U.S., Europe in bank turbulence, triggering fears globally

STORY: U.S., Europe in bank turbulence, triggering fears globally DATELINE: March 19, 2023 LENGTH: 00:02:37 LOCATION: NEW YORK, U.S. CATEGORY: ECONOMY SHOTLIST: 1. various of banks in U.S. and Europe 2. SOUNDBITE 1 (English): GIORGIO DI GIORGIO, Professor of macroeconomics and monetary policy at Rome's LUISS University 3. SOUNDBITE 2 (English): LARRY BENEDICT, CEO & founder of The Opportunistic Trader 4. SOUNDBITE 3 (English): BREDAN AHERN, Chief Investment Officer of U.S.-based asset management firm Krane Funds Advisors STORYLINE: U.S. financial markets have been quite volatile recently after the near-simultaneous collapse of Silicon Valley Bank, Silvergate Bank and Signature Bank challenged confidence in the financial system. The turmoil has sent shockwaves across the banking industry and caused the stock prices of European banks to plummet. The biggest victim so far was Credit Suisse. The second-largest Swiss banking group has secured an emergency loan from the country's central bank after its shares

Moody's downgrades outlook on U.S. banking system to negative

STORY: Moody's downgrades outlook on U.S. banking system to negative DATELINE: March 15, 2023 LENGTH: 00:01:01 LOCATION: NEW YORK, U.S. CATEGORY: ECONOMY SHOTLIST: 1. various of banks in the U.S. STORYLINE: Rating agency Moody's slashed its outlook on the entire U.S. banking system to negative in the wake of recent bank turmoil in the country. Moody's said the move was made to "reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank (SNY) and the failures of SVB and SNY." Although U.S. authorities have stepped in to shore up deposits at SVB and SNY to restore confidence in the banking system, the rating firm said other institutions with unrealized losses or uninsured depositors still could be at risk. Moody's said it expects pressure on the U.S. banking sector to persist as the Federal Reserve continues to hike interest rates to combat inflation. The firm also projected the U.S. economy to fall into recession