Investors hope that authorities are working to ring-fence stress in the global banking system.
fell more than 3% after it cancelled a planned livestreamed product launch open to media and the public related to its ChatGPT-like Ernie bot.fell 8.5% on Friday and the cost of insuring its bonds against the risk of default jumped sharply, along with the credit default swaps of many other banks.
Over in the United States, depositors have been fleeing smaller banks for their larger cousins or to money market funds. Flows to money market funds have risen by more than $300 billion in the past month to a record atop $5.1 trillion.said on Sunday officials were watching "very, very closely" to see if the banking stress led to a credit crunch that threatened to tip the economy into recession.
Yields on two-year Treasuries have fallen an astonishing 102 basis points so far this month to stand at 3.77%, while the entire yields curve out to 30 years is below the 4.85% effective funds rate.
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