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Global Risk Assets Follow Bank Stocks Lower

CROSS ASSET
  • Risk assets fading somewhat through the NY crossover, with EUR/JPY drifting off highs, US 10y yields and the e-mini S&P hitting new Friday lows, while gold gains.
  • Moves coincide with further slippage in Credit Suisse shares (have faded from the open after pre-market reports that both UBS and CS were opposed to a forced tie-up of the two banks) which continue to edge lower. There have been no fresh headlines crossing to drive the move, with the slide being persistent across the European morning.
  • Pre-market trade in First Republic Bank is similarly choppy, with shares set to open lower by as much as 10% later today - flagging that regional US banks remain a cause for concern.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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