Once again, we saw contention in the markets, as US equities extended a rally Friday as investors weighed strong corporate earnings against concerns about regional banks and inflation. Treasuries rose. investors may still be cautious ahead of Apple’s results due next week and the Federal Open Market Committee (FOMC) meeting and the U.S. jobs report for April.
And later in the day, First Republic once again stole the show.
CONTENTS
0:00 Start
0:15 Introduction
0:40 US Markets
2:14 First Republic
3:26 Sentiment and Positioning
4:50 Economic Data
6:30 Oil
7:10 Europe
8:20 ECB Rate Rises?
9:30 ECB Debt As Government Debt
13:15 Asia
16:20 Australia
20:10 RBA Rate Rises?
20:40 Bitcoin Volatility
22:40 Summary and Close
Overall, the S&P 500 gained 0.8% after better-than-expected earnings from the likes of Exxon Mobil Corp. and Intel Corp., up 1.3% and 4% respectively.
However, the gains proved precarious in midday trading after Federal Reserve officials called for broad changes to bank rules in the wake of Silicon Valley Bank’s collapse and promised tougher supervision and stricter rules for banks.
The Nasdaq 100 rose 0.7%, weighed down by Amazon.com Inc.’s 4% loss after a warning over growth in its key cloud computing business.
Meanwhile, After the market close, First Republic Bank tumbled 49% to $1.77 after reports the regional lender was headed for receivership. That was after the bank’s 43% decline in the regular trading session.
In fact the U.S. Federal Deposit Insurance Corp has asked banks including JPMorgan Chase and PNC Financial Services Group to submit final bids for First Republic Bank by Sunday after gauging their initial interest earlier in the week, Bloomberg News reported today.
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