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Consumer debt, Microsoft-Activision deal, SVB testimony: What to watch this week

The Yahoo Finance Live team recaps the biggest stories to watch, including consumer debt, EU approval of Microsoft's Activision Blizzard deal, and the testimonies of SVB and Signature Bank executives.

Video transcript

DIANA KING HALL: Meantime it is closing time here at Yahoo Finance. Let's get you caught up on some of the biggest stories of the day. First, consumer debt surpassing $17 trillion for the first time ever in the first quarter. According to the New York Fed data, auto loan and student loan balances both increased, as did mortgage balances. Credit card balances, however, were flat.

SEANA SMITH: European Union regulators officially signing off on Microsoft's $69 billion acquisition of Activision-Blizzard. However, the companies still have to contend with challenges from UK and also US regulators.

DIANA KING HALL: And looking ahead to tomorrow, we will be watching a Senate banking hearing on the collapse of Silicon Valley and Signature Banks. In his testimony, the former CEO of SVB says, quote, "rumors and misconceptions spurred an unprecedented bank run." He also says, the day before it was shut down, during a 10-hour period, SVB lost roughly $1 million in deposits every second.