US futures were positive early Monday morning on the news that First Citizens Bancshares, one of the nation’s largest regional banks, is buying big pieces of Silicon Valley Bank more than two weeks after the lender’s collapse. First Citizens is acquiring all of Silicon Valley Bank’s deposits, loans, and branches, which will open Monday morning under the new ownership, according to the Wall Street Journal.
- S&P Futures were up 17 points, or 0.42%, while Dow & Nasdaq futures were up 0.40% and 0.22%, respectively. The 10-year is up almost 10 bips from Friday’s close with the note looking to open at 3.45%.
EUROPE: Halfway through the trading day all major markets were in the green with Germany leading the way with the DAX up 175 points, or 1.19%, followed by France and England up 1.0% and 0.70%, respectively.
ASIA: Debt concerns put downward pressure on Chinese markets on the first trading day of the week. Bloomberg reported that China’s central government is borrowing at the fastest pace on record to finance more spending and to ease the debt burden in provinces. This news pushed the Hang Seng Index down 347 points, or 1.75%, while Shangai ended the day off 0.44%.
- Japan was actually in the green with a 0.33% gain to close out the trading day.