A Swiss Save and an Action-Packed Chartbook | Morning Express | 3/20/2023
Posted: March 20, 2023, 9:08 a.m.
- UBS to buy Credit Suisse for $3 billion, brokered by Swiss authorities who ignored laws requiring a shareholder vote. The move wipes out $17 billion of junior debt known as Additional Teir-1 debt (AT1), although shareholders receive payments, the move rattles institutional investor confidence.
- Six central banks, including the Federal Reserve, announce a coordinated effort to improve U.S. Dollar liquidity by enhancing the frequency of swap line operations form weekly to daily. A similar coordinated effort was established in March 2020.
- China’s President Xi landed in Moscow early this morning for a three-day visit with Russia’s President Putin.
- Gold highest since March 2022 and Crude Oil lowest since November 2021.
- German PPI data was firmer than expected at 15.8% y/y versus 14.5%, but still disinflationary -0.3% m/m versus -0.5%.
- ECB President Lagarde speaks this morning, scheduled for 9:00 and 11:00 am CT.
- The Federal Reserve begins their two-day policy meeting tomorrow, with a decision on Wednesday at 1:00 pm CT.
- The CME’s FedWatch Tool signals a 25bps hike with a 65.7% probability, with the remaining 34.3% favoring no action.
- Rates are currently 450/475bps (before Wednesday) and there is a 70.1% probability they are cut by 50bps to 400/425bps by September.
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E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 3947.00, down 47.50 on Friday and up 49.50 on the week
NQ, yesterday’s close: Settled at 12,644.75, down 70.75 on Friday and up 675.75 on the week
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NQ (June)
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Crude Oil (May)
Yesterday’s close: Settled at 66.93, down 1.59 on Friday and 9.85 on the week.
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Gold (April) / Silver (May)
Gold, yesterday’s close: Settled at 1973.5, up 50.5 on Friday and 106.3 on the week
Silver, yesterday’s close: Settled at 22.462, up 0.770 on Friday and 1.956 on the week
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Silver (May)
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