JPMorgan Chase & Co. has emerged as the successful bidder to acquire First Republic Bank, which recently experienced the second-largest bank failure in US history. Shares of First Republic Bank plummeted by 46% in premarket trading and had to be halted. JPMorgan will now share the burden of losses and recoveries on the company’s single-family and commercial loans with the Federal Deposit Insurance Corp. The decision led to a slight decrease in Treasuries and weakening of the yen, while Bitcoin experienced a sudden dip below $30,000.
This week will feature interest rate decisions from the Federal Reserve and the European Central Bank. Apple Inc., Advanced Micro Devices Inc., and Ford Motor Co. will all release earnings this week, and profit reports from banks like HSBC Holdings Plc and Macquarie Group Ltd. are expected in Asia. European companies, including Volkswagen AG and energy giants BP Plc and Shell Plc, will also release profit reports.
