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Is the stock market going to crash in... The Newsy You: News of Today
Started Mar-9 by WALTER784; 2467 views.
Staff
From: WALTER784
Apr-23
U.S. ESG Funds Shrink at Fastest Pace Since 2015
The national motto of the United States, “In God We Trust” is seen painted on a barn with the American flag. (Don & Melinda Crawford/Education Images/Universal Images Group via Getty Images)Don & Melinda Crawford/Education Images/Universal Images Group via Getty Images
JOHN CARNEY
21 Apr 2023
American investors are growing less enamored with investment funds that market themselves as focused on environmental, social, and governance (ESG) goals.
A report on Friday from analysts at Bank of America said that although ESG equity funds outperformed their benchmarks in the first three months of the year, in part because of the surge in tech stocks, March saw the largest outflows on record since 2015. Some $14 billion flowed out of ESG funds.
The bank’s analysts attributed this to politics and fear of a recession.
“Waning interest in ESG amid political friction, and a shift to more defensive strategies ahead of an expected recession are likely drivers,” the bank said in a note to clients.
Global ESG stock funds saw outflows of around $11 billion in March, the first global decline of the year. Year-to-date the ESG funds have added around $7.7 billion.
U.S. ESG Funds Shrink at Fastest Pace Since 2015 (breitbart.com)
FWIW
Staff
From: WALTER784
May-2
First Republic Bank Taken Over by FDIC and Sold to JPMorgan – Largest Lender to Collapse Since 2008
By Cristina Laila
May. 1, 2023 7:30 am
First Republic Bank went into FDIC receivership Sunday evening.
The bank was then sold to JPMorgan.
This is the third major bank to fail under Joe Biden’s watch in 2023.
This Cramer tweet from March didn’t age well.
First Republic Bank is the largest lender to fail since 2008.
NBC News reported:
First Republic Bank has been taken over by federal regulators and will be sold to JPMorgan — making it the third major bank to go under in less than two months.
The Federal Deposit Insurance Corporation (FDIC) ) announced simultaneously Monday morning that it had seized the bank and that JPMorgan Chase, the largest bank in America, would be purchasing substantially all of the bank’s assets and deposits.
A spokesperson for the Treasury Dept. sought to reassure the markets and the public after First Republic, with $229.1 billion in total assets at the time of closure, eclipsed Silicon Valley Bank ($209.0 billion at the time of closure) to become the second largest bank failure in American history.
“The banking system remains sound and resilient, and Americans should feel confident in the safety of their deposits and the ability of the banking system to fulfill its essential function of providing credit to businesses and families,” they said in a written statement.
FWIW
Host
From: Showtalk
May-3
People are recommending having cash on hand in case the banks all fail. Is that good advice or alarmist propaganda?
Staff
From: WALTER784
May-3
It's hard to say, but with all the crime, would you want to keep all your life's savings in your home?
FWIW
From: The_Rock (JABRONI256)
May-3
Alarmist propaganda, 2008 was way worse, the big banks will never be allowed to fail.
From: The_Rock (JABRONI256)
May-3
Smaller banks may go under but the majority of people usually bank with one of the big banks because, for whatever reason, there’s an element of trust there. I can’t see how the big ones fail.
Staff
From: WALTER784
May-6
Shares of PacWest Crash as Banking Panic Returns
JOHN CARNEY
4 May 2023
Shares of PacWest Bancorp tumbled sharply after Bloomberg reported late in the day Wednesday that the Beverly Hills-based bank has been “weighing strategic options.”
At one point overnight, shares were indicated down by more than 60 percent. PacWest Bancorp (PACW) Interactive Stock Chart - Yahoo Finance
The bank has since said that its core deposits have grown since March and said it is in talks with several potential investors. Bloomberg reported that the bank has also considered a break-up or a capital raise. Unidentified sources told Bloomberg on Wednesday that the bank had not yet started a formal auction process.
“An outright sale has been hindered because there aren’t many potential buyers interested in the entire bank, which comprises a community lender called Pacific Western Bank and some commercial and consumer lending businesses, the people said. A potential buyer would also have to potentially book a big loss marking down some of its loans, the people said,” Blooomberg reported.
In an effort to calm markets, the company denied it was experiencing a bank-run or liquidity shortage.
“The bank has not experienced out-of-the-ordinary deposit flows following the sale of First Republic Bank and other news,” PacWest said in a statement. “Our cash and available liquidity remains solid and exceeded our uninsured deposits.”
Shares of the bank appeared to recover somewhat in pre-market trading and were indicated down by just 30 percent compared with yesterday’s close.
Shares of other U.S. regional banks were also under pressure Thursday morning, with shares of Western Alliance Bancorporation indicated down by nearly 15 percent. Western Alliance repeated its guidance that it expected deposits to rise quarter-over-quarter.
The selloff in regional banks resumed within hours of Federal Reserve chairman Jerome Powell said he believed the sale of First Republic to J.P. Morgan Chase marked “an important step toward drawing a line under that period of severe stress.” He said the resolution of the three most troubled regional banks—Signature in New York, Silicon Valley in San Francisco, and First Republic—may have marked an end to the series of panics that have hit regional banks since mid-March.
“There were three large banks really from the very beginning that were at heart of the stress we saw in early March,” Powell said. “Those have all now been resolved.” He added that the depositors in each of those banks had been protected.
Shares of PacWest Crash as Banking Panic Returns (breitbart.com)
FWIW
- Edited May 6, 2023 4:45 am by WALTER784
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