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Market Brief, North America

13 Mar 2023

Everything, Everywhere, All At Once

Much like last night’s Oscar winner, the financial markets appear to be exploring every possibility in the multiverse this morning. Major equity indices are oscillating between gains and losses, global bond yields are plummeting, and currency markets are exhibiting flight-to-safety dynamics after authorities stepped in to unwind Silicon Valley Bank and backstop deposits across a US banking sector that is experiencing losses on its long-dated bond holdings. In a joint statement released before Asian trading began, the Federal Reserve, Treasury and Federal Deposit Insurance Corporation said that depositors in the collapsed institution would have access to their funds from today, with...

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10 Mar 2023

Contagion

A broad selloff in the US banking sector has wiped out billions of dollars in market value and is lowering expectations for rate hikes from the Federal Reserve. The rout began when a rate-related decline in the value of bond holdings, paired with a related drop in technology-sector deposits, forced SVB Financial Group—parent of Silicon Valley Bank—to raise capital through a share sale and sell roughly $21 billion in securities at a loss. Its shares are down more than 79 percent from yesterday’s open, and the financial sector is receiving a pummelling across the board. Market-implied expectations for the Fed...

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09 Mar 2023

BoJ & US labour market in focus

• Shaky risk sentiment. Bond yields fall as some partial data points to a looming turn in the labour market. Equities also under pressure.• US labour report. Market reaction to the outcome should be binary. A strong (weak) result would boost (weigh) on the USD.• BoJ announcement. Will outgoing BoJ Governor Kuroda spring one last surprise? If he does, the JPY would strengthen. Our base case is for no change today. Although the economic news flow has been light, there were some notable market moves overnight, generated by lower tier US labour market data. In a break from the recent...

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09 Mar 2023

Talk Is Expensive

It is increasingly obvious that profit expansion has played an uncomfortably-large role in sustaining high inflation. Corporate margins have expanded dramatically, with many of the world’s largest businesses earning more revenue even as volumes have fallen. Politicians in the US and Canada have seized on the issue, and have increasingly called out corporate “greed” as a major factor in driving prices higher.  But what if it’s all in our heads? Or, more precisely, what if major corporations are only able to raise prices because consumer psychology has shifted after having been constantly bombarded by scary headlines about goods shortages, supply...

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09 Mar 2023

Shock and Awwww

Markets are little changed this morning as a sense of calm returns after Tuesday’s traumatic reset in rate expectations. The dollar is dropping against most majors, yields are lower, and equity indices are slightly weaker ahead of two critical pieces of economic data – tomorrow’s non-farm payrolls report and next week’s consumer-price index – that could change the monetary policy outlook. In yesterday’s Congressional testimony, Federal Reserve chair Jerome Powell largely repeated Tuesday’s hawkish message, but added cautious qualifiers to soften the blow. “We have not made any decision about the March meeting,” he said, “If — and I stress...

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