An anxious weekend ahead

Markets remain risk-averse

A frantic week in financial markets draws to a close and it’s clear that investors are feeling very anxious about carrying risk into the weekend.

We all saw how fast things can move over the weekend and risk-averse trade at the end of this week highlights how nervous investors are about further fallout. If we can get through the weekend without more drama, Monday’s open could look very different but it’s going to take time for the wounds to heal.

Even with all of the measures undertaken by the Fed, Treasury, BoE, SNB, and US banks to stabilize the situation this week, we’re still seeing distress in the markets. Credit Suisse is down 10% today and not far from Wednesday’s lows, while First Republic is off 23% and down almost 80% in a little over a week.

Other regional banks are also getting hit hard again on Friday, again a sign of dwindling confidence amid uncertainty over which will be next to require assistance. Authorities continue to work to stem the bleeding and more band-aids may be necessary to shore up confidence.

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam