US and European stock futures climbed while a benchmark of Asian shares fluctuated in cautious trading as investors weighed the risk of recession and its impact on interest rates. Major currencies held to narrow ranges. Contracts for Euro Stoxx 50 advanced about 1% and those for the S&P 500 rose 0.5%. An Asian gauge swung between gains and losses, weighed down by Hong Kong stocks. China Petroleum & Chemical Corp. plunged as much as 7.7% on lower earnings while Chinese developers headed for a third straight drop after Greenland Holdings Group warned of further slowing in housing. Sentiment in China was also dented by industrial profits data registering a decline in the first two months of the year as factories had yet to fully recover from a Covid-induced slump. Traders are in for another bumpy week, with the banking crisis casting a shadow over markets. On top of that, multiple Federal Reserve officials will speak, a key measure of US inflation is due and there are renewed geopolitical tensions with Russia to station tactical nuclear weapons in Belarus. Fed Minneapolis President Neel Kashkari said over the weekend that bank turmoil had increased the risk of a US recession. Authorities are said to be considering expanding an emergency lending facility for US banks in ways that would give First Republic Bank more time to shore up its balance sheet. Yet investors in the bond market already see the wider damage in the sector running its course. They’re piling into wagers that a recession is around the corner and bets on any further interest rate hikes this year are being axed while expectations for rate cuts ramp up. In the US stock market Friday, after a slide that reached 1% in the first hour of trading, the S&P 500 snapped back and notched its second straight week of gains. A gauge of US financial heavyweights climbed from its lowest level since November 2020. Top US regulators said after a meeting Friday that while some banks are coming under stress, the overall financial system is still sound. First Citizens Bank & Trust on Monday was reported to agree to buy all deposits and loans of SVB Financial Group’s Silicon Valley Bank after it was seized by the regulators. Global authorities continued trying to instill calm in financial markets following the recent failure of some US regional lenders and the near-collapse of banking giant Credit Suisse Group AG before its government-brokered takeover by rival UBS Group AG. European Central Bank President Christine Lagarde told European Union leaders that the region’s banking sector is strong, according to people familiar with the matter. oil was little changed after a weekly gain. Gold fell.
Nikkei +0.48% Hang Seng -0.97% CSI -0.71% Shanghai -0.76% Shenzen -0.39%
Eur$ 1.0765 CNH 6.8789 CNY 6.8784 JPY 130.83 GBP 1.2235 CHF 0.9187 RUB 77.2784 TRY 19.0862 WTI$ 69.42 +0.23% Gold 1,973 -0.29% BTC 27,900 +0.34% ETH 1,763 +0.05%
S&P +0.49% Nasdaq +0.45% EuroStoxx +1.13% FTSE +0.77% Dax +1.04% SMI +1.46%
Macro :
- Credit Suisse’s Infamous ETN Misadventure May Be Limping to End
- Credit Suisse’s Infamous ETN Misadventure May Be Limping to End
- Iraq Wins Key Kurdish Oil Arbitration Case Against Turkey
- First Citizens Is Said to Near Deal for Silicon Valley Bank
- Norway’s Largest Opposition Party to Reject Salmon Farm Tax Plan
Keep an eye on :
Keep an eye on :
- BABA US : Alibaba Jumps After SCMP Reports Jack Ma Returns to China
- AI FP : American Airlines to Temporarily Suspend Route Due to Boeing Dreamliner Delays -- WSJ
- AI FP : American Airlines to Temporarily Suspend Route Due to Boeing Dreamliner Delays -- WSJ
- BA/ LN : BAE Systems, Scientific Research Corp awarded $536.7M U.S. Navy contract
- CLNX SM : Cellnex Board Set to Meet as Billionaire Chris Hohn Takes Aim
- CINE LN : Elliott Eyes Cineworld Operations in Eastern Europe, Israel: Sky
- ABO GY : Clearvise Said It Terminated MOU With Tion Renewables
- CSGN SW : Hedge Fund Marathon Made Quick $30 Million on Credit Suisse Bet
- CSGN SW : Credit Suisse Faces Possible Probe, Disciplinary Proceedings
- DNO NO : DNO Told by KRG to Temporarily Stop Supply to Iraq-Turkey Pipe
- ENT LN : Entain Confirmed as Preferred Bidder for NZ TAB: Australian
- LOOMIS SS : Loomis Says Kristian Ackeby Resigned as CFO
- LSEG LN : 50 Years Since Women Trailblazers Joined London Stock Exchange
- LHA GY : Germany Faces Travel Chaos Amid Lufthansa Snags, Strike
- ML FP : Yokohama Rubber Rises After EU Clearance for TWS Acquisition
- BMPS IM : Italy to Seek Confirmation of Lovaglio as Monte Paschi CEO
- NEX LN : UK West Midlands Bus Drivers End Strikes After Pay Offer: Union
- NOVN SW : Novartis Kisqali Phase III Natalee Trial Meets Primary Endpoint
- PHARM NA : Pharming Soars After Saying FDA Approved Joenja for APDS (+20%)
- SZG GY : Salzgitter Sees 2023 Sales About EU13B, Est. EU10.09B
- SMT LN : Odey Scales Back Bets Against Scottish Mortgage: FT
- STAN LN : Stanchart to Sell Jordan Unit to Arab Jordan Investment Bank
- STORB SS : Sweden’s Storskogen Cut Deeper Into Junk Territory by Moody’s
- TION GY : EQT Active Core Infra to Buy Majority Stake in Tion Renewables
- TION GY : Clearvise Said It Terminated MOU With Tion Renewables
- TWTR US : Musk’s Stock Grants Value Twitter at $20 Billion: Information
- UBSG SW : Over 80% of Swiss Want UBS Spinoff of Credit Suisse Bank: Poll
- UBSG SW : Swiss Politicians Pitch Credit Suisse Deal to a Skeptical Public
- UCG IM : UniCredit Leans Toward Repaying AT1 Bond in Early June: Reuters
- VAR1 GY : Varta Agrees With Banks on Comprehensive Restructuring