Stocks slumped and Treasuries rallied Friday amid concern that pockets of trouble in the US banking sector could portend broader dangers as higher interest rates start to bite. The yen took the limelight in the currency market, weakening as much as 0.6% versus the dollar after the Bank of Japan kept monetary settings unchanged at Governor Haruhiko Kuroda’s final policy meeting. The benchmark 10-year Japanese bond yield tumbled 5.5 basis points below the 0.5% ceiling set by the BOJ. A gauge of Asia equities fell as much as 2%, the most in more than a month, following a sharp decline on Wall Street Thursday, while the MSCI China Index erased all of its gains for this year. While the drop in Japan’s benchmark yield was also large, it was nothing compared to the potential upward shift that could have happened had Kuroda delivered any surprise tightening. His successor Kazuo Ueda faces a long-term challenge with bond-market dysfunction and upward pressure on interest rates. US stocks had gained early in the session Thursday after data showed weekly jobless claims had risen to 211,000 during the week ending March 4, ahead of expectations for 195,000 and marking the first time claims surpassed 200,000 since early January. The numbers set the stage for Friday’s monthly jobs report, with even just slightly stronger-than-forecast figures expected to cement bets for a bigger hike at the March 21-22 Fed meeting. Economists project a 225,000 increase in February payrolls, about half January’s blockbuster pace, but a figure in that range would confirm the US economy continues to add jobs at a strong rate. A softer-than expected number could soften wagers on a half-point move in March, and tilt expectations back to a quarter-point hike. Cryptocurrencies dropped after pulling up slightly early on Friday. Bitcoin on Thursday fell 8.1%, the most since November, amid Silvergate’s meltdown. In commodities, oil headed for the biggest weekly loss since early February as the risk of faster interest-rate hikes weighed on the outlook for energy demand. US After Hours ORCL -4.2%, GPS -6.7%, DOCU -5.8%, ULTA -2.3% lower on earnings; SSYS +15.6% pops on takeover bid.
Nikkei -1.56% Hang Seng -2.35% CSI -0.80% Shanghai -0.92% Shenzen -0.78%
Eur$ 1.0586 CNH 6.9777 CNY 6.9666 JPY 136.67 GBP 1.1924 CHF 0.9305 RUB 75.8344 TRY 18.9525 WTI$ 75.15 -0.75% Gold 1,831 -- BTC 19,890 -1.65% ETH 1,408 -1.70%
S&P -0.89% NAsdaq -0.66% EuroStoxx -1.75% FTSE -1.45% Dax -1.45% SMI -1.48%
Macro :
- CAC 40 Index Composition Unchanged After Quarterly Review
Keep an eye on :
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- MT NA : Vale concludes sale of CSP to ArcelorMittal for US$2.2 billion
- ASML NA : ASML Could Achieve 25% Sales Growth Despite Export Ban: React
- 522 HK : Chip Equipment Maker ASMPT Is Said to Draw Takeover Interest
- AV/ LN : Aviva FY Adjusted Operating Profit Beats Estimates
- BANB SW : Bachem Offers Up to 1.25m New Shares via UBS: Terms
- BEIJB SS : Beijer Ref CEO Says Company Still Looking to Acquire in US: DI
- BBD/B CN : Hedge Funds Gain Traction in Challenging Bombardier Bond Deal
- BREE LN : Abicad Holding Plans to Buy Up to 5% of Breedon at 75p/Share
- BRAIT LX : Brait to Proceed With IPO of Premier Group at 53.82 Rand a Share
- BRAIT LX : Brait to Proceed With IPO of Premier Group at 53.82 Rand a Share
- BZU IM : Buzzi Unicem Drops; Added to Ukraine Agency List of War Sponsors
- CO FP : Casino FY Trading Profit Misses Estimates
- CO FP : Casino Plans to Merge French Retail Business With Teract
- CAV1V FH : Triton’s Crayfish Agreed on Added Purchases of Caverion Shares
- CAV1V FH : Caverion Board Continues to Seek Clarity on Competing Offers
- CBG LN : Close Brothers Shares Headed for Biggest Jump Since 2009
- DTG GY : Daimler Truck 2023 Rev. View Beats Est.; First Div./Shr €1.30
- AM FP : Dassault Aviation Shares Surge After Profit, Dividend Boost
- EDF FP : EDF’s Power Output in France Cut by 12.7GW Due to Strikes
- ENI IM : Eni Sees First Fusion Power Plant in Operation by Early 2030s
- EFUEL NO : Everfuel Placement to Raise EU20m to EU30m
- FLTR LN : Flutter Boosts CEO Pay With Potential £19.5 Million Share Award
- GBLB BB : GBL FY Dividend per Share Matches Estimates
- HYQ GY : Hypoport Drops After Preliminary 2022 Sales Miss Estimate --> -6%
- IPR PL : Impresa FY Net Income EU1.1M Vs. EU12.6M Y/y
- INGA NA : ING to Continue Actively Cutting Russia-Related Credit Exposure
- LDO IM : Leonardo 2023 Ebita Forecast Beats Estimates
- SAP GY : Watch SAP, Software Stocks After Oracle Cloud Growth Falls Short
- SPIE FP : Spie FY Revenue Beats Estimates
- STLA IM : Stellantis to Produce More Models in Italy’s Cassino Plant
- SWEDA SS : Swedbank Makes SEK40m Provision for Potential OFAC Agreement
- UBXN SW : u-blox FY Revenue Meets Estimates
- URW NA : Unibail Supervisory Board to Propose Richier as Chairman
- VOD LN : Vodafone, Three Are Said to Put Final Touches on UK Tie-Up
- VOD LN : Vodafone Weighs Cutting Almost 20% of Italy Staff, Union Says