BANQUE BEMO S.A.L. Daily Market Brief
March 15th 2024
FOREIGN EXCHANGE MARKETS | (Sources: Bloomberg / Reuters) |
EURUSD
The EUR/USD pair continues its downward trend for the second consecutive day, hitting weekly lows near 1.0870 in the Asian session on Friday. The depreciation of the EUR/USD is attributed to the US Dollar (USD) gaining strength, buoyed by the robust (PPI) data from the United States (US), signaling ongoing inflationary pressures in the economy.
GBPUSD
The GBP/USD pair continues losing ground for the second straight day - also marking the fourth day of a negative move in the previous five - and drops to over a one- week low during the Asian session on Friday. Spot prices currently trade around the 1.2735 region and seem vulnerable to slide further amid some follow-through US Dollar (USD) buying.
USDJPY
The (JPY) stages a modest recovery from over a one-week low touched against its American counterpart on Friday and trades near the daily peak heading into the European session. Japan's biggest companies responded to the Union's wage hike demand in full, which reaffirmed market expectations for an imminent shift in the (BoJ) policy stance. This, along with a generally softer risk tone, turns out to be a key factor lending some support to the safe-haven JPY.
INTERNATIONAL EQUITY MARKETS | (Sources: Bloomberg / Reuters) |
UNITED STATES OF AMERICA
U.S. stocks dropped on Thursday, with chipmaker stocks extending losses for a second day, and as a jump in producer prices left investors wondering if the Federal Reserve might wait longer than expected to cut interest rates. US retail sales rebound in Feb.
EUROPE
European shares lost momentum on Thursday after hitting a series of record highs in the past few sessions, as further evidence of sticky U.S. inflation led to doubts about the timing of interest rate cuts, while weakness in miners added to the declines.
ASIA
Most Asian stocks fell sharply on Friday as hotter-than-expected U.S. inflation readings spurred more concerns over higher-for-longer interest rates, with a barrage of upcoming central bank meetings coming squarely into focus.
MUST READ | (Source: Bloomberg/ Forexlive) |
JPMorgan fined $348 million for the way it monitors trading
JPMorgan Chase (JPM) is paying $348 million in fines to US regulators for alleged failures to monitor the trading of its clients and employees, one of the largest such penalties paid by any lender so far in 2024. The fines were imposed by the Federal Reserve and Office of the Comptroller of the Currency (OCC) in separate orders Thursday. The OCC said JPMorgan "engaged in unsafe or unsound practices" and "failed to establish adequate governance over trading venues on which it is active." The Fed said the nation's largest bank "failed to surveil billions of instances of trading activity on at least 30 global trading venues" between 2014 and 2023. Both required a number of fixes. JPMorgan neither admitted nor denied the claims. Its stock was down more than 1% Thursday afternoon. Last month, JPMorgan disclosed this issue in a filing to the SEC, stating that it had "not identified any employee misconduct, harm to clients or the market" and that it didn't expect any disruption to client services. A spokesperson confirmed Thursday this is still the case. JPMorgan also disclosed last month the firm was in advanced negotiations with a third US regulator, though "there is no assurance that such discussions will result in a resolution." The fines are one of the largest paid thus far this year by one of the big banks.
