News in Brief
Nvidia hits $1 trillion market cap
CNBC – Nvidia hit a $1 trillion market cap at the open Tuesday, joining a small club of mostly technology companies. Nvidia’s shares have to hold above $404.86 to maintain that distinction throughout the day.
The stock rose nearly 6% in late morning trading, hitting a fresh 52-week high.
The chipmaker’s shares rocketed last week after it posted quarterly earnings with top- and bottom-line numbers that significantly beat consensus estimates.
ECB warns of hit to top European banks
REUTERS – The euro zone’s top banks may take a hit if their financial clients, such as funds, insurers and clearing houses, withdrew their deposits or otherwise ran into trouble, the European Central Bank warned on Tuesday.
The ECB study looked into the risk of spillovers from so-called shadow banks – such as funds and other financial companies that provide funding in one form or another – to traditional lenders, and vice versa.
US-UK trade deal off
the table
FT – UK Prime Minister Rishi Sunak will fly to Washington next week for a meeting with US president Joe Biden — but there will be no attempt to forge a bilateral trade deal.
Downing Street on Tuesday announced the visit, saying it would be a chance for the two countries to enhance their “co-operation and co-ordination” on issues including securing supply chains and transitioning to zero carbon.