Weekly news summary for March 24 to March 30
Friday: March 24: European Union Leaders Dismissed Bank Risks
On Friday, European Union leaders shrugged off the developing bank crisis from the latest global financial downturns striking the economy more aggressively than the effects of Russia-Ukraine war.
According to EU government officials, European lenders are healthy enough to face the mix of higher interest rates and an easing economic growth.
Monday: March 27: Wall Street Equities and US Treasury Yields Gained
While investors issues regarding the financial system eased on Monday, Wall Street equities and US Treasury yields went up as First Citizens BancShares mentioned that it would cover the deposits and loans of the destroyed Silicon Valley Bank.
The treasury yields in America climbed on hopes that the problems in the banking sector can be handled well. According to an analyst, the lesser bank dilemmas can cause a potentially higher chance for the Federal Reserve to easily have ongoing rate hikes.
Tuesday: March 28: Bitcoin’s Bullish Movement Wins Over Banking Blowout
Investors are still attempting to heighten their bets, facing an unfavorable bump, which is a lack of liquidity that can lead to wild price changes. Bitcoin, the top cyptocurrency increased by 40 % to $27,700 since March 10 as the downfall of Silicon Valley Bank rushed into mainstream markets.
On the other hand, its liquidity is going weaker. Based on data provider’s report, Bitcoin’s market depth shows that the asset stands at its lowest level of liquidity on 10 months, worse than the aftermath of the destruction of FTX in November.
Wednesday: March 29: Apple Pay Later Offered in the US
Apple user can have loans within the range of $50 to $1,000 for online and in-app purchases using their devices like iPhones and iPads, applicable for sellers that accept the Apple Pay Later service. Over 85.00% of retailers in the US allow it.
Also, they can use the Apple Wallet app in applying for a loan without affecting their credit scores. There will be a soft credit done after selecting an amount they wish to withdraw to ensure they are financially well enough to handle a loan.
Thursday: March 30: Crude Oil Prices Traded Higher amid Tighter Supply
An export halt is expected to cut supply outlook as it extends as Norwegian oil firm DNO started closing down production in its Kurdistan fields.
West Texas Intermediate crude oit futures for May delivery rose by 0.15% to $73.08 a barrel on March 30’s Asian afternoon session. A decline in the US crude oil inventories are beneficial for its prices, according to analysts.