Apple amasses huge deposit inflows as bank stress persists | MarketTalk: What’s up today? | Swissquote

Show notes

Banking relief after JP Morgan swallowed the First Republic Bank on Monday remained short-lived, SPDR’s US regional bank ETF was down by more than 6%.
It means that, no, the US regional banking crisis is hard to wane, high interest rates are truly being felt and the latter will likely have a sizeable impact on credit lending, hence on economic activity.
On the data front, the job openings data released yesterday in the US showed that the job vacancies in the US fell for the 3rd month, to 9.6mio.
Bank stress and soft economic data fueled safe haven demand, and the expectation that the Fed would not carry on with rate hikes from next meeting – or at least, it won’t say it would!
In Europe, there is no bank stress comparable to the US, but the latest survey of bank lending published yesterday showed that credit conditions tightened substantially, and more than expected, in Q1.
And all that bank turmoil helped Apple amass $1bn in deposits in just four days after launching a high-yielding savings account. Bin – go!
Listen to find out more!