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Worst yet to come?
It's been another remarkable day in financial markets and it, unfortunately, doesn't feel like the worst is behind us. Fear has once again gripped the markets, concerned about a repeat of past crises - one in particular, for obvious reasons - and the implications for the financial system and the global economy. Of course, this is natural when so little is known about the situation and what it ultimately means for the health of the rest of the system. In the absence of facts, everyone is left wit
15-03-2023 20:48 GMT by Craig Erlam
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Oil plunges, gold flies on jittery markets
Oil plummets amid economic fears Oil prices have been caught up in the doom and gloom of what we're seeing in equity markets and after months of consolidation, economic concerns have triggered an aggressive breakout to the downside. Brent and WTI are off around 7% today and at levels last seen late in 2021 and it could get worse if the situation deteriorates further if the situation evolves into a broader banking crisis. There's no evidence it will at this point and as such, there's every chance
15-03-2023 20:45 GMT by Craig Erlam
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Mid-Market Update: Stocks fall as banking worries persist, Credit Suisse crisis, Euro plunges, Oil crashes through $70, Gold demand surges, Bitcoin softer
US stocks are dropping as Wall Street anticipates further global banking turmoil after Credit Suisse fails to secure additional capital and their CDS hit crisis levels. ​ Weak banks are feeling exposed to the past year of global central bank tightening and they will likely now have to deal with skyrocketing funding costs. The bloodbath is not just hitting financials, but also sending energy, material, and industrial stocks lower. ​​ ​Yields/FX Treasury yields are in freefall and so our Fed rate
15-03-2023 13:35 GMT by Edward Moya
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British pound sinks on banking sector fears
The British pound has taken a nasty tumble on Wednesday. In the North American session, GBP/USD is trading at 1.202, down 1.1% on the day. Credit Suisse drags down US banking sector, boosts US dollar Since the collapse of the Silicon Valley Bank, the financial markets have been on a roller-coaster ride.
15-03-2023 12:44 GMT by Kenneth Fisher
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NZD/USD - US retail sales decline, PPI softens, New Zealand GDP next
The New Zealand dollar is in negative territory on Wednesday, ending a 3-day rally that saw NZD/USD climb 160 points. In the North American session, NZD/USD is trading at 0.6205, down 0.50%. New Zealand GDP projected to contract in Q4 New Zealand releases fourth-quarter GDP later today, with the markets braced for a slowdown compared to Q3.
15-03-2023 10:11 GMT by Kenneth Fisher
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AUD/USD falls ahead of employment report
The Australian dollar, which has posted strong gains early in the week, has run into a wall on Wednesday. In the European session, AUD/USD is trading at 0.6638, down 0.66%. Australian job growth expected to rebound Australia releases the February employment report on Thursday (Australia time).
15-03-2023 07:29 GMT by Kenneth Fisher
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Mid-Market Update: Bank rebound fuels risk rally, Disinflation trends are not back, Too early for rate cut and hold calls, Oil struggles, Gold softens, Crypto rally
Banking contagion risks are evaporating and Wall Street is ready to pile back into risky assets.  US stocks are surging as regional bank stocks bounce back and after the eight straight deceleration with the annual inflation pace supports the case for some that the Fed’s tightening work is almost done.  CPI Today’s inflation data still supports the case for another quarter-point rate hike by the Fed.  Wall Street seems to be focusing on both the strong rise with shelter prices as that made up 70
14-03-2023 13:28 GMT by Edward Moya
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Australian dollar steadies as markets calm down
The Australian dollar is unchanged on Tuesday after climbing 1.29% a day earlier. In the North American session, AUD/USD is trading at 0.6673. US inflation eases With the Fed slowly but surely gaining the upper hand on stubborn inflation, US CPI reports have become key market movers.
14-03-2023 13:23 GMT by Kenneth Fisher
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British pound's rally fizzles as markets settle down
The British pound has reversed directions after an impressive rally that saw GBP/USD climb 370 points. In the European session, GBP/USD is trading at 1.2154, down 0.24%. US dollar recovers The collapse of the Silicon Valley Bank (SVB) on Friday sent the financial markets into turmoil on Monday.
14-03-2023 06:12 GMT by Kenneth Fisher
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Calm but for how long
Some calm appears to have returned to financial markets in early trade in Europe this morning but how long will it last? While everyone will be hoping that the turmoil that swept through markets since Friday is dealt with and behind us, I'm not sure anyone can say with any confidence that this is the case and investors will remain very sensitive to ongoing developments. What's more, we've seen a dramatic repricing of interest rate expectations, to the extent that markets now price peak rates to
14-03-2023 05:03 GMT by Craig Erlam
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Oil on wild ride, gold powers higher
Wild fluctuations in oil Oil prices are continuing to whipsaw while remaining within the broad ranges they've traded within since early December. Yesterday we saw Brent and WTI testing the lower end of these in response to the turmoil that erupted in the financial system that triggered widespread risk aversion. Today we're seeing them trade lower again, albeit still higher than yesterday's lows.
14-03-2023 04:56 GMT by Craig Erlam
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Euro hits 1-month high as Silicon Valley Bank collapse weighs on US dollar
The euro has posted sharp gains at the start of the week, extending its rally against a retreating US dollar. In the North American session, EUR/USD is trading at 1.0740, up 0.95% and its highest level since February 15. Perhaps it is fitting that today's economic calendar has no US or European releases, allowing investors to focus their full attention on the fallout from the collapse of the Silicon Valley Bank (SVB).
13-03-2023 12:37 GMT by Kenneth Fisher
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Week Ahead - ECB Playing Catch-Up
The labor market is still strong but is showing signs it is ready to soften as wages cool.  Wall Street will pay close attention to the February inflation report.  Disinflation trends are struggling here and a hot report could not only lock the Fed into boosting their hiking pace but possibly lead markets into expecting a higher peak rate.  Headline inflation is expected to slow from 6.4% to 6.0%.
10-03-2023 17:50 GMT by Craig Erlam
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US Close: A cooling wage/hot payroll report, Banking System Fears, Rate Hike bets slashed, SVB fails, Oil rebounds, Gold shines bright, Crypto breaks below $20k
US stocks settled lower in a volatile session as traders digested a cooling wage/ robust job growth report and SVB contagion risks. This was supposed to be an easy Friday with one massive jobs report, but SVB, a large bank with exposure across a range of sectors failed and triggered distress for several other smaller banks.  At the end of the day, traders are seeing this cooling/hot payroll report as confirmation that Fed policy is restrictive and that the their tightening work is almost done.
10-03-2023 13:44 GMT by Edward Moya
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