5 Things to Know Before Markets Open

News of the day for March 24, 2023

Deutsche Bank

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Deutsche Bank (DB) shares fall in pre-market trading amid worries about the banking system and banks raise borrowing from the emergency federal lending program. Here’s what investors need to know today.

1. Deutsche Bank Concerns the Latest to Send Markets Lower

Shares of Deutsche Bank are falling over 9% in pre-market trading following a surge in credit default swaps, fueling concerns about the stability of European banks. Deutsche Bank’s selloff sparked a downward trend in shares of other European financial institutions.

2. Banks Increase Borrowing from Emergency Federal Program

Institutions upped borrowing from the Bank Term Funding Program to $53.7 billion this week, up starkly from the $11.9 billion used in the first week of the program as banks continue to utilize the emergency federal program set up following the collapse of Silicon Valley Bank to prevent a failure in the banking system.

3. Oil Trades Lower after U.S. Slows Petroleum Reserve Refill

The U.S. Energy Secretary said it may take several years to refill the U.S. Strategic Petroleum Reserve, which was tapped in 2022 to help lower rising oil prices. While the White House had indicated that it would refill the reserve once oil reached current price ranges, the regulator’s statement sparked worries about an oversupply of the commodity and sent oil prices lower.

4. Proposed 'Click-to-Cancel' Rule Could Make it Easier for U.S. Consumers to Unsubscribe

A “click-to-cancel” proposal from the Federal Trade Commission would require companies to make it just as easy to cancel a subscription as it is to enroll. The new rule would apply to a number of services, from gym memberships to newspapers to streaming video, and would also help make it easier for consumers to get refunds.

5. Coinbase Shares Continuing to Fall After SEC Notice

Coinbase Global (COIN) shares are falling another 3.6% in pre-market trading after the company said it had received a Wells Notice from the Securities and Exchange Commission (SEC). The notice is the latest action by regulators challenging crypto firms, adding further pressure on the industry.

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  1. CNBC. “Deutsche Bank shares slide 14% after sudden spike in the cost of insuring against its default.”

  2. CNBC. “Banks ramp up use of new Fed facility created during crisis.”

  3. Reuters. “Oil falls as US holds off refilling strategic reserve.”

  4. NPR. “Still trying to quit that gym membership? The FTC is proposing a rule that could help.”

  5. Yahoo Finance. “Coinbase stock plunges on possible SEC legal action over securities laws.”

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