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 losses le
we have cpi data this morning, that could change things. things could change by the hour with these futures if cpi comes in very hot. and then the currently reduced likelihood of a higher rate rise next week by the fed goes up again which the markets don t like. of course if it comes in better, perhaps less likelihood of a rate rise because the fed is also juggling this banking crisis. in gentlemajapan, even the bigg were hit amid scrutiny of their own treasury holdings. and here in the uk outlier in europe was still seeing fallout, hsbc swooped in and took over the uk arm of a vsvb. a big faller on the ftse. last night larry summers, former treasury secretary said
this is ali. chris seen on a well-deserved vacation. we have a lot going on today. let s get to it. high drama and high stakes over raising america s debt ceiling. we are now just 20 day ace way from the treasury deadline. president obama will meet again today with congressional leaders for the fifth straight day of negotiations that ended abruptly yesterday. republicans saying the president stormed out of the talks. this morning, democratic source is telling cnn president obama shut down the meeting after house majority leader eric cantor continued to push for a short-term extension of the debt ceiling. something that the president categorically opposes. that s when sources say the president got agitated saying, quote, this could bring my presidency down but i will not yield on this. end quote. then he added, talking to eric cantor, eric, don t call my bluff. i m going to the american people with this, end quote. let s go live to dan lothian at the white house. differ acco