First Republic Bank Shares Plummet; Consumer Firms Keep Prices High

WSJ What’s News

The Wall Street Journal

News, Daily News

4.1 • 4.2K Ratings

🗓️ 26 April 2023

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

A.M. Edition for April 26. Shares of midsize lender First Republic Bank shed nearly 50% yesterday after it reported a major outflow of deposits. WSJ finance editor Quentin Webb explains whether First Republic’s troubles could signal further banking turmoil. Also, shoppers looking for price breaks on basic products will have to wait, as companies seem to have pricing power on their side. Plus, the U.S. and South Korea reach a nuclear accord. Luke Vargas hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:20.9	The United States and South Korea reach a deal on nuclear weapons, plus fresh signs of
0:27.1	U.S. banking trouble, and what lower prices? Consumer goods companies post strong earnings as
0:34.4	shoppers continue paying up. Brands are still powerful. Consumers are broadly still choosing brand
0:40.9	names they know and trust, but there is the fear of a tipping point. It's Wednesday, April 26th.
0:46.9	I'm Luke Fargis with the Wall Street Journal, and here is the AM edition of What's News,
0:52.2	the top headlines and business stories moving your world today.
1:01.4	We begin today with an exclusive report that the U.S. and South Korea have agreed to a major
1:06.8	nuclear weapons deal that will give Seoul a greater say in the potential use of nuclear weapons
1:12.9	in a conflict with North Korea. The Wall Street Journal's deputy world coverage chief Brendan
1:18.6	Moran has been tracking the story and joins me now from Singapore. Brendan, this agreement,
1:23.8	it's been called the Washington Declaration, which sounds consequential. I mean, break it down for
1:28.9	us. What is so significant about this? So we've got the South Korean president,
1:33.0	Yoon in Washington this week for a state visit. Today, they're holding a summit, and at the end of
1:38.7	that summit, we've got a report out from our national security team in Washington,
1:42.9	reporting that that summit they're going to unveil the text of something they're calling the
1:46.2	Washington Declaration, which will... Well, it doesn't sound like it's going to put South Korea's
1:50.8	finger on the proverbial button. It'll get them a little bit closer to that. It sounds like they're
1:56.0	going to basically be working a little bit closer in consultation with U.S. officials. They've
2:01.2	always worked closely together and had a close alliance. But as anxieties have grown about the North
	...

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