) is expected to report for 4Q.
Ampco-Pittsburgh Corp (AP) is expected to report for 4Q.
Aprea Therapeutics Inc (APRE) is expected to report for 4Q.
Arcellx Inc (ACLX) is expected to report for 4Q.
Autoscope Technologies Corp (AATC) is expected to report for 4Q.
Battalion Oil Corp (BATL) is expected to report for 4Q.
Canterbury Park Holding Corp (CPHC) is expected to report for 4Q.
Coffee Holding Co Inc (JVA) is expected to report $0.06 for 4Q.
Danimer Scientific Inc (DNMR) is expected to report for 4Q.
Digital Media Solutions Inc (DMS) is expected to report for 4Q.
Enterprise Group is expected to report for 4Q.
Enzo Biochem (ENZ) is expected to report for 2Q.
Exagen Inc (XGN) is expected to report for 4Q.
F45 Training Holdings Inc (FXLV) is expected to report for 4Q.
Flotek Industries Inc (FTK) is expected to report $-0.08 for 4Q.
Foot Locker Inc (FL) is expected to report $0.53 for 4Q.
Graphite Bio Inc (GRPH) is expected to report for 4Q.
Hall of Fame Resort & Entertainment Co (HOFV) is expected to report for 4Q.
Inozyme Pharma Inc (INZY) is expected to report for 4Q.
Instil Bio Inc (TIL) is expected to report for 4Q.
Kodiak Sciences Inc (KOD) is expected to report $-1.44 for 4Q.
Maui Land & Pineapple Co Inc (MLP) is expected to report for 4Q.
Maxim Power (MXG.T,MXGFF) is expected to report for 4Q.
New Concept Energy (GBR) is expected to report for 4Q.
Noble Romans Inc (NROM) is expected to report for 4Q.
Otonomy Inc (OTIC) is expected to report $-0.47 for 4Q.
Party City Holdco Inc (PRTYQ) is expected to report $-0.02 for 4Q.
Phio Pharmaceuticals Corp (PHIO) is expected to report for 4Q.
Pieris Pharmaceuticals Inc (PIRS) is expected to report $-0.21 for 4Q.
Pure Bioscience (PURE) is expected to report for 2Q.
RVL Pharmaceuticals PLC (RVLP) is expected to report for 4Q.
Satsuma Pharmaceuticals Inc (STSA) is expected to report for 4Q.
Serinus Energy PLC is expected to report for Full year.
Sigmatron International Inc (SGMA) is expected to report for 3Q.
Solid Biosciences Inc (SLDB) is expected to report for 4Q.
Sonim Technologies Inc (SONM) is expected to report for 4Q.
Thorne Healthtech Inc (THRN) is expected to report for 4Q.
Volta Inc (VLTA) is expected to report for 4Q.
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ANALYST RATINGS ACTIONS
AEye Cut to Neutral From Buy by Guggenheim
Alphabet Raised to Outperform From Neutral by Exane BNP Paribas
American Airlines Group Raised to Peer Perform From Underperform by Wolfe Research
Applied Industrial Raised to Outperform From Neutral by Baird
(MORE TO FOLLOW) Dow Jones Newswires
03-20-23 0555ET
