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Curves Bear Flattening In Core FI Markets On More Optimistic Backdrop

EMERGING MARKETS
  • US Mulls More Support for Banks While Giving First Republic Time --- Authorities are considering expanding an emergency lending facility for banks in ways that would give First Republic Bank more time to shore up its balance sheet, according to people with knowledge of the situation. Officials have yet to decide on what support they could provide First Republic, if any, and an expansion of the Federal Reserve’s offering is one of several options being weighed at this early stage.
  • Curves have bear flattened across core FI markets this morning on hope of this further support for the U.S. banking sector and after First Citizens Bank acquired SVB. Firmer equities overall are weighing on the Japanese Yen in currency markets with USDJPY a little over 100 pips higher than the overnight lows of 130.41.
  • China to Meet 5% Target, Monetary Policy Has Room --- China can achieve its economic target of “around 5%” growth this year and monetary policy has room to manoeuvre as inflation remains mild, said Han Wenxiu, executive deputy director of the office of the Central Committee for Financial and Economic Affairs, at the China Development Forum 2023 on Saturday.
  • Data releases are few and far between Monday, keeping focus on the speaker slate as ECB's Nagel, Elderson, Centeno and Schnabel are on the docket. BOE's Bailey is also set to testify on the purchase of SVB UK by HSBC and Fed's Jefferson speaks on monetary policy after the market close.
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