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LearningEND OF DAY REPORT EQUITIES, FUTURES & OPTIONS MAY 11th

Equities continue lower as PACW fears re-ignite regional banking woesMORNING FINANCIAL MINUTE MAY 12th

Darren Krett

Thursday, 11 May 2023

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END OF DAY REPORT EQUITIES, FUTURES & OPTIONS MAY 11th

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HIGHLIGHTS

ECB's De Guindos says inflation will undoubtedly fall but he is worried about core inflation and services, notes underlying inflatiion will fall but an economic slowdown will curb corporate profits
Fed's Waller (voter) says worried about things such as bank deposit runs, not climate change, when it comes to financial stability
PacWest announced a 9.5% decline in its deposits last week in the wake of reports that it was exploring strategic options
BoE Governor Bailey says he hopes we are close to the end of rate-hiking cycle; approaching a point where Bank should be able to go on hold - Bloomberg TV interview , also stated that Has not yet seen evidence that allows the Bank to go on hold
Fed's Kashkari (voter, hawkish) says inflation is coming down but "its been pretty darn persistent", means Fed has to "keep at it" for an extended period


SUMMARY

The Dollar surged despite cool economic data, including a large rise in jobless claims and a better-than-expected PPI report. This was probably due to soured risk sentiment around banking fears after PacWest noted deposits had fallen this week (over 9%), an announcement from the FDIC to propose a special assessment fee on larger banks to recoup losses to the FDIC saw further downside in banks.

MARKET SNAPSHOT

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TODAY'S MOVERS

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TODAY'S NUMBERS

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ON THE TICKET TOMORROW

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