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Free AccessRegional Banks Still At The Fore, With Soft Chinese Imports Weighing
PacWest equities shed ~8% early today. That isn’t as low as the extremes witnessed pre-market, but still threatens to bring an end to the two-day rally in the name that is debatably the most-closely associated with the tumult for the sector at present (at least among those that possess a going concern), albeit after significant YtD losses were incurred. This is weighing on the regional banking sector, with the KBW index down 1.5% on the day, while the KRE ETF is ~2% lower.
- Note that pre-market saw Citizens Financial report that its deposits rose slightly in April, while the name re-affirmed its commitment to its existing medium-term financial targets.
- S&P 500 e-minis showed lower around the cash re-open, presumably aided by the above, before correcting from fresh session lows to last sit ~0.3% softer on the day after much weaker than expected Chinese import data for April and a move lower in the Hang Seng & mainland Chinese equities weighed on sentiment in pre-NY hours.
- Our technical analyst notes that prices have climbed back above the 50-day EMA, which intersects at 4,101.79. A continuation higher would refocus attention on key resistance and the bull trigger at 4,206.25, the May 1 high. A breach of this level would confirm a resumption of the bull trend that started Mar 13. Key support has been defined at 4,062.25, the May 4 low.
- As noted earlier, President Biden’s meeting with Congressional leaders (scheduled for 16:00 NY/21:00 London) will get plenty of attention given the recent roll forward in “x-date” estimations, although there are few signs that much progress will be made today.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.