Equities mixed as bank shares remain under pressure - 16.3.2023

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Todays’ Market Summary

The Dollar strengthening has halted
The US stock index futures are higher currently
Brent is edging down presently.
Gold prices are edging higher

Top daily news

Global stocks are trading mixed currently ahead of European Central Bank interest rate decision at 14:15 CET today. Wall Street ended mixed on Wednesday as bank rout continued. Apple shares rose 0.26% outperforming the market, Meta’s shares gained 1.92% on Wednesday after reports the previous day the company plans to lay off about 10,000 employees, or roughly 13 percent of its work force after it laid off more than 11,000 people or about 13 percent of its work force in November.

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Forex news

Currency Pair	Change
EUR USD	+0.4%
GBP USD	+0.3%
USD JPY	-0.1%
AUD USD	+0.6%

The Dollar strengthening has halted currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, jumped 0.9% Wednesday.

EUR/USD reversed its advancing while GBP/USD accelerated its retreating on Wednesday despite the statistics office Eurostat report euro zone industrial output resumed growing in January. Euro and Pound are higher against the Dollar currently. Both USD/JPY and AUD/USD reversed their climbing yesterday with both the yen and the Australian dollar higher against the Greenback currently.

Stock Market news

Indices	Change
Dow Jones Index	+0.4%
Nikkei Index	-1.5%
Hang Seng Index	+0.3%
Australian Stock Index	-1.54%

The US stock index futures are higher currently ahead of Department of Labor report on unemployment claims scheduled for 14:30 CET today. The three main US stock indexes ended mixed on Wednesday recording daily returns in the range from -0.9% to 0.05% after data like unexpected decline in wholesale prices and contraction in retail sales suggested a slowing US economy.

European stock indexes futures are rebounding currently after closing sharply lower yesterday with bank stocks leading losses as Credit Suisse fell 24% following announcement by its biggest lender Saudi National Bank it would not provide it with further financial support. Asian stock indexes futures are mostly lower today with Australia’s S&P/ASX 200 All Ordinaries index leading losses dragged by the country’s big four bank stocks.

Commodity Market news

Commodities	Change
Brent Crude Oil	-0.1%
WTI Crude	-0.2%

Brent is edging down presently. Prices ended sharply lower yesterday after Energy Information Administration report US crude inventories rose by above expected 1.6 million barrels in the last week. The US oil benchmark West Texas Intermediate (WTI) futures plunged 5.2% and is lower currently. Brent crude lost 4.9% to $73.69 a barrel on Wednesday.