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Asian shares rose from lows on Tuesday, with Credit Suisse's rescue curbing selling in bank stocks, although a fractious mood and depressed markets left traders wondering when the U.S. interest rate hikes will be over.
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MSCI's broadest index of Asia-Pacific shares outside Japan jumped 0.5% in early trade, according to a report compiled by fxstreet.com. Australian shares rebounded 1.3% from a four-month low on Monday and the Hang Seng opened 0.7% higher. Japanese markets were closed for a holiday, leaving Treasuries untraded in Asia and easing currency trading. S&P 500 futures were flat and European futures were up a modest 0.5%. The tensions that followed UBS's purchase of Swiss government-backed Credit Suisse appear to have raised concerns about Europe's financial stability. However, the unwinding of some Credit Suisse bondholders has shocked bank debt, while the speed at which problems from regional U.S. banks have spread to systemic Europe's big banks has rattled markets. Sydney banking analyst Jonathan Mott said that while the global financial crisis was 18 months old, today’s crisis is 10 days old, with the collapse of several US regional banks and the matchmaking of UBS and Credit Suisse at 0.06 times book. While global regulators have been quick to act, this appears to be a game of whack a mole. San Francisco lender First Republic is the next pressure point, with its shares having halved since Monday amid concerns that the $30 billion in deposits made in recent weeks by major banks will not be enough to shore up stability.
U.S. officials are looking for a way to temporarily extend the Federal Deposit Insurance Corp.'s reach to all deposits.
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