US equity futures rallied, the dollar tumbled and Treasury yields extended declines as investors dialed back rate-hike bets following the collapse of Silicon Valley Bank. Contracts for the S&P 500 jumped more than 1.5% and two-year yields slumped as much as 25 basis points Monday in Asia. Efforts by regulators to backstop bank deposits buoyed sentiment while the rapid onset of problems in the American financial sector supported bets for a less hawkish monetary policy. Treasury Secretary Janet Yellen said the her office would protect “all depositors” at the bank, whose demise Friday marked the biggest such event since 2008. The government actions will also include a new lending program that Federal Reserve officials said would be big enough to protect uninsured deposits in the wider US banking system. Economists at Goldman Sachs Group Inc. no longer expect an increase from the Fed at its March meeting given stresses in the banking system. Others, like equity strategist Frank Benzimra at Societe Generale SA, said the probability of a 50-basis-point hike this month has diminished greatly. A gauge of dollar strength fell as much as 1%, with the currencies of Australia, New Zealand and Norway among the biggest advancers of the greenback’s major peers. There were also notable gains in the yen and the offshore yuan. A gauge of Asian stocks eked out a small rise, held back bu losses in Japanese shares, with financials being the biggest drag on the benchmark Topix gauge. The index headed for its biggest two-day loss in a year as the yen continued to strengthen. hares in Hong Kong and mainland China rose on positive signs for policy continuity, with China’s central bank governor Governor Yi Gang and the finance and commerce ministers being kept in their posts. President Xi Jinping pledged to pursue reasonable growth in the economy and self reliance in technology during his closing speech at the National People’s Congress. Monday’s moves in markets come after risk assets got pummeled last week, with the US stock benchmark suffering its worst week since September. Wall Street’s so-called “fear gauge” spiked, with the Cboe Volatility Index hitting the highest this year.
Nikkei -1,11% Hang Seng +1,87% CSI +0,90% Shanghai +1,04% Shenzen +0,27%
Eur$ 1,0719 CNH 6,8897 CNY 6,8868 JPY 134,31 GBP 1,2113 CHF 0,9170 RUB 76?1261 TRY 18,9718 WTI$ 76,94 Gold 1,879,56 BTC 22,455 +5% ETH 1,605 +3%
S&P +1,78% Nasdaq +1,92% EuroStoxx +0,54% FTSE +0,08% Dax +0,56% SMI +0,24%
Macro :
- Hedge Funds, Banks Offer to Buy Deposits as SVB Fails: Reports
- Bank of England to Place SVB UK Into Bank Insolvency Procedure
- Bank of England to Place SVB UK Into Bank Insolvency Procedure
- Crypto Shaken as SVB Exposure Depegs $37 Billion Stablecoin
- US Discusses Fund to Backstop Deposits If More Banks Fail
Keep an eye on :
Keep an eye on :
- AIR FP : Saudi Sovereign Wealth Fund Nears $35b Deal for Boeing Jets: WSJ
- ASML NA : ASML Suppliers Considering Plants in Southeast Asia: Reuters
- BFIT NA : Basic-Fit FY Revenue Meets Estimates
- BP/ LN : UK pension funds threaten to vote against BP and Shell directors over climate targets
- CO FP : Casino Probed in France Since 2020 Over Insider Trading Claims
- DPW GY : Deutsche Post DHL, Poste Italiane Sign Package Delivery Deal
- DPW GY : Deutsche Post Reaches Wage Deal With Workers, Averts Strike
- EDF FP : French Nuclear Revival Hits Trouble as New Reactor Defects Found
- EDF FP : French Nuclear Revival Hits Trouble as New Reactor Defects Found
- EDF FP : EU Removes Nuclear Power From Clean Industry Draft, Ansa Says
- FRAS LN : Frasers Submits €20M Bid to Buy France’s Go Sport: Le Parisien
- HSBA LN : *HSBC NEARS DEAL TO BUY SILICON VALLEY BANK UK: SKY
- SIGHT FP : Confirms sustained efficacy and safety of bilateral LUMEVOQ injections at 3-year follow-up of REFLECT Phase III Trial
- HYQ GY : Hypoport FY Ebit EU24.7M
- MC FP : LVMH: Bernard Arnault’s Fixed Compensation in ‘23 Was EU1.14M
- LHA GY : German Airports Face Disruption Monday as Staff Plan Pay Strike
- MRK GY : Merck KGaA to Cut Several Hundred Jobs in Germany, FAZ Says
- METN SW : Metall Zug FY Net Sales Meets Estimates
- ORP FP : More Than 50.5% of Orpea Unsecured Creditors Accept Deal: Echos
- PDG LN : Car dealer Pendragon hit with demand for board shake-up
- POLY LN : Highland Gold Owner Weighs Buying Polymetal Assets: Kommersant
- PST IM : Deutsche Post DHL, Poste Italiane Sign Package Delivery Deal
- SAN FP : Sanofi to Buy Provention Bio for Equity Value $2.9B
- STLA IM : *STELLANTIS IN TALKS TO BRING NEW EV PRODUCTION TO SPAIN: CINCO
- SCMN SW : Swisscom Italian Unit Fastweb Chief Is Said to Plan Resignation
- TMO LN : Bill Ackman: What should the FDIC do? @FDICgov to guarantee all bank deposits by Sunday night before Asia open and call a time
- VOW GY : VW CEO’s Berlin IPO Summit Leaves Attendees Guessing on Strategy
- ZEAL DC : Zealand Pharma Has 15% of Its Cash at Silicon Valley Bank