This time, it is not just the Fed but also the US Banks. SVB Financial Group SIVB which drifted by -60.41% yesterday. SVB shares, which is the parent bank of Silicon Valley Bank, revealed the loss and sought to raise capital $2.25 Billion in new capital through the sale of shares. The four largest US banks lost $47 billion in Market Value! (BoA. Citi, JP Morgan and Wells Fargo). Jobless Claims Surprisedly, my body started to tick up. Germany CPI for February It remains at +8.7% vs. +8.7% in the prelim. Monthly GDP for January in the UK +0.3% vs. +0.1% expected
Overnight: The BoJ has not changed its policy as universally anticipated, in Governor Kuroda’s final meeting. The policy rate was kept at -0.1% and a 0.5% cap for the 10-year JGB yields (YCC). The vote was unanimous, 9-0. JGB & Nikkei Overnight, Kuroda’s swansong continues (-1.67%). Yield Curve Control without any tweaks The outlook is as Dovish as ever. China’s Xi With an eye on the USA, Jinping wins his third term as President
- USDIndex Gapped to 104.62 low.
- VIX The summit 18%, The largest jump since June was to 22.42.
- Euro Jumped to 1.0590, Sterling Up to 1.1950. Yen Jumped to 135.80 – 136.96. USDCAD At 1.3850 high.
- Treasury yields fell Thursday: First richening of the cooling