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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...

JP Morgan swallowed the First Republic Bank (FRC) on Monday and will assume all its deposits.
Capital flew out of US treasuries yesterday as bank stress waned, the S&P500 closed slightly lower yesterday, but it made a positive attempt to the 4186 mark, the highest since February this year. Nasdaq 100 advanced to the highest level this year despite the rising US yields yesterday.
The Federal Reserve (Fed) begins its two-day policy meeting in relatively calmer conditions.
Many think that this week’s 25bp hike will mark the Fed’s tightening cycle, but the surprise hike from the Reserve Bank of Australia...

Sentiment on Friday’s trading session was surprisingly resilient to further deterioration in the First Republic Bank’s (FRC) situation. The FRC dived another 43% on Friday as no solution to save the bank popped up by magic.
But the S&P500 rallied to 4170, to the highest level since February, as surprise record earnings from Exxon Mobil and Chevron stole attention from the FRC for a moment.
Exxon announced a profit of more than $11bn in Q1 thanks to effective cost cutting. That’s more than double the profit it announced the same time last year, while Chevron topped estimates as well, despite...

US equities rallied on Thursday, as technology stocks led gains. Meta jumped nearly 14% to the highest levels in a year.
Then, Amazon jumped more than 10% in the afterhours trading as earnings topped estimates in Q1. Revenue from both physical and online stores did better than expected. But most of the early gains were rapidly given back as executives revealed in the conference call a bit later that the revenue growth in AWS slowed.
The US futures are in the red this morning as the combination of soft US growth, higher-than-expected inflation, and mixed earnings beyond the FAANG stocks...

Wednesday was a good trading session for Big Tech, but a bad session for the rest.
Microsoft jumped more than 7% and Facebook’s Meta jumped 12% in the afterhours trading after the company announced better-than-expected sales.
Nasdaq 100 eked out a 0.64% advance, but the S&P500 slid 0.38% as the continued selloff in First Republic Bank (FRC) and the mounting stress regarding what will happen to FRC and how the other banks will be impacted led to a risk-off selloff in all sectors except the technology.
The probability given to a 25bp hike for next week’s FOMC meeting is being...

According to some investors, cryptos are dead in the US. But are they right and how much of a role does the US market still play in the global crypto sphere? We will dive into these questions when analyzing this week's crypto market.

00:00 Intro
00:22 Preview
00:33 Bitcoin
05:19 Ethereum
06:40 Chainlink
08:19 Subscribe & Good bye

#crypto #cryptonews #cryptotrading #swissquote

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The selloff in First Republic Bank wreaked havoc in the US session on Tuesday.
The First Republic Bank (FRC) closed the session down by almost 50%. The FRC drama revived the bank stress. Invesco’s European banks ETF slid by 3.40%. The S&P500 lost almost 1.58% and Nasdaq slid nearly 1.90% - even though the US yields fell across the board. The US 2-year yield fell to 3.90% as the worries about the FRC weighed on the Fed rate hike expectations and pulled the expectation of a 25bp hike at the next week’s FOMC to around 77%. This probability was near...

Tensions with China got brushed off yesterday after an official statement highlighted that China’s French Ambassador’s view that ex-Soviet countries don’t have independent status is his own personal opinion and doesn’t engage China.
On the earning front, Coca-Cola announced sparkling results yesterday, and the First Republic Bank saw its shares jump more than 12% before the results.
But unfortunately, First Republic Results, released after the bell, were not happy news for investors. The latest quarterly report showed that deposits at First Republic Bank fell by $72bn – more than expected.
The First Republic Bank shares slumped by more than 22%...

The weeks starts with escalating political tensions after the Chinese Ambassador in France Lu Shaye said that ex-Soviet states, like Estonia, Latvia, and Lithuania, don’t have sovereign status as independent nations.
Not helping: the US asked South Korea to prevent Samsung and SK Hynix not to fill any market gap in China if Beijing bans Micron chips.
As a result, the US dollar and the US treasuries are up on Monday, gold and crude is down, and equities under pressure.
Keep also in mind that the mixed economic data, growing recession odds, the tightening Federal Reserve (Fed) and the idea...

The S&P500 and Nasdaq fell yesterday, as US crude oil tipped a toe below the $77pb.
Besides mixed earnings, rising geopolitical tensions with Russia and weak economic data weighed on risk appetite yesterday. The weekly jobless claims in the US came in higher than expected, after the Federal Reserve’s (Fed) Beige Book also warned of slowing hiring during the past few weeks. The New York Fed’s John Williams warned that credit conditions will likely deteriorate as a consequence of the banking stress, and the banks’ emergency borrowings from the Fed increased for the first time in five weeks, hinting that...