Newsletter Mar 20, 2023

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Financial markets find relief after USB buys Credit Suisse
Financial markets are poised for relief on Monday after UBS Group AG agreed to buy Credit Suisse Group AG in a rescue orchestrated by the state and major central banks announced a coordinated move to shore up liquidity in the financial system. UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4 billion in losses after a shotgun merger engineered by Swiss authorities, helping calm investors rattled by turmoil in the banking sector.
HOW EARLY MARKETS ARE REACTING TO THE MERGER

Lawmakers call for a lifting of FDIC bank deposit limits
Three prominent U.S. lawmakers on banking matters said on Sunday that they would consider whether a higher federal insurance limit on bank deposits was needed to stem a financial crisis marked by a drain of large, uninsured deposits away from smaller and regional banks. Sen. Elizabeth Warren, D-Mass., told CBS' "Face The Nation" she supported lifting the Federal Deposit Insurance Corporation's current $250,000 limit per depositor.
HOW LIFTING FDIC LIMITS COULD RESTORE CONFIDENCE

Fed must perform balancing act between economy, banking
The Federal Reserve faces an unenviable task when it gathers in Washington this week: tackling persistent inflation without adding to financial sector turmoil after the recent and rapid collapse of regional banks. The Fed has raised rates eight times since last year in the face of decades-high inflation as it looks to cool the economy without tipping it into a recession amid banking woes.
WHY THE FED IS LIKELY TO STICK TO ITS GUNS WITH HIKE

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Markets

DJIA	31,861.98	-1.19%
S&P 500	3,916.64	-1.10%
Nasdaq Composite	11,630.51	-0.74%
Japan: Nikkei 225	26,945.67	-1.42%
UK: FTSE 100	7,327.85	-0.10%
Crude Oil Futures	65.14	-2.40%
Gold Futures	1,988.90	0.78%
Yen	131.17	-0.50%
Euro	1.07	0.19%
* As of market close

Trump calls for protests over pending arrest

Former President Donald Trump said he expects to be "arrested" on Tuesday over hush money allegedly paid to a porn star before the 2016 election, calling on his supporters to protest. Citing a "leak" from the Manhattan district attorney's office, Trump wrote on Truth Social that he "will be arrested on Tuesday" and told supporters to "Protest, take our nation back!" The investigation centers on $130,000 paid weeks before the 2016 election to stop porn star Stormy Daniels from going public.

GOP CLAIMS 'PERSECUTION'; DEMOCRATS BRACE FOR UNREST

China's Xi visits Russia to push peace plan

Chinese President Xi Jinping begins a state visit to Russia on Monday, a trip Beijing has touted as a "visit for peace" as it seeks to intervene in Vladimir Putin's war in Ukraine. Xi's three-day trip is his first to Russia for nearly four years, and it comes over a year after Russia's attack on Ukraine isolated Moscow on the international stage. The trip will be watched in Western capitals for signs Xi may push for peace talks.

WHY THE WEST IS WARY OF CHINA'S PLANS FOR PEACE TALKS

SCOTUS to hear Jack Daniel's dog toy case

A trademark dispute over a poop-themed dog toy shaped like a Jack Daniel's whiskey bottle is coming before the Supreme Court, and it could redefine how courts apply constitutional free speech rights to trademark law. The case could clarify the line between parody protected by the U.S. Constitution's First Amendment and a trademark-infringing ripoff, with repercussions extending beyond booze and dogs.

'BAD SPANIELS' TOY COULD HAVE IMPACT ON TRADEMARK LAW

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What legendary entertainer was buried in a bottle of Jack Daniel's?

Friday's answer: The Border Collie and Cane Corso are the two most popular dog breeds in Europe. Each rank No. 1 in seven countries.

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