28/03/2023
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The posted 0.16% gains, just entering green territory as positivity in bank shares from the SVBβs assets deal could not offset loss in tech-related stocks. Its bank index and KBW regional banking index climbed 3.1% and 0.6% respectively, mostly underpinned by shares of First Citizens Bancshares Inc (up more than 50%), First Republic Bank (up 11.8%), JPMorgan Chase & Co and Bank of America. Apple tumbled 1.2% among poorly performing tech-related growth stocks, dragging down 0.47% at the end of the day. rose 0.6%. followed gains in the U.S financial sector, amid a drop in Treasury yields as concerns about the banking crisis eased. The Topix index in Japan rose, heading for its highest level in more than two weeks while Australian stocks advanced 1.1%. Futures markets suggested gains for the benchmark index in Hong Kong.
rose slightly as fresh news of the banking sector calmed investors, following the recovery of First Republic Bankβs shares. Dow Jones Futures gained 0.7%, while S&P 500 Futures and Nasdaq 100 Futures increased 0.1% each. Traders are monitoring goods trade balance data, retail inventories and CB consumer confidence, as well as testimony from the Fed's Barr.
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Crude moved in a tight range after the previous rally, as the market waits to see more developments in the banking crisis, mixing concerns over supply and increasing demand. Brent crude futures fell to $78.10, while WTI crude rose slightly 0.1% to $72.89. Oil prices were also supported by reports of strong Chinese demand, with expected crude oil imports to rise 6.2% compared to last year's level.
traded well below recent highs as investors turned away from safe haven assets after their risk appetite was recovered, fueled by signs of easing the banking crisis. Spot gold added 0.3% to $1,962.80, while gold futures expiring in June gained 0.5% to $1,981.20. Weakness in the dollar offered some support to the yellow metal, as markets anticipated the uncertainty for more aggressive rate hikes. Other metals recovered slightly. Copper prices also increased on hopes that an economic crisis had been averted.
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weakened for a second consecutive day as less fears of the banking crisis lowered demand for safe haven currencies. Its index gave up 0.14% to 102.6. The greenback weakened 0.86% to 130.62 against the , which was fueled by a 15-basis-point surge in long-term Treasury yields, the largest in six months. Meanwhile, the rallied 0.41% to $0.66785, while added 0.37% to $0.6219. The and , similarly, gained 0.13-0.24%, respectively to $1.08135 and $1.2316.
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Cryptos wobbled after the CFTC filed a lawsuit against Binance and its founder, accusing the crypto exchange of violating federal law by offering unregistered crypto derivatives products in the U.S. Bitcoin was down 3.1% to $26,978, while Ethereum fell below $1,700 before rebounding to $1,703.
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