Fx rates | Last | High | Low | % Daily | % Weekly | % YTD |
EUR-USD | 1.0878 | 1.0886 | 1.0873 | -0.05 | -0.56 | -1.46 |
GBP-USD | 1.2740 | 1.2756 | 1.2730 | -0.10 | -0.92 | 0.07 |
USD-JPY | 148.31 | 148.66 | 148.23 | -0.01 | -0.84 | -4.90 |
USD-CHF | 0.8848 | 0.8851 | 0.8834 | 0.12 | -0.87 | -4.91 |
Commodities | Last | High | Low | % Daily | % Weekly | % YTD |
Silver | 25.06 | 25.21 | 24.80 | 0.98 | 3.08 | 5.32 |
Crude Oil | 81.13 | 81.26 | 80.91 | -0.16 | 4.00 | 12.66 |
Bitcoin | 68502.51 | 72392.07 | 66715.79 | -3.08 | -1.34 | 61.15 |
Etherium | 3737.52 | 3929.86 | 3621.70 | -2.69 | -4.34 | 63.76 |
Period | 1 M | 3 M | 12 M | |||
SOFR | 5.33 | 5.33 | 5.03 | |||
Notes/Bonds | 2 Y | 10 Y | 30 Y | |||
US | 4.68 | 4.28 | 4.42 | |||
BTP - BUND | 0.53 | 1.28 | 1.70 | |||
GILTS | 4.32 | 4.09 | 4.53 | |||
Index | Close | % Daily | % M | YTD | Futures | % Change |
S&P | 5150.48 | -0.29 | 2.40 | 7.98 | 5148.50 | -0.10 |
Nasdaq | 16128.53 | -0.30 | 1.40 | 7.44 | 17964.75 | -0.34 |
DJ EuroStoxx50 | 4993.12 | -0.15 | 5.27 | 10.43 | 4989.00 | -0.10 |
FTSE 100 | 7743.15 | -0.37 | 1.92 | 0.13 | 7733.00 | -0.06 |
CAC 40 | 8161.42 | 0.29 | 5.40 | 8.20 | 8163.00 | N/A |
DAX | 17942.04 | -0.11 | 5.25 | 7.11 | 17908.00 | -0.11 |
IBEX 35 | 10490.50 | -0.66 | 5.67 | 3.84 | 10488.20 | N/A |
FTSE MIB | 33786.18 | -0.29 | 6.60 | 11.32 | 33801.00 | N/A |
Nikkei | 38707.64 | -0.26 | 1.44 | 15.67 | 38390.00 | -0.52 |
Hang Seng | 16961.66 | -1.81 | 4.45 | -2.31 | 16637.00 | -1.84 |
DFM General | 4290.34 | -1.10 | 0.10 | 4.52 | N/A | N/A |
MSCI Tadawoul | 12728.53 | 0.04 | 1.95 | 6.36 | N/A | N/A |
PRIOR_CLOSE_MID | CHG_PC CHG_PC CHG_PCT_ | |||||
Leb. Mrkts | Closing Px | High | Low | % Daily | % Weekly | YTD |
Solidere B | 75.00 | 75.00 | 75.00 | 0.00 | 3.31 | -16.62 |
MAIN WEEKLY EARNINGS | ||||||
Company | Ticker | Market Cap | Date | Time | Estimate | Year Ago |
Jabil Inc | JBL US | $19.1 B | 15-Mar-24 | Pre-mkt | 1.55 | 1.76 |
Embraer S.A. | ERJ US | $3.9 B | 15-Mar-24 | Pre-mkt | 0.27 | 0.24 |
RLX Technology | RLX US | $2.9 B | 15-Mar-24 | Pre-mkt | N/A | -0.03 |
GigaCloud Tech | GCT US | $1.2 B | 15-Mar-24 | After-mkt | 0.58 | 0.31 |
Hibbett, Inc. | HIBB US | $1.0 B | 15-Mar-24 | Pre-mkt | 2.55 | 2.91 |
ECONOMIC CALENDAR
(15-03-24) FR- Consumer Price Index FEB
(15-03-24) DE- German Buba President Nagel speech
(15-03-24) US- Industrial Production FEB
(15-03-24) US- NY Empire State Manufacturing Index MAR
(15-03-24) US- Michigan Consumer Sentiment Index MAR preliminar
(15-03-24) EA- ECB's Lane speech
(15-03-24) CA- Wholesale Sales MoM
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Disclaimer: This report is published for information purposes only. The information herein has been compiled from, or based upon sources we believe to be reliable, but we do not guarantee or accept responsibility for its completeness and accuracy. This document should not be construed as a solicitation to take part in any investment, or as constituting any representation or warranty on our part. The investment risks described herein are not purported to be exhaustive, any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. Investment, Capital Market and Treasury products are subject to Investment risk, including possible loss of principal amount invested. Past performance is not indicative of future results: prices can go up or down. Investors investing in investments and/or treasury products denominated in foreign (non-local) currency should be aware of the risk of exchange rate fluctuations that may cause loss of principal when foreign currency is converted to the investor's home currency. Client understands that it is his/her responsibility to seek legal and/or tax advice regarding the legal and tax consequences of his/her investment transactions. The consequences of any action taken on the basis of finformation contained herein are solely the responsibility of the recipient.
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Banque Bemo SAL published this content on 15 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2024 07:53:03 UTC.
