13:45 The New York Stock Exchange opened lower
Despite Joe Biden’s speechwhere he remarked that “deposits are safe” and that “what is necessary will be done so that this does not affect other countries”, The New York stock market was volatile on Monday following opening lower in a market shaken by the bankruptcies of US banks and the growing fear of a possible contagion to other entities.
According to information from Bloomberg, significant losses have been recorded since the opening of the market, among which the following stand out: JP Morgan (-1,47%), Bank of America (-2,35%), Citigroup (-5,59%), Wells Fargo (-4,87%), Goldman Sachs (-1,85%) y Morgan Stanley (-0,49%).
The bitcoin appreciates following the support of the Fed to the banking sector
12:15 HSBC bought the English subsidiary of SVB from the United States
Faced with growing fears that the US crisis will spread to other banks in the rest of the world, the British multinational financial services company HSBC bought the English subsidiary of SVB of the United States following bankruptcy. This move gave relief to UK tech companies that had warned they would go bankrupt without help from the UK Treasury.
11:00 Joe Biden spoke to bring peace of mind
After the collapse of Silicon Valley Bank (SVB) happened last week Joe Biden spoke this morning to try to bring peace of mind in a time of great uncertainty. The President of the United States assured that Americans can “trust that the banking system is safe” and that he will seek to advance stronger regulation to avoid new financial problems.
“Thanks to the action of my administration in recent days, Americans can trust that the banking system is safe.; they can breathe easy because the companies will be able to pay their bills and their employees,” the president said at a press conference.
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