*GLOBAL STOCKS EDGE HIGHER TO START THE WEEK AS BANK FEARS EASE
China saw profits for industrial firms shrink 22.9% in the first two months of this year, as its factories struggled to come out of the COVID-related disruptions. Chinese blue chips slipped 0.4%, further weighed by geopolitical tensions.
"Banks have been under an immense amount of pressure. SVB and Credit Suisse put banks under a microscope on the impact that higher rates would have on certain credits," said Victor Balfour, investment strategist at Rothschild & Co. in London.While inflation has not yet subsided, focus should shift in the coming months to corporate earnings expectations, which fell during the second half of last year, Balfour said.
Fed Governor Philip Jefferson speaks later on Monday, while Fed Vice Chair for Supervision Michael Barr testifies on"Bank Oversight" before the Senate on Tuesday.That dive has sometimes been a drag on the dollar, at least against the safe-haven Japanese yen, where it stands at 131.10 yen, having touched a seven-week low of 129.65 last week.
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