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21 Mar 2023

Markets Move Higher as Anxiety Subsides

A relief rally continues to unfold in global financial markets this morning, with equity indices and bond yields marching higher as tensions in the US and European banking sectors show signs of easing. The dollar is turning in a mixed performance as safe haven currencies retreat. In prepared comments released ahead of a speech this morning, US Treasury Secretary Janet Yellen said the protections extended to uninsured depositors at Silicon Valley Bank could see use elsewhere. “Our intervention was necessary to protect the broader US banking system,” she said, “And similar actions could be warranted if smaller institutions suffer deposit runs that pose the...

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20 Mar 2023

Calm before the Fed storm?

• Intra-day vol. Equity and bond markets have whipped around over the past 24hrs in response to the UBS/Credit Suisse deal. In the end risk appetite improved.• Fed in focus. Measures deployed to suppress contagion risks should keep the door open for the Fed to hike rates again in its fight against inflation.• AUD near a 2-week high. Positive risk sentiment can support the AUD further near-term, but the Fed decision could see it fall back later this week. Markets continue to experience intra-day volatility, with global banking developments still centerstage. The news that UBS is buying Credit Suisse was...

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20 Mar 2023

Official Policy Actions Ease Market Tensions

Risk aversion appears to be ebbing in financial markets after Swiss regulators forced UBS and Credit Suisse together, and major central banks agreed to increase swap line availability. The dollar is softer, Treasury yields are down, and North American equity futures are stabilizing. We remain convinced that the US and European banking sectors are well capitalized and flush with liquidity, meaning that official policy actions should prove successful in preventing a broad-based meltdown in global financial markets.  But signs of potential contagion remain obvious: implied volatility levels are elevated, regional bank indices are sitting on losses, and commodities are lower....

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19 Mar 2023

Will the US Fed hike rates again?

• Market turbulence. Banking developments continue to drive markets. Will the UBS/Credit Suisse news act as a circuit breaker?• Fed in focus. The US Fed meets later this week. Despite the banking issues, high inflation still points to the Fed hiking by another 25bps, in our view.• AUD volatility. AUD has edged higher recently. Another Fed rate hike and a relatively ‘hawkish’ message could see the USD bounce back. Developments in the global banking system continue to drive markets. It has been a tumultuous week, with fears of bank contagion weighing on risk appetite once again on Friday. More regional...

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19 Mar 2023

Financial Times Reports UBS Has Agreed to Buy Credit Suisse

The Financial Times is reporting that UBS has agreed to buy Credit Suisse in an all-share deal that will essentially wipe out equity shareholders in the long-troubled Swiss institution. According to the report, the Swiss National Bank will make an additional $100 billion in liquidity available to Credit Suisse, supplementing a facility set up last week – and the deal involves a “material adverse change” clause that would void the deal if unknown exposures on the bank’s books endanger the acquirer’s credit position. The euro is expected to see gains as Swiss authorities perform their own version of Mario Draghi’s...

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