SVB, Signature Bank, and Silvergate collapses brought on a new set of problems: Credit Suisse. Even though problems have been reported at the large Swiss bank for years now, investor jitters increased due to fears of a global contagion. The Bank was down -30% at one point – closed -14%. The Swiss authorities will lend a loan amount of $54bn To prevent stock collapse and to ensure that the stock is not liquidated. +35% pre-market. A risk of mood has risen around the World, and this holds for now.
USD, CHF, JPY & Gold Safe haven bids, and the short end The yield curve fell With the 2-years fall the fastest in decades. Stock markets Recovered from the 2023 lows to close after heavy losses on openNASDAQ +0.05%). Asian markets lower-0.80% to 2.12%), US PPI & Retail Sales both undershot expectations, and the UK Budget focused on pensions and childcare as millions of workers continued to strike. Overnight: Japanese Machine Orders The Trade Balance They were both better than expected, and Australia was no different Unemployment Dropped to 3.5% As jobs rose to 65K A decline in 11k last month. NZD GDP Missed at -0.6% q/q vs. 2.2% y/y vs. 3.3%.
- FX – USDIndex Rallyed more than 150 points to 104.70 Yesterday, and has eased to 104.20 now. EUR Tanked starting…
