Good morning. US stock futures moved higher in Monday morning trading as investors assessed a plan by US regulators to backstop all depositors in failed Silicon Valley Bank and make additional funding available for other banks.

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Top News

US regulators to the rescue!

• US regulators announced that the depositors of Silicon Valley Bank (SVB), will have access to their funds this week, adding that they introduced new facilities to support banking system withdrawals due to concerns about contagion associated with the collapse of SVB.

• In a joint statement, the heads of the Federal Reserve, US Treasury and FDIC said they "approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank in a manner that protects all depositors"

Another one bites the dust...

• The US Treasury said Signature Bank, one of two big US destinations for crypto companies has been closed by New York state regulators.

• The closure of Signature Bank, a major lender to companies in the crypto industry, marks another setback for digital assets as the industry becomes even more cut off from the banking system.

Biden clamps down on arctic drilling

• US President Joe Biden is taking steps to expand conservation efforts in the arctic region by limiting oil leasing in sensitive areas in Alaskan waters.

• The move comes on the heels of his administration granting approval for a ConocoPhillips oil development in the region, a move that seeks to balance economic interests with environmental protection.

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In Other News

Equity wipeout

• US Treasury officials said that the banking regulators' new policies will protect all customer deposits while "wiping out" equity and bondholders in Silicon Valley Bank and Signature Bank of New York.

• The decision to protect depositors was taken to "stabilize the financial system and did not constitute a bailout of either firm" Treasury officials added.

China's lithium lead

• According to a report from UBS AG, China's efforts to increase lithium extraction could result in the country representing around 30% of the global supply by the midpoint of this decade.

• The race to secure lithium is playing out at the highest levels, with nations including the US, prioritizing access to the materials necessary for making batteries as the world turns away from fossil fuels.

Meta changes tune on Canadian news

• Meta Platforms, the parent company of Facebook, announced that it would discontinue the availability of news content for Canadians on its platform if the Online News Act of the country is passed in its present state.

• The "Online News Act" introduced in April last year, laid out rules to force platforms like Meta and Alphabet's Google to negotiate commercial deals and pay news publishers for their content.

Key Economic Events

• Monday - No Major Economic News

• Tuesday - US CPI M-o-M

• Wednesday - UK Jeremy Hunt's Annual Budget

• Thursday - ECB's Lagarde Speaks

• Friday - U. Of. Mich. Sentiment

Notable Briefs

• Is your money safe when a bank fails?

• Here's how you can get started on your investing journey!

• Follow these tips to monetize your creativity!

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