Market Outlook UBS buys Credit Suisse

 

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US Markets U.S. stock futures rose on Sunday after UBS announced a $3.2B deal to take over Credit Suisse.   The FDIC said it will sell Signature Bank's assets to New York Community Bancorp.  Some regional banks in the U.S. are still under extreme financial pressure. The SPDR Regional Banking ETF lost 6% on Friday and 14% last week, in part due to First Republic, which plunged 72% last week. On Friday, PacWest lost 19%, U.S. Western Alliance fell 15%, and U.S. Bancorp dropped 9%.  The current 10 Year U.S. Treasury yield is set at 3.50540% Dow Jones  31,861.98 -1.19% S&P 500  3,916.64 -1.10% Nasdaq  11,630.51 -0.74% Russell 2000 1,725.89 -2.56% *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures?

Canadian Markets According to watchdog data, the number of inquiries and cases against banks in Canada hit a record high in 2022. The Ombudsman for Banking Services and Investments (OBSI) reported a 56% surge in inquiries and a 33% jump in cases opened against banks in 2022 compared to 2021. The ADR Chambers Banking Ombudsman Office also reported an increase, with 45% more inquiries and 21% more open cases.  The rise in cases is credited to increased financial stress on consumers and higher rates of financial fraud. The Federal government is working to establish a single national ombudsman to deal with these cases, but at present, the OBSI and ADR continue to split the duties with each bank assigned to an ombudsman.  TSX  19,387.72 -0.77% *Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services

European Markets European stocks had their worst week of the year due to the volatility in the banking industry.  The Stoxx 600 lost 1.26% on Friday and 3.6% last week.  Bank stocks led losses with a 2.6% drop on Friday and financial services fell 2.1%.  Credit Suisse slumped 25.5% last week, before UBS announced a deal to acquire the bank on Sunday.  Euro STOXX 50  4,064.99 -1.26% UK (FTSE 100)  7,335.40 -1.01% Germany (DAX)  14,768.20 -1.33% France (CAC 40) 6,925.40 -1.43% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Asian Markets Asian stocks were up on Friday, reacting positively to the pledge by 11 U.S. banks to deposit $30B in First Republic Bank to demonstrate the stability of the U.S. banking system.  Government and central bank officials in Japan plan to discuss potential changes to monetary and fiscal policy to tackle volatility in financial markets.  Baidu gained over 15% after it released its ChatGPT competitor, Ernie. The bot works primarily in Mandarin but can understand English.  The Philipines central bank released an official statement saying that turmoil in the U.S. and Europe will not affect the country's banking system.  S&P Asia 50 4,513.63 1.98% Japan (Nikkei 225) 27,276.79 -0.21% South Korea (KOSPI) 2,399.03 0.14% China (Hang Seng) 19,518.59 1.64% India (SENSEX) 57,989.90 0.62% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil prices fell on Friday amid fears that the volatility in the banking industry could put downward pressure on oil demand.  Brent and U.S. West Texas Intermediate both gained more than 1% on Friday morning but fell later in the session to close down 2.1%.  U.S. West Texas Intermediate crude fell 11% last week, its worst weekly drop in 11 months.  Brent had its worst week since December 2022, falling 10%.  Oil (NYSEARCA:OIL) 25.64 -2.10% Gold (NYSEARCA:GLD) 183.77 2.91% Silver (NYSEARCA:SLV) 20.63 3.56% Corn (NYSEARCA:CORN) 24.77 0.28% Lumber (NASDAQ:WOOD) 69.48 -1.59% *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities,

Currencies The U.S. Dollar was down on Friday due to concerns about the stability of the U.S. banking industry.  Consumer sentiment fell last week for the first time in four months, according to a University of Michigan survey conducted before Silicon Valley Bank was shut down.  The U.S. Dollar Index fell 0.6% on Friday.  Investors are pricing in a 74.5% chance of a 25-basis point interest rate hike by the Federal Reserve this week.  UK(GBP) £0.82 -0.13% Europe (EURO) €0.94 0.61% Canada (Canadian Dollar) $1.37 -0.61% Japan (Yen) ¥132.49 0.49% *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them,

Cryptocurrency Bitcoin rose to over $28,000 over the weekend amid concerns about the health of the banking system, with JPMorgan estimating that the Federal Reserve could provide up to $2T in liquidity to U.S. banks.  Bitcoin has gained nearly 30% in the last seven days and could soon near the $30,000 threshold. Salesforce and Polygon have partnered on an NFT-based loyalty program.  The demand for stablecoins is falling as people are buying altcoins instead.  Bitcoin $28,100.80 2.61% Ethereum $1,787.58 1.34% Litecoin $83.73 0.56% Bitcoin Cash $136.22 0.40% *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them,