Stocks recover after US says all SVB depositors will be made whole - 13.3.2023

The Dollar weakening is intact 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, lost 0.4% Friday despite stronger than expected February jobs report while the unemployment rate rose when no change was expected.

Both EUR/USD and GBP/USD accelerated their climbing on Friday as the Office for National Statistics reported UK GDP grew 0.3% over month in January after 0.5% contraction in December when an 0.1% increase was forecast. Both Pound and euro are higher against the Dollar currently. Both USD/JPY and AUD/USD accelerated their retreating on Friday reversed with both the yen and the Australian dollar higher against the Greenback currently.

US stocks indexes futures are up currently after closing solidly lower on Friday as the Federal Deposit Insurance Corporation announced it was seizing control of SVB and would reopen branches on Monday to allow customers to recover up to $250,000 in deposits. The three main US stock benchmarks recorded daily losses in the range from 1.1% to 1.8% on Friday with tech stocks leading losses.

European stock indexes futures are mixed currently after stocks closed lower on Friday with bank shares leading losses. Asian indexes futures are mostly higher today with Hong Kong’s Hang Seng index leading gains after newly reappointed Premier Li Qiang promised easier policies and reassured that the government will ensure its annual economic projections are met.

Brent is extending gains currently. Prices ended higher on Friday as Baker Hughes company reported active US oil rigs count fell by 2 to 590 last week, their lowest since June. West Texas Intermediate (WTI) futures settled up 1.3% and is higher currently. Brent rose 1.5% to $82.78. Both benchmarks ended more than 3% lower on the week.