after banking shares saw sharp falls on monday. the sell off continued in asia with japan s largest banks also seeing heavy losses. shares of mufg, miz uho and smfg were all down around 8% in trading. the nikkei exchange was down over 2% overall. here in europe, we ve seen credit suisse drop another 5% in early trading. on monday, major us banks lost around %90 billion in stock market value, bringing their loss since svb s collapse to nearly $190 billion. many are now speculating the federal reserve will pause its plans to keep raising interest rates, designed to tame inflation. we re nowjoined by greg swenson, who s an international investment banker, founding partner at brigg macadam. talk to me about the perception of rate rises being not only part of the cause of this but also now the federal reserve having a rethink about what it does for the cost of borrowing given what we have seen in the banking sector. great borrowing given what we have seen in the banking sector. t
series of spring meetings with the world bank in washington this week stop it is also downgraded its overgrowth forecast for this year and exciting weaker performances in some leijer economies. our business reporter has been looking into this story for us and joins us now. always go to get you on the show. you have been sifting through the report, what are the projections?- report, what are the projections? they are predicting projections? they are predicting that - projections? they are i predicting that economic projections? they are predicting that economic growth this year maybe to next year 3%, that is a downgrade on what they had said injanuary about one tenth of a percentage point, in the medium term they have given the weakest forecast in more than 30 years. they say there is potentially a perilous combination of factors and that those far as could lead to economic crisis and they are calling there for for central bank around the world to keep tight monetary polic
inflation and high interest rates, and banking instability have contributed to this year s gloomy economic forecast stock but it is a global recession is not likely stop business reporter katie silver has been looking into this story for us and joins me now on the programme with the details. great to get you on the show. talk through what you have seen today. 50 talk through what you have seen toda . ~ ., , talk through what you have seen toda . ~ .,, , today. so the imf has seen it has been today. so the imf has seen it has been a today. so the imf has seen it has been a perilous - today. so the imf has seen it i has been a perilous combination of vulnerabilities and they are calling on central banks around the world to keep monetary policy tight and that means high interest rates in order to stave off dental economic crisis or a decrease in economic growth. so the fund has revised their forecast for this year and next, lowering both from what was predicted in january by
oil supplies look to tighten from next month, after saudi arabia and other opec plus oil producers announce output cuts of about 1.1 million barrels a day. saudi arabia said the move was aimed at stabilising the market. well, oil prices are currently trading higher, after the move by 0pec+. this is the second time the cartel slashed productions. the group last did so in october, cutting output by two million barrels per day. jonathan robinson is global power & energy research director at frost and sullivan. this move by saudi was something of a surprise. the us publicly ruled out new crude purchases to replenish its own strategic stockpile. how much of a collision course does it put ridadh on with america? it is interesting because russia had cut its production separately in march so it suggests a bit of co ordination between russia and saudi arabia and clearly they want to put a floor under the price of oil and see it recovering to the side of $90 a barrel, where it has been