SHARES advanced Friday, March 17, 2023, in Asia, tracking a rally on Wall Street after a group of big banks offered a lifeline to First Republic Bank, the lender investors had focused on in their latest hunt for troubles in the banking industry.
Chinese markets gained more than one percent while others also rose. US futures edged lower and oil prices climbed.
The S&P 500 jumped 1.8 percent Thursday, March 16, erasing earlier losses following reports that First Republic Bank could get help or sell itself to another bank.
Markets have gyrated this week on concerns over the toll on banks from the fastest set of interest rate hikes in decades. The turmoil flared with last week’s collapse of Silicon Valley Bank, the second largest bank failure in US history.
In Asia, Hong Kong’s Hang Seng jumped 1.8 percent to 19,545.94 and the Shanghai Composite Index surged 1.6 percent to 3,278.01.
Tokyo’s Nikkei 225 index gained 0.8 percent to 27,222.25 and the Kospi in Seoul was up 0.8 percent at 2,396.06. Shares in major Japanese banks, which fell sharply at times this week, were mostly slightly higher.
Australia’s S&P/ASX 200 added 0.3 percent to 6,985.30. Shares in India and Taiwan also rose.
Stocks rallied Thursday after 11 of the biggest banks offered help for First Republic with a combined deposit of $30 billion. (AP)
March 17, 2023
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