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Fresh PacWest Worry Weighs On E-Minis

EQUITIES

E-minis have been on the backfoot over the last hour and a bit, with news that PacWest shed over 9% of their deposits last week reigniting worry surrounding the regional bank sector (not that it ever really subsided). The KRE ETF last shows the best part of 2% lower pre-market as a result, while PacWest is indicated over 20% softer vs, closing levels. The bank flagged its intentions to complete strategic asset sales in Q2 and its belief that it has the cash to fund its needs over the next 12 months, although this has done little to placate the aforementioned worry. S&P 500 e-minis traded to fresh session lows as a result, unwinding gains seen since yesterday’s settlement to last show incrementally lower on the day.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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