News
Latest News
news bulletin
Breaking Headlines
Lebanon News
Press Highlights
World
Lebanon Economy
News Bulletin Reports
Variety
Middle East
Sports
Other News
Breaking Headlines
Lebanon News
Press Highlights
World
Lebanon Economy
News Bulletin Reports
Variety
Middle East
Sports
Beirut
15
o
Mount Lebanon
16
o
Metn
17
o
Keserwan
17
o
North
16
o
South
13
o
Bekaa
10
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Aswad
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
15
o
Mount Lebanon
16
o
Metn
17
o
Keserwan
17
o
North
16
o
South
13
o
Bekaa
10
o
News
Programs
The News
Breaking Headlines
Lebanon News
Press Highlights
World
Lebanon Economy
News Bulletin Reports
Variety
Middle East
Sports
Programs
Series
Talk Show
News Bulletin
Oldies
Variety
Comedy
Other
Sports
Documentaries
The Untold History
New Year Shows
Lebanon’s Centennial
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
SVB a casualty in 'battle between fire and ice' against inflation, bankers hear
World
2023-03-14 | 08:49
High views
Share
Share
3
min
SVB a casualty in 'battle between fire and ice' against inflation, bankers hear
The dramatic collapse of Silicon Valley Bank and the market turmoil it unleashed is part of the "battle between fire and ice" in global efforts to curb inflation after years of cheap money, Morgan Stanley co-president Ted Pick said on Tuesday.
Steep rises in interest rates by the Federal Reserve and other central banks to combat soaring consumer prices had inevitably led to flare-ups of stress, Pick told the Morgan Stanley European Financials Conference, adding that failed US lenders SVB and Signature Bank were casualties of this.
"This is part of the process of the knob being turned to tighten financial conditions to make sure that we are on our way to normalizing a higher interest rate world," Pick said.
"But there might well be surprises, there might well be reactions," he said, adding the market was around halfway through a fight to "slay inflation" that would be waged over 12 to 18 months.
Shockwaves from the collapse of SVB put fresh pressure on bank stocks across Asia and Europe on Tuesday as worries about potential contagion to other lenders deepened.
But the European banking stocks index (.SX7P) later showed signs of stabilizing, and was up 0.5 percent at 1203 GMT, while several US banking stocks looked set to rebound in pre-market trading.
The United States has taken emergency measures to give banks vulnerable to a run on deposits special access to additional funding, but assurances from US President Joe Biden and other policymakers have so far done little to calm markets.
Investors and analysts are now forecasting tweaks to global interest rate policies designed to bring runaway inflation under control, with a rapid pace of further rate hikes seen as likely to weaken some bank balance sheets.
Morgan Stanley's Pick said the events of the last week may give the Federal Reserve pause for thought on its own rate plans. He was speaking ahead of closely-watched US inflation data later in the day. read more
Lloyds chief executive Charlie Nunn earlier told the event that British banks were not yet seeing a "flight to quality" in deposits among customers nervous about the safe-keeping of their money following the collapse of SVB.
Major US banks including JPMorgan (JPM.N) and Citigroup (C.N) have seen a wave of customers applying to shift their accounts to larger lenders, the Financial Times reported on Tuesday.
Analysts at Goldman Sachs said in a note on Monday that US banking stresses could spread directly to European banks.
Santander was described as the only institution with "significant exposure" to US deposit holders, with about 12 percent of total deposits in the United States, while HSBC had 6 percent and Barclays had 8 percent in the Americas as a whole, the research said.
Reuters
World
Silicon Valley Bank
SVB
Casualty
Battle
Fire
Ice
Inflation
Bankers
Hear
Next
Futures extend gains after February inflation data
Asset management firm Baron Capital bought Charles Schwab shares – CNBC
Previous
Related Articles
d-none hideMe
0
World
2023-03-08
In economics, women's voices still struggle to be heard
World
2023-03-08
In economics, women's voices still struggle to be heard
0
Middle East
2023-03-02
Egypt raises price of gasoline in latest hike amid inflation
Middle East
2023-03-02
Egypt raises price of gasoline in latest hike amid inflation
0
Middle East
2023-03-01
Israeli police fire stun grenades on 'day of disruption' protest of judicial overhaul
Middle East
2023-03-01
Israeli police fire stun grenades on 'day of disruption' protest of judicial overhaul
0
World
2023-02-14
Rents boost US consumer prices: inflation gradually slowing
World
2023-02-14
Rents boost US consumer prices: inflation gradually slowing
Recommended For You
d-none hideMe
0
World
11:21
Despite opposition, UK's Sunak wins post-Brexit trade vote in parliament
World
11:21
Despite opposition, UK's Sunak wins post-Brexit trade vote in parliament
0
News Bulletin Reports
10:26
Europe's political landscape shifts as populist right gains ground
News Bulletin Reports
10:26
Europe's political landscape shifts as populist right gains ground
0
World
10:18
OPEC+ likely to stick to its guns despite price slump, delegates say
World
10:18
OPEC+ likely to stick to its guns despite price slump, delegates say
0
World
10:18
Australian regulator considers greenwashing complaint against Etihad
World
10:18
Australian regulator considers greenwashing complaint against Etihad
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
Lebanon News
05:15
Salloum to LBCI: Moves made by pharmacists are in support of citizens
Lebanon News
05:15
Salloum to LBCI: Moves made by pharmacists are in support of citizens
0
Lebanon News
2023-03-21
Closer look at celebration of Kurdish new year Nowruz in Lebanon
Lebanon News
2023-03-21
Closer look at celebration of Kurdish new year Nowruz in Lebanon
0
Middle East
2023-02-06
Death toll from Turkey, Syria quake set to jump
Middle East
2023-02-06
Death toll from Turkey, Syria quake set to jump
0
News Bulletin Reports
2023-01-03
Is the end of the presidential vacuum in sight?
