SYDNEY: Asian shares followed US stock futures higher on Monday on hopes authorities were working to ring-fence stress in the global banking system, even as the cost of insuring against default neared dangerous levels.First Citizens BancShares was in advanced talks to acquire Silicon Valley BankS&P 500 futures firmed 0.5 per cent in early trade while Nasdaq futures added 0.4 per cent.
"The current level of credit default swaps for European banks is just a little lower than it was during the height of the European financial crisis in 2013," noted Naeem Aslam Chief Investment Officer at Zaye Capital Markets. Minneapolis Fed President Neel Kashkari on Sunday said 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 per cent, while the entire yields curve out to 30 years is below the 4.85 per cent effective funds rate.
Source: Financial Digest (financialdigest.net)
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