Archive March 2023
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Week InReview: March 31, 2023
London, NYC tied as world's top financial center. Photo: Hollie Adams | Bloomberg
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London has lost its sole lead as the world’s top global financial center, according to research by the City of London Corporation that will add to concerns over the competitiveness of the Square Mile. London and New York have tied for the top spot, according to benchmarking data by the City’s governing body. This marks the first year that the UK capital has not been the clear leader as other financial centers have grown faster.
— Financial Times
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Week InAdvance: March 27, 2023
Mon Mar 27 OECD AI conference.
| Tue Mar 28 Bank failures in the Senate.
| Wed Mar 29 Bank failures in the House. Starbucks "union busting" hearing.
| Thu Mar 30 US GDP.
| Fri Mar 31 UK GDP.
| Sat Apr 1 April Fools' Day.
| Sun Apr 2 Palm Sunday celebrations by western Christian churches.
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Week InReview: March 24, 2023
Asian equities face declines after a tech-driven rally on Wall Street failed to ease the malaise hanging over the banking sector. Stock futures pointed to declines in Hong Kong, while those for Japan were little changed. US traders piled into top tech companies to push the Nasdaq 100 close to the threshold of a bull market. But banking stocks missed out on the rally, with a gauge of US financial heavyweights sinking to the lowest since November 2020 — even after Treasury Secretary Janet Yellen told lawmakers the US would be prepared for further steps to protect deposits if needed. Short-dated Treasuries saw outsized moves for an 11th straight day.
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Week InAdvance: March 20, 2023
Mon Mar 20 First day of spring.
Chinese state visit to Russia.
| Tue Mar 21 BIS innovation summit.
| Wed Mar 22 CFTC's tech panel's 1st meeting. FOMC rate decision. UN water conference.
| Thu Mar 23 BOE rate decision. Swiss National Bank rate decision & press conference. UK CPI.
| Fri Mar 24 Japan CPI.
| Sat Mar 25 Earth Hour.
| Sun Mar 26 European Daylight Saving Time begins.
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Week InReview: March 17, 2023
Banks borrowed a combined $164.8 billion from two Federal Reserve backstop facilities in the week ended March 15, in a sign of escalated funding strains in the aftermath of Silicon Valley Bank’s failure. Federal Reserve data showed a record $152.85 billion was borrowed from the discount window, the traditional liquidity backstop for banks, in the week ended March 15 — way up from $4.58 billion the previous week. And a further $11.9 billion was borrowed from the Fed’s new emergency backstop fund, launched Sunday. The credit highlights a banking system that is still fragile and dealing with deposit migration in the wake of the failures of SVB and Signature Bank. Elsewhere, the biggest US banks pledged $30 billion of deposits to rescue First Republic; and SVB is still hunting for a buyer.
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Week InAdvance: March 13, 2023
Mon Mar 13 Biden meets with UK & Australia PMs.
| Tue Mar 14 US CPI.
| Wed Mar 15 SEC meets on Regulations SCI & S-P, and cyber risk. UK budget.
| Thu Mar 16 Senate Finance budget hearing.
| Fri Mar 17 St. Patrick's Day in numerous countries.
| Sun Mar 19 'Mothering Sunday' (also known as mother’s day) in the UK.
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Week InReview: March 10, 2023
Stocks in Asia are poised to follow the sharpest decline in US equities in two weeks after a rout in bank shares picked up steam on concerns trouble in the sector could portend broader dangers. Treasuries rallied. Equity futures for Australia, Japan and Hong Kong all pointed to drops of more than 1%. The S&P 500 on Thursday fell to the lowest since Jan. 19, with financial companies in the index plunging. Banks came under fire after the collapse of crypto-friendly Silvergate Capital, amid growing scrutiny in Washington. That accelerated a selloff in Bitcoin, which fell for a fourth straight day to around $20,000.
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Week InAdvance: March 6, 2023
Mon Mar 6 US Supreme Court releases order list.
| Tue Mar 7 Powell testifies in Senate. Australia rate decision.
| Wed Mar 8 International Women's Day. Powell testifies in House. Canada rate decision.
| Thu Mar 9 Release of FY2024 US budget proposal.
| Fri Mar 10 US payrolls.
Bank of Japan policy rate decision.
| Sun Mar 12 Clocks in US advance on hour
. Academy Awards.
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Week InReview: March 3, 2023
The cure for hiccups exists: First, exhale completely, then inhale a deep breath. Wait 10 seconds, then – without exhaling – inhale a little more. Wait another five seconds, then top up the breath again. Finally, exhale.
— The Atlantic
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