24 Mar 2023, 10:58 by Newsquawk Desk
- Equities are back under marked pressure as banking sector concern re-intensifies within Europe, Euro Stoxx 50 -2.3% & ES -0.8%.
- Specifically, the European banking index SX7P -5.0% is the standout laggard as CDS' for the stocks continue to rise & focus on the redemption of notes by Deutsche Bank and Lloyds; DBK -12%.
- USD and JPY benefit from the risk move with other G10 peers all succumbing to the USD's upside, DXY above 103.25 at...
24 Mar 2023, 06:49 by Newsquawk Desk
- APAC stocks were mostly subdued after the recent bout of central bank rate hikes.
- US Treasury Secretary Yellen said they are prepared for additional deposit actions if warranted.
- European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.8% after the cash market closed up 0.3% on Thursday.
- DXY is contained around the 102.50 mark, JPY leads G10 FX, NZD lags, other majors are steady.
- Looking...
23 Mar 2023, 10:49 by Newsquawk Desk
- European bourses are softer while US futures are firmer, but still shy of Wednesday's best levels.
- USD remains on the backfoot after Wednesday's FOMC, Antipodeans lead and GBP rises pre-BoE.
- CHF and NOK benefitted from 50bp and 25bp hikes respectively; EGBs remain underpinned but off best following the hawkish action.
- USTs remain firmer with yields lower across the curve but slightly above the mid-week...
23 Mar 2023, 06:49 by Newsquawk Desk
- The Fed delivered a widely expected 25bps rate hike but dropped its reference regarding ‘ongoing’ rate hikes.
- Fed kept its terminal rate view at 5.10%, while the median view for rates in 2024 was raised to 4.3% from 4.1%.
- US Treasury Secretary Yellen told lawmakers that the Treasury is not considering insuring all uninsured bank deposits.
- APAC stocks traded mixed with price action choppy as markets digested the FOMC. US equity futures nursed...
22 Mar 2023, 10:55 by Newsquawk Desk
- Equities are firmer, ex-FTSE 100, as the constructive APAC tone continues
- Though, action is contained in pre-FOMC action while the FTSE 100 lags post UK CPI
- A release that was unexpectedly hot and sparked a marked hawkish reaction, with Cable outperforming and Gilts lagging as such
- DXY pressured on this with antipodeans also firmer while the safe-havens are little changed pre-Fed
- Commodities are diverging slightly;...
22 Mar 2023, 06:49 by Newsquawk Desk
- APAC stocks sustained the momentum from Wall St. where the major indices rallied for a second consecutive day amid further stability in the banking sector
- DXY was uneventful with price action across most of the FX space calm ahead of the FOMC; AUD outperformed on risk appetite
- US government officials discussed the idea of raising deposit insurance temporarily without approval from Congress, according to Reuters citing sources
- US said there...
21 Mar 2023, 10:55 by Newsquawk Desk
- Sentiment remains constructive in Europe after a similar APAC handover with specific European-banking drivers limited.
- Stateside, the tone is in-fitting but to a slightly lesser extent awaiting updates to First Republic and the FDIC before Wednesday's FOMC.
- DXY has been pressured by the tone, with JPY giving back Monday's gains while the CHF attempts to recover.
- EGBs & USTS continue to pullback from earlier haven-induced peaks with...
21 Mar 2023, 06:50 by Newsquawk Desk
- APAC stocks mostly tracked the gains on Wall St where some of the banking sector jitters dissipated.
- US officials are examining ways to permit the FDIC to temporarily insure deposits beyond the current USD 250k cap on most accounts, according to Bloomberg.
- European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.6% after the cash market closed up 1.3% on Monday.
- DXY is relatively rangebound and on a 103 handle,...
20 Mar 2023, 11:00 by Newsquawk Desk
- UBS (UBSN SW) is to acquire Credit Suisse (CSGN SW) for a total consideration of CHF 3bln; Credit Suisse’s additional tier 1 capital in the aggregate nominal amount of around CHF 16bln will be written off.
