Banque Bemo L : Daily Markets Brief

Daily Market Brief

March 24th 2023

FOREIGN EXCHANGE MARKETS

(Sources: Bloomberg / Forexlive)

EURUSD

The EUR/USD depicts sluggish markets on early Friday as it stays defensive near 1.0830-20 after reversing from a seven-week high the previous day, printing mild losses of late. It's worth noting that the Euro pair reverses from the multi-day high on Thursday as the Treasury bond yields paused the further downside while U.S. data also came in mostly impressive. Adding strength to the pullback moves was the quote's inability to cross an important horizontal resistance around 1.0930-35. It should be noted, however, that the mixed concerns about the US Federal Reserve's (Fed) next move and the (ECB) official's hawkish comments probed bears of late.

GBPUSD

GBP/USD has attempted a recovery after dropping to near 1.2260 in the early European session. The recovery move in Cable is backed by a loss of upside momentum in (DXY). The Cable remained topsy-turvy after the interest rate decision by the (BoE).

USDJPY

USD/JPY portrays a corrective bounce off the multi-day low amid mixed inflation numbers from Japan and a shift in the sentiment during early Friday, following a volatile week. The Yen pair picks up bids to 130.80 as it prints the first daily gain in three while keeping the late Thursday's bounce off the lowest levels since Feb 10.

INTERNATIONAL EQUITY MARKETS

(Sources: Bloomberg / Reuters)

UNITED STATES OF AMERICA

Wall Street closed higher on Thursday as market participants were reassured by U.S. Treasury Secretary Janet Yellen's reassurances that measures will be taken to keep Americans' deposits safe. US SEC threatens to sue Coinbase, shares drop.

EUROPE

European equities inched down on Thursday with banks leading declines after the Bank of England followed the U.S. Federal Reserve and the Swiss National Bank in hiking rates amid worries of a banking contagion. BoE raises rates again, sees inflation shock fading.

ASIA

China and Hong Kong stocks ended higher on Thursday, as the U.S. Federal Reserve softening its tone on future interest rate hikes boosted investor sentiment.

MUST READ

(Source: Bloomberg/ Forexlive)

Credit Suisse short-sellers book $430m in profit

The Credit Suisse crisis has rewarded short-sellers with millions in profit as market panic left the Swiss banking giant's share price reeling. Credit Suisse short-sellers have made nearly $430m in profit across the bank's Switzerland- and New York- listed shares since 17 March's market close, according to financial analytics provider ORTEX. The bank's Switzerland-listed shares fell 60% on 20 March, allowing short-sellers to book $388m in profit. Credit Suisse' New York Stock Exchange-listed shares fell 59% on 20 March, rewarding short-sellers to the tune of $42m. Credit Suisse stock has lost roughly 75% of its value since the start of the year. The Swiss bank posted a loss of $7.9bn for 2022, the highest level since the global financial crisis of 2008. The Swiss lender's stock rout escalated last week after the Silicon Valley Bank collapse. The bank's announcement on 16 March that it would borrow $54bn from the Swiss National Bank to boost short- term liquidity failed to convince investors, and on 19 March, UBS agreed to buy Credit Suisse in a deal worth $3.25bn following intervention from the Swiss government. Shareholders of Credit Suisse will receive one UBS share per every 22.48 in Credit Suisse. Following the takeover announcement, shares of UBS also dropped by as much as 10% on 20 March. While Credit Suisse was the most rewarding bet for short- sellers, UBS's stock drop has helped them make a profit of $22m since the market closed on 17 March, ORTEX says.

Fx rates	Last	High	Low	% Daily	% Weekly	% YTD
EUR-USD	1.0829	1.0839	1.0817	-0.02	1.49	1.16
GBP-USD	1.2278	1.2292	1.2262	-0.07	0.86	1.61
USD-JPY	130.28	130.94	130.06	-0.44	1.21	0.64
USD-CHF	0.9174	0.9179	0.9153	0.10	0.95	0.77
Commodities	Last	High	Low	% Daily	% Weekly	% YTD
Silver	23.02	23.20	23.00	-0.38	1.83	-3.92
Crude Oil	69.99	69.99	69.05	0.04	4.57	-13.00
Bitcoin	28321.54	28482.29	28031.69	-0.04	1.24	71.24
Etherium	1814.86	1823.86	1806.13	-0.23	0.87	51.32
Period		1 M	3 M			12 M
EURIBOR		2.90	3.00			3.47
* USD LIBOR rates will be discontinued after June 30, 2023 and will be replaced by SOFR
Notes/Bonds		2 Y	10 Y			30 Y
US		3.80	3.39			3.68
BTP - BUND		0.52	1.87			2.00
GILTS		3.30	3.36			3.83
Index	Close	% Daily	% M	YTD	Futures	% Change
S&P	3948.72	0.30	-0.54	2.84	3985.50	0.18
Nasdaq	11787.40	1.01	3.44	12.62	12876.00	0.16
DJ EuroStoxx50	4207.14	0.27	0.68	10.90	4119.00	-0.68
FTSE 100	7499.60	-0.89	-4.81	0.64	7457.50	-0.59
CAC 40	7139.25	0.11	-0.67	10.28	6910.30	N/A
DAX	15210.39	-0.04	0.00	9.24	15292.00	-0.48
IBEX 35	8970.00	-0.44	-2.52	9.00	8678.60	N/A
FTSE MIB	26482.21	-0.16	-1.87	11.71	26116.00	N/A
Nikkei	27419.61	-0.13	-0.25	4.95	27120.00	0.00
Hang Seng	20049.64	-0.70	-0.50	0.65	19916.00	-0.59
DFM General	3363.85	-0.48	-2.09	0.35	N/A	N/A
MSCI Tadawoul	10446.39	0.93	2.89	-0.31	N/A	N/A
	PRIOR_CLOSE_MID		CHG_PC CHG_PC CHG_PCT_
Leb. Mrkts	Closing Px	High	Low	% Daily	% Weekly	YTD
Solidere B	89.95	89.95	89.95	0.00	-15.54	49.05
		MAIN WEEKLY EARNINGS	(Source: Nasdaq)
Company	Ticker	Market Cap	Date	Time	Estimate	Year Ago
Micron Technolog	MU US	$62.1 B	28-Mar-23	After-mkt	-0.77	2.05
lululemon athletic	LULU US	$40.3 B	28-Mar-23	After-mkt	4.25	3.37
Walgreens boots	WBA US	$31.1 B	28-Mar-23	Pre-mkt	1.10	1.59
Cintas Corporation	CTAS US	$44.4 B	29-Mar-23	Pre-mkt	3.01	2.69
Paychex, Inc	PAYX US	$39.8 B	29-Mar-23	Pre-mkt	1.24	1.15
		ECONOMIC CALENDER	(Source: Forexlive)

(24-03-23) EA- EU leaders summit

(24-03-23) GB- Gfk Consumer Confidence MAR; Retail Sales FEB

(24-03-23) FR- S&P Global Composite, Manufacturing PMI MAR preliminar

(24-03-23) DE- S&P Global/BME Composite, Services, Manufacturing PMI MAR

(24-03-23) EA- S&P Global Manufacturing, Services, Composite PMI MAR preliminar

(24-03-23) CA- Retail Sales MoM JAN

(24-03-23) US- Durable Goods Orders FEB

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