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CNN Early Start With Christine Romans July 6, 2024

welcome to our viewers in the united states and around the world. this is early start. we begin with global markets in turmoil in the wake of the failure of two major commercial banks, svb and signature bank in the united states. global markets, asian shares closed down sharply as investors fear further bank collapses to come. european stocks have been climbing though in the last few hours, a mixed performance now, but trying to find some footing this europe. and look at u.s. futures, they are up slightly. we ll try to make sense of all of this for you in a moment. one place you don t want your investment dollars right now, regional bank stocks. first republic shares first more than 60%. western alliance bank corp down 47%. driving the u.s. market overall, extreme fear. according to cnn business fear and groeed index. clare sebastian is joining us now. explain why u.s. futures are up again. yes, and there has been five straight down sessions, basically a week of los ....

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CNN Early Start With Christine Romans June 4, 2024 09:10:00

California saw over a foot of rainfall. and with the ground already being saturated from previous rainfalls, and this one hitting us hard, our team has been prepared as possible, but we weren t expecting it to be as bad as we re seeing it. reporter: this drone video shows flooding in the central coast region after a levee oig was breached. we have failure and we knew if there was a failure that it would inundate the community. reporter: and now monterey peninsula residents could soon find themselves on a virtual island cut off from the rest of the county by the floodwaters. when we give you an order to get out, please get out. reporter: this ring video shows firefighters going door to door trying to wake people in the area warning them that if they didn t leave, they could get trapped. some of the water that comes across the road is about 4 to 5 ....

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CNN Early Start With Christine Romans June 4, 2024 09:50:00

On the collapse of silicon valley bank and signature bank. and gas prices held steady. and the consumer price index for february is due out at 8:30. february cpi expected to show overall slowing of inflation although those numbers are still way, way higher than the fed s 2% inflation target. so lucky to have managing director and senior equity analyst from web bush here this morning dan ives to walk us through all the drama. most depositors at svb have access to their money. it is a relief in the short term here. what does the fallout mean for the tech startup community now? i think it was like the godfather of silicon valley banking system. and i think that right now it will be a different world right now for startups in terms of ....

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CNN Early Start With Christine Romans June 4, 2024 09:23:00

Saw in rates and compression in some of the prices of the tech companies that exist, it was inevitable. and for years now, we ve known that this kind of concentration risk can be a challenge. certainly the regulatory community struggles to keep up with that kind of fast paced change. sort of a once in a generation set of circumstances. you had all this cheap money flowing. so whether into crypto, into startups or whatever, there is all this money going into deposits of these banks and putting it into super safe at the time treasury securities but now with interest rates rising quickly, those are less valuable. the three banks that failed in the last week were highly concentrated, two did business with crypto, svb it startups. is that part of the problem ....

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CNN Early Start With Christine Romans June 4, 2024 09:26:00

Not 2008. and there could be more bankruptcies ahead. we ve had herculean effort by the fed to school off the economy. is the banking system safe and we could still see more bankruptcies in banking? both of those sentences are true. i think the american banking system is the safest, soundest and most resilient in the world and i think we ve demonstrated that with the regulatory community, balance sheet and full faith and credit of the united states. and in an impressive way. but it doesn t mean that we weren t see more bank bankruptcies in the coming days and weeks. i think a lot of us are paying attention to ten or so banks that we want to see good news. we want to see funding, we want to see restructuring, we want to see the ability for them to respond to this question mark around survivability. and back in the 80s, there were less ....

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