An indication is posted on the outside of a First Republic Bank office on March 16, 2023 in San Francisco, California.
Justin Sullivan | Getty Images News | Getty Images
Asia-Pacific markets were higher Friday after major Wall Street banks got here to the rescue of embattled First Republic Bank in an try to bolster confidence within the banking system.
CNBC’s David Faber reported that a bunch of 11 banks, including Bank of America, Wells Fargo, Citigroup and JPMorgan Chase will contribute a complete of $30 million to First Republic.
Japanese markets were higher with the Nikkei 225 up 0.88% and the Topix 0.94% higher.
South Korea’s Kospi was also up 0.91%, while the Kosdaq saw a smaller gain at 0.7%.
In Australia, the S&P/ASX 200 rose 0.13%, with banks seeing minor gains reversing Thursday’s losses.
Overnight within the U.S., stocks rallied in late within the trading day after news of the banking rescue deal, with all three major indexes closing up.
The Nasdaq Composite made the most important gains, advancing 2.48% as investors bought technology stocks on hopes that the crisis could push the Federal Reserve to shift its outlook on monetary policy at its meeting next week.
— CNBC’s Alex Harring, Hakyung Kim and Jesse Pound contributed to this report