Asian shares rose sharply on Wednesday while the dollar was on the defensive as easing concerns over the banking sector revived risk appetite, while Alibaba's stock soared on the internet behemoth's plans to split into six units.
Gold prices edged down on Wednesday as the U.S. dollar steadied, while fears abated about a bigger fallout from the global banking sector crisis after efforts by regulators to shore up investor confidence. FUNDAMENTALS. * Spot gold was trading 0.2% lower at $1,970.79 per ounce, as of 0050 GMT, after rising 1% on Tuesday.
President Joe Biden said on Tuesday he has done what is possible to address the banking crisis with available authorities but that it is "not over yet." The failures of SVB, and days later, Signature Bank, set off a broader loss of investor confidence in the banking sector that pummeled stocks and stoked fears of a full-blown financial crisis.
Micron Technology Inc on Tuesday forecast third-quarter revenue would tumble nearly 60% from a year earlier but the steep drop was in line with Wall Street expectations and company executives painted a rosy outlook for 2025 with artificial intelligence boosting sales. With a glut still nagging the chip industry, Micron expects the deepest revenue drop since 2001.
Reserve Bank of New Zealand : * SEEKING FEEDBACK ON PROPOSED NEW GUIDANCE FOR FINANCIAL SECTOR ON MANAGING CLIMATE-RELATED RISKS. * RECENT UPPER NORTH ISLAND FLOODS AND CYCLONE GABRIELLE HIGHLIGHTED HOW CLIMATE CHANGE IS ALREADY IMPACTING PEOPLE OF AOTEAROA. * CLIMATE-RELATED RISKS CONTINUE TO EVOLVE, WITH POTENTIAL TO SIGNIFICANTLY AFFECT FINANCIAL SYSTEM IN FUTURE.
-Micron Technology Inc on Tuesday forecast third-quarter revenue would tumble nearly 60% from a year earlier but the steep drop was in line with Wall Street expectations and company executives painted a rosy outlook for 2025 with artificial intelligence boosting sales. With a glut still nagging the chip industry, Micron expects the deepest revenue drop since 2001.
The U.S. dollar fell against a basket of currencies for a second straight day on Tuesday as easing worries about a banking crisis revived investors' appetite for riskier currencies.
The acting head of the U.S. Federal Aviation Administration said on Tuesday the aviation industry must work to eliminate near-miss incidents that have triggered recent safety concerns. "Going forward, zero has to be the only acceptable number for serious incidents and close calls," said Billy Nolen, the FAA's acting administrator. "Air travel is coming back in a big way since the pandemic.
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