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Gold and Treasuries surged on safe-haven sentiment about recent unwind at $SIVB and $SBNY weighs
Gold futures settled $49.30 higher (+2.6%) to $1,916.50/oz
GitLab (GTLB) beats by $0.11, beats on revs; guides Q1 EPS above consensus, revs below consensus; guides FY24 EPS above consensus, revs below consensus… GTLB down 37.4%
Getty Images (GETY) misses by $0.09 (two ests), misses on revs; guides FY23 revs below consensus… GETY down 7.1%
SPDR S&P Regional Banking ETF $KRE fell another 12.3%
SPDR S&P Bank ETF $KBE fell another 10.0%.
First Republic Bank $FRC 31.21, -50.55, -61.8%)
Western Alliance Bancorp. $WAL 26.12, -23.22, -47.1%
Comerica $CMA 42.54, -16.27, -27.7%
PacWest Bancorp. $PACW 9.75, -2.60, -21.1%)First Republic Bank (FRC 44.61, +13.40, +42.9%)
PacWest (PACW 13.18, +3.43, +35.2%): big rebound after sharp declines in recent sessions
Western Alliance Bancorp (WAL 34.47, +8.35, +32.0%): Wells Fargo reiterated its Overweight ratingUber (UBER 32.77, +1.95, +6.3%) and Lyft (LYFT 32.77, +1.95, +6.3%): California Court of Appeal upheld Prop 22 Decision that “protects the independence drivers value and gives them new, historic benefits”
United Airlines (UAL 46.58, -2.25, -4.6%): guides Q1 earnings well below consensus; related to potential new collective bargaining agreement; expects Q1 CASM-ex to be flat to positive 1%; reiterates FY23 CASM-ex outlook of approx. flat yr/yr; reiterates FY23 EPS
Delta Airlines (DAL 35.91, +0.23, +0.6%): reaffirming its outlook, previously provided on January 13, 2023, for the March quarter
Equity indices in the Asia-Pacific region ended Tuesday on a lower note with banks seeing more pressure.
Japan’s Nikkei: -2.2%,
Hong Kong’s Hang Seng: -2.3%,
China’s Shanghai Composite: -0.7%,
India’s Sensex: -0.6%,
South Korea’s Kospi: -2.6%,
Australia’s ASX All Ordinaries: -1.5%.South Korea’s February Import Price Index -0.5% yr/yr (last 1.9%) and Export Price Index 2.7% yr/yr (last -1.2%)
India’s February WPI Inflation 3.85% yr/yr (expected 4.00%; last 4.73%)
Australia’s February NAB Business Confidence -4 (expected 0; last 6) and NAB Business Survey 17 (expected 21; last 18)
Japan’s Finance Minister Suzuki said that financial markets in Japan are stable while South Korea’s Finance Minister Choo said that the Bank of Korea will take steps to stabilize markets if needed.
China is lifting restrictions on imports of Australian coal.
President Biden confirmed that Australia will acquire nuclear-powered submarines.
Fitch affirmed South Korea’s AA- rating with a Stable outlook.
Major European indices trade on a mostly higher note.
STOXX Europe 600: +0.2%,
Germany’s DAX: +0.8%,
U.K.’s FTSE 100: UNCH,
France’s CAC 40: +0.6%,
Italy’s FTSE MIB: +0.4%,
Spain’s IBEX 