The fallout from Silvergate’s collapse of SVB Signature Bank, Silvergate and Silvergate was exacerbated by concerns about 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. The World is experiencing a risky mood, which holds up 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 After heavy losses on the open (2023), 2023 lows were recouped into close (NASDAQ +0.05%). Asian markets lower-0.80% – -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 And the Trade Balance Both were much better than anticipated and in Australia Unemployment 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 from…
