Global Markets Stabilize Amid Bank Rescues and Relief Rally

Asia-Pacific markets rose after major Wall Street banks pledged a deposit of $30 billion in First Republic Bank to bolster confidence in the banking system. Tech stocks led gains in the region, with Baidu surging over 10% after launching its Chinese-language ChatGPT alternative. Meanwhile, Indonesia's central bank kept interest rates unchanged at 6.5%, and Singapore's non-oil domestic exports continued to fall. The European Central Bank hiked interest rates by 50 basis points despite ongoing volatility in the banking sector, and Goldman Sachs warned that banking industry tumult is increasing the chances of a recession.