The collapse of Silicon Valley Bank (SVB) shows that rapid monetary policy shifts in developed economies are having hazardous effects on financial stability, an official with China’s central bank said on Saturday (March 18), in its first official comment on the crisis.

Earnings of U.S. auto dealers have eased over the past few months from record levels hit in 2022 as margins came under pressure from high interest rates and inflation, a report showed on Friday.

More than 106,000 workers in US-based tech companies have been laid off in mass job cuts so far in 2023.

Former Goldman Sachs, CEO Lloyd Blankfein said on Sunday the banking crisis in the United States was going to expedite overall credit tightening and slow the U.S. economy.

Futures and Asian stocks fought to stablise though banks remained under pressure on Monday as a rescue deal for Credit Suisse and a concerted effort by central banks to restore confidence eased immediate fears of contagion.

Oil prices rose on Monday, recouping some recent losses as the Federal Reserve and other major central banks announced new liquidity measures to stabilize financial markets, while a takeover of beleaguered Swiss lender Credit Suisse (SIX:CSGN) helped ease fears of a banking crisis.