- Fed, BoE, BoC, BoJ, ECB and SNB agreed on coordinated action to enhance the provision of liquidity via the standing US dollar liquidity swap lines with daily 7-day maturity operations.
- European bourses began under marked pressure, but have since lifted into...
20 Mar 2023, 06:48 by Newsquawk Desk
- UBS (UBSN SW) is to acquire Credit Suisse (CSGN SW) for a total consideration of CHF 3bln; Credit Suisse’s additional tier 1 capital in the aggregate nominal amount of around CHF 16bln will be written off
- Fed, BoE, BoC, BoJ, ECB and SNB agreed on coordinated action to enhance the provision of liquidity via the standing US dollar liquidity swap lines with daily 7-day maturity operations
- APAC stocks were on the back foot amid ongoing banking sector jitters, Hong Kong...
17 Mar 2023, 10:45 by Newsquawk Desk
- European bourses are firmer across the board, Euro Stoxx 50 +0.4%, as recent liquidity action settles sentiment on Quad Witching Friday.
- Stateside, futures are essentially unchanged having eased from initial best levels around the European open with attention on US banking names
- DXY is subdued, though back above, 104.00 to the broad-based benefit of peers; PBoC cut its RRR by 25bp.
- EGBs/USTs action has been markedly more contained thus far,...
17 Mar 2023, 06:50 by Newsquawk Desk
- US stocks gained with the Nasdaq leading advances; Asian stocks rose amid improved global risk appetite following recent bank lifelines
- DXY is subdued amid improved risk tone, while the Fed's balance sheet jumped to its highest since November as banks rushed for liquidity
- Crude futures are mildly higher as some banking sector fears are allayed, although WTI remains below USD 70/bbl
- Credit Suisse is being sued by shareholders in the US over a...
16 Mar 2023, 10:49 by Newsquawk Desk
- European bourses are bolstered amid as the region reacts to liquidity support for Credit Suisse (+18%), Euro Stoxx 50 +0.7%, though the tone is tentative pre-ECB.
- CS took action incl. borrowing CHF 50bln from the SNB and undertaken tender offers for notes; FINMA/SNB say the Co. meets liquidity requirements.
- Stateside, futures are mixed and near unchanged levels overall with several data points due.
- USD is softer on the session with G10...
16 Mar 2023, 06:50 by Newsquawk Desk
- APAC stocks were mostly lower, following global peers after Credit Suisse turmoil yesterday.
- Swiss National Bank (SNB) and FINMA to provide liquidity to Credit Suisse if necessary.
- US bank giants reportedly reduced direct exposure to Credit Suisse for months.
- European equity futures are indicative of a higher open with the Euro Stoxx 50 +2.0% after the cash market closed down 3.5% on Wednesday.
- DXY is a touch softer...
15 Mar 2023, 10:50 by Newsquawk Desk
- Equities are under marked pressure as sentiment sees a significant deterioration as Banking names slump, SX7P -5%, amid renewed focus on Credit Suisse, -18%.
- Saudi National Bank said they will not provide more assistance to Credit Suisse; Saudi National Bank is the largest shareholder with a 9.9% stake.
- An update which has added to banking concerns globally and particularly within Europe, sparking a marked deterioration in sentiment and...
15 Mar 2023, 06:49 by Newsquawk Desk
- US equities were firmer on Tuesday, led by the tech sector, while financials recovered some of the losses from Monday's sell-off
- APAC stocks followed suit with gains, as banking contagion fears eased, and markets found relief in the absence of additional bank failures
- FX markets were indecisive, with the DXY slightly softer, EUR/USD initially stronger, and GBP/USD choppy
- US military confirmed that a Russian fighter jet struck the propeller...
14 Mar 2023, 10:43 by Newsquawk Desk
- European bourses are posting tentative gains, Euro Stoxx 50 +0.2%, as the risk tone remains fragile given financial stability concerns.
- Stateside, futures are modestly firmer but have been unable to claw back any of Monday's marked downside, ES +0.4%, ahead of February's CPI.
