World markets were mixed Wednesday after Asian stocks rebounded while Europe opened lower and Wall Street futures declined.
London and Frankfurt declined. Shanghai and Tokyo closed higher. Oil prices rose by US$1 per barrel, recovering some of the previous day's losses.
"Measures of stress in financial markets have eased back from their spike on Monday -- but remain elevated," said ING economists in a report. Those jitters were overshadowed by anxiety about the U.S. financial system following the collapse of Silicon Valley Bank on Friday and Signature Bank on Sunday. President Joe Biden and regulators have tried to assure the public that risks are contained and deposits in other banks are safe.
In Asia, the Shanghai Composite Index rose 0.6% to 3,253.31 after Chinese economic activity improved in January and February but less than expected following the end of anti-virus controls. On Wall Street, First Republic Bank jumped 27% on Tuesday after plunging 67.5% over the prior three days. KeyCorp gained 6.9%, Zions Bancorp. rose 4.5% and Charles Schwab climbed 9.2%.
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