Risks to Journalists Grow; Markets on Edge Ahead of Fed Decision

WSJ What’s News

The Wall Street Journal

News, Daily News

4.1 • 4.2K Ratings

🗓️ 3 May 2023

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

A record number of reporters were imprisoned last year, according to the Committee to Protect Journalists. WSJ international editor Grainne McCarthy discusses Russia's detention of WSJ reporter Evan Gershkovich and how newsrooms are coping with eroding press freedom. Plus, markets are on edge ahead of the Federal Reserve's expected rate hike. WSJ markets editor Matthew Thomas discusses the stock selloff that walloped shares of U.S. regional banks. Luke Vargas hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	To gain visibility and control over your financials, inventory, HR, e-commerce, and more,
0:05.0	take advantage of the special financing offer of no payments or interest for six months from
0:09.6	NetSuite by Oracle. Go to NetSuite.com slash Wall Street. That's NetSuite.com slash Wall Street.
0:20.9	US bank stocks teeter ahead of today's Fed decision, plus press advocates warn of rising risks
0:27.8	to journalists around the world. We'll look at the challenges five weeks after our colleague
0:32.8	Evan Gershkovic was detained in Russia. This is a very chilling time to be a journalist in many
0:38.8	countries around the world, but the answer is not to stop doing journalism. And with their writers
0:44.6	on strike, TV shows start going dark. It's Wednesday, May 3rd. I'm Luke Vargas with the Wall Street
0:51.6	Journal, and here is the AM edition of What's News, the top headlines and business stories
0:57.9	moving your world today. It is Fed Day, and markets are on edge following yesterday's stock
1:09.5	sell-off, which walloped shares of US regional banks. And in another sign of uncertainty, oil
1:17.0	prices have slipped and save havens like US government bonds and gold are gaining this morning.
1:22.8	And here to walk us through what is driving those moves is journal markets editor Matthew Thomas.
1:28.8	Matthew walk us through what exactly happened yesterday and how that's translating into markets
1:34.0	today. So yesterday in US trade of garras, we had this kind of collaborative
1:40.0	fall in regional bank stocks. Now what's interesting is we had a kind of delayed reaction
1:45.5	in the markets to the seizure and rapid sale of first republic bank. The big fall in bank stocks
1:54.1	was yesterday. It seemed to take investors a day to digest this news. But then yesterday you saw
2:01.4	massive sell-offs in some of these banks. We're talking double-digit falls in a variety of bank
2:06.7	stocks. And so once again, that uncertainty that we dealt with just a few months ago is back.
2:13.1	Now first republic is not a huge institution by US standards, but it's got more than 90 billion
2:20.1	of deposits. And that's after losing a lot of deposits in the wake of Silicon Valley bank collapse.
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