Asian shares rise as $30bn lifeline for US bank eases fears of imminent collapse and US Treasury Secretary Janet Yellen says US banking system ‘is sound’
Some calm has returned to financial markets at the end of a turbulent week. Asian shares have risen as help for struggling banks, such as the $30bn lifeline for First Republic Bank in the US, has eased banking crisis fears.
Large US banks – Bank of America, Goldman Sachs, JP Morgan and others – are injecting $30bn in First Republic, which has seen customers yank their money following the collapse of Silicon Valley Bank (SVB) and fears that First Republic could be next.
