RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

MNI BRIEF: China’s April Loan Prime Rate Unchanged

CHINA SETS YUAN CENTRAL PARITY AT 7.1043 MON VS 7.1046

NBH Data Watch

INDON Sov Curve Flatter, Trade Surplus Soars, BI Decision Wednesday

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Equities Roundup: Highs for Week, Big Banks Seek Options for FRC

US STOCKS
  • Support for US equities is gaining momentum heading into midday, front month S&P futures marking new session high of 3975.0 - best level since last Thursday before news of Silicone Valley Bank's collapse hit (in-turn spurring reversal in rate hike expectations ahead next week's FOMC with rate cuts priced in by mid-year).
  • Leading gainers are Communication Services, IT, Consumer Discretionary and Financial sectors.
  • Main trigger for current rally is WSJ article re: JP Morgan, Citi, BofA, Well Fargo working on options to support First Republic Bank (FRC). FRC assailed this week after Silicone Valley Bank collapse last Friday, FRC trading off lows to near 25.0 at the moment (52W low of 17.53.
  • European banks bouncing as well, STOXX Bank index up over 1%, as late Wed's news SNB will backstop Credit Suisse gains momentum. Recent headlines re: right-wing populist Swiss People's Party (SVP) opposing the state guarantee for Credit Suisse does not hold much weight as it does not have ability to veto decisions.
  • From a technical standpoint, short-term gains are still considered corrective. Price last week cleared a key short-term support at 3960.75, Mar 2 low to confirm a resumption of the bear cycle that has been in place since Feb 2. The move lower signals scope for an extension towards 3822.00 next, the Dec 22 low. Initial firm resistance is seen at 4031.46, the 50-day EMA.
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