News Bulletin Reports
2023-01-03
Is the end of the presidential vacuum in sight?
Videos
d-none hideMe
0
Variety
2023-03-16
BAM Leb mobile app launched to revolutionize Lebanon's tourism, culture experience
Variety
2023-03-16
BAM Leb mobile app launched to revolutionize Lebanon's tourism, culture experience
0
News Bulletin Reports
2023-02-02
US must think long before granting Lebanon Caesar Act waiver: Congressman
News Bulletin Reports
2023-02-02
US must think long before granting Lebanon Caesar Act waiver: Congressman
0
Lebanon News
2023-01-25
Beirut blast investigations: The latest
Lebanon News
2023-01-25
Beirut blast investigations: The latest
0
Lebanon News
2023-01-23
Here is what preliminary investigations reveal after grenade attack on LBCI
Lebanon News
2023-01-23
Here is what preliminary investigations reveal after grenade attack on LBCI
0
Lebanon News
2023-01-19
Khalaf, Saliba start open-ended stay inside parliament until president is elected
Lebanon News
2023-01-19
Khalaf, Saliba start open-ended stay inside parliament until president is elected
0
News Bulletin Reports
2022-12-23
Lebanon lacks leaders with geopolitical vision: Naufal Daou
News Bulletin Reports
2022-12-23
Lebanon lacks leaders with geopolitical vision: Naufal Daou
0
News Bulletin Reports
2022-12-07
FPM likely to ditch white ballots following disagreement with Hezbollah
News Bulletin Reports
2022-12-07
FPM likely to ditch white ballots following disagreement with Hezbollah
0
Lebanon News
2022-12-07
Bassil sparks debate on long-awaited decentralization reform
Lebanon News
2022-12-07
Bassil sparks debate on long-awaited decentralization reform
0
Lebanon Economy
2022-12-07
Israel has recruited hundreds of spies, making use of Lebanon's collapse
Lebanon Economy
2022-12-07
Israel has recruited hundreds of spies, making use of Lebanon's collapse
Most read
d-none hideMe
24 hours
7 days
Month
1
Lebanon News
06:47
Within 30 years, Lebanon will face deep climate change effects, here are the details
Lebanon News
06:47
Within 30 years, Lebanon will face deep climate change effects, here are the details
2
Lebanon News
06:18
Retired military personnel protest near Grand Serail, clash with security forces
Lebanon News
06:18
Retired military personnel protest near Grand Serail, clash with security forces
3
Press Highlights
04:35
Presidential election deadlock in Lebanon: The quest for a consensual option
Press Highlights
04:35
Presidential election deadlock in Lebanon: The quest for a consensual option
4
Middle East
04:17
Israeli strike hits near Aleppo airport: Syrian officials
Middle East
04:17
Israeli strike hits near Aleppo airport: Syrian officials
5
News Bulletin Reports
10:18
A new dawn: Middle East overcomes political and military tensions
News Bulletin Reports
10:18
A new dawn: Middle East overcomes political and military tensions
6
News Bulletin Reports
10:26
Europe's political landscape shifts as populist right gains ground
News Bulletin Reports
10:26
Europe's political landscape shifts as populist right gains ground
7
Press Highlights
02:45
Telecom Minister Corm's ministry mulls tariff increase
Press Highlights
02:45
Telecom Minister Corm's ministry mulls tariff increase
8
Lebanon News
12:53
Hamieh refutes allegations about the new airport terminal
Lebanon News
12:53
Hamieh refutes allegations about the new airport terminal
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store