Regulators have seized troubled First Republic Bank and sold all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S. First Republic on Monday becomes the third midsize bank to fail in two months

Regulators seized troubled First Republic Bank early Monday, making it the second-largest bank failure in U.S. history, and promptly sold all of its deposits and most of its assets to JPMorgan Chase in a bid to stop further banking turmoil that has dominated the first half of this year

Shares have advanced in Tokyo and Sydney while most Asian markets were closed for May 1 holidays

Asian shares are mixed with some markets closed or anticipating holidays and investors showing muted reaction to the latest U.S. banking failure

The European economy has scraped out meager growth in the first three months of the year

The Federal Reserve blamed last month’s collapse of Silicon Valley Bank on poor management, watered-down regulations and lax oversight by its own staffers, and said the industry needs stricter policing on multiple fronts to prevent future bank failures

The nonprofit Global Citizen announced Thursday a new campaign to support the reform of global banks and climate financing

Asian shares have mostly advanced despite lingering worries about the U.S. banking sector and inflationary pressures