Asian markets, banks, Europe, the United States, bailouts

A sign is placed outside the office of First Republic Bank on March 16, 2023 in San Francisco, California.

Justin Sullivan | Getty Images News | Getty Images

Asia-Pacific markets were higher on Friday after major Wall Street banks pledged to deposit $30 billion into First Republic Bank in an attempt to bolster confidence in the banking system. The group of 11 banks included Bank of America, Wells Fargo, Citigroup and JPMorgan Chase.

In mainland China, the Shenzhen Component rose 0.36% to 11,278.04 and the Shanghai Composite rose 0.73% to end the day at 3,250.54 China announced President Xi Jinping will visit Russia next week.

Hong Kong’s Hang Seng rose 1.81% in the last trading hour, leading the region higher, and Hang Seng Tech jumped 4.59%. Especially search engine company shares Baidu increased by more than 15 percent.

South Korea’s Kospi was also up 0.75 percent to end the day at 2,395.79, while the Kosdaq posted a bigger gain of 1.97 percent to 797.39.

The Japanese market was higher Nikkei 225 rose 1.2% to end at 27,333.79 and the Topix gained 1.15% to end at 2,392.61.

Australasia, S&P/ASX 200 rose 0.42% to end at 6,994.8 as banks saw small gains that offset Thursday’s losses.

Overnight in the US, stocks rose at the end of the day on news of a bank bailout deal, with all three major indexes closing down.

The Nasdaq Composite rose the most, up 2.48%, as investors bought tech stocks on hopes that the crisis might force the Federal Reserve to change its monetary policy stance at its meeting next week.

— CNBC’s Alex Harring, Hakyung Kim and Jesse Pound contributed to this report

Correction: This story has been updated to accurately reflect the number of deposits redeemed by banks for First Republic.

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