- The European banking sector is under further pressure amid a Credit Suisse announcement of material weakness in their 2021/22 financial reporting.
- The DXY is firmer and...
14 Mar 2023, 06:50 by Newsquawk Desk
- APAC stocks declined amid a continuation of the selling in financials and with risk appetite constricted.
- European equity futures are indicative of a marginally higher open with the Euro Stoxx 50 +0.1% after the cash market closed down 3.1% on Monday.
- DXY is firmer but still on a 103 handle, JPY lags peers, EUR/USD hovers just above 1.07.
- 10yr UST futures pulled back from the historic bull-steepening on Monday whereby yields tumbled amid...
13 Mar 2023, 10:45 by Newsquawk Desk
- Fed said it is to provide liquidity to US depository institutions in which each Federal Reserve bank would make advances to eligible borrowers.
- European bourses are under substantial pressure, with banking names leading the downside as contagion concern continues, SX7P -5.5%.
- Stateside, futures have been faring comparably better given backstop measures; though, they are well off best with ES U/C while large & small banking names are heavily...
13 Mar 2023, 06:50 by Newsquawk Desk
- Fed said it is to provide liquidity to US depository institutions in which each Federal Reserve bank would make advances to eligible borrowers.
- Goldman Sachs said it no longer expects the Fed to hike rates at the March meeting in light of recent stress in the banking system; expects hikes in May, June and July.
- APAC stocks traded mixed with financials hit amid the fallout from the SVB collapse and subsequent failure of Signature Bank.
- US (ES...
10 Mar 2023, 11:19 by Newsquawk Desk
- European bourses are lower across the board, Euro Stoxx 50 -1.5%, as contagion fears from SVB dents risk sentiment and weighs heavily on banks, SX7P -4.0%.
- Stateside, futures remain under pressure with the ES around 3900 while the NQ is the relative outperformer, and little changed overall, with yields lower.
- USD has failed to benefit from the risk tone while JPY lags as hawkish bets unwind post-BoJ and GBP outperforms after data and aided by EUR/GBP...
10 Mar 2023, 06:49 by Newsquawk Desk
- APAC stocks declined amid headwinds from the banking sell-off in the US owing to contagion fears related to Silicon Valley Bank.
- BoJ kept policy settings unchanged, as expected, with the decision on YCC made by a unanimous vote.
- European equity futures are indicative of a lower open with the Euro Stoxx 50 -1.6% after the cash market closed down 0.1% on Thursday.
- In FX, USD is steady on a 105 handle, JPY lags post-BoJ, EUR/USD and Cable sit...
09 Mar 2023, 11:30 by Newsquawk Desk
- Equities are under pressure as sentiment has slipped modestly throughout the European morning, ES -0.2%.
- The DXY is similarly weighed on and is below Wednesday's trough to the benefit of FX across the board; JPY outpaces pre-BoJ.
- Core fixed income is back within tighter ranges after an initial decline in the early European morning; long-end yields bid.
- Commodities are generally rangebound with catalysts somewhat limited and focus on geopols...
09 Mar 2023, 11:30 by Newsquawk Desk
- Equities are under pressure as sentiment has slipped modestly throughout the European morning, ES -0.2%.
- The DXY is similarly weighed on and is below Wednesday's trough to the benefit of FX across the board; JPY outpaces pre-BoJ.
- Core fixed income is back within tighter ranges after an initial decline in the early European morning; long-end yields bid.
- Commodities are generally rangebound with catalysts somewhat limited and focus on geopols...
09 Mar 2023, 06:49 by Newsquawk Desk
- APAC stocks traded mostly rangebound after the choppy performance in the US, while the region also digested weak data including softer-than-expected Chinese inflation.
- European equity futures are indicative of a marginally softer open with the Euro Stoxx 50 -0.1% after the cash market closed up 0.2% on Wednesday.
- DXY is contained and holding onto gains on a 105 handle, EUR/USD and Cable remain on 1.05 and 1.18 handles respectively, JPY leads G10...