In the midst of ongoing global developments, several noteworthy events have taken place recently that warrant attention. Here are some of the latest updates:
US Drone Shot Down by Russian Fighter Jet
According to Air Chief Marshal James Hecker, the US Air Force Europe and Africa commander, a Russian Su-27 fighter jet shot down a US MQ-9 drone operating over the Black Sea yesterday. The incident has raised tensions between the two countries as they continue to engage in a standoff over various geopolitical issues.
Russia Claims No Risk of Bankruptcy
Kremlin spokesman Dmitry Peskov has stated that Russia is not at risk of bankruptcy at Silicon Valley Bank (SVB) as it has been cut off from the western financial system. The announcement follows a series of financial sanctions that have been imposed on Russia by the US and its allies.
US Banking System Credit Rating Downgraded
Moody’s Investors Service, a US credit rating agency, has downgraded the credit rating of the US banking system from “stable” to “negative”. The move reflects concerns about the increasing levels of debt among US banks and the potential impact of rising interest rates.
Silicon Valley Bank Collapse Could Alter Interest Rates
Edward Yardini, president of research firm Yardini, has warned that the collapse of Silicon Valley Bank (SVB) could cause the Federal Reserve (Fed) to end the cycle of raising interest rates earlier than expected. The bank’s failure could have significant implications for the broader economy and financial system.
Key Economic Data Releases
Today, several key economic data releases are expected, including the February unemployment rate for South Korea, meeting minutes from the Bank of Japan (BOJ), industrial production data from China for Jan-Feb, retail sales figures for Jan-Feb, fixed asset investment figures for Jan-Feb, the unemployment rate for Feb, EU industrial production data for Jan, the US Producer Price Index (PPI) for Feb, February retail sales figures, the March Empire State Manufacturing Index from the New York Fed, March business inventory data, March housing market index from the National Association of Home Builders (NAHB), and weekly oil stocks from the US Energy Information Administration (EIA).
Stay tuned for more updates as these events continue to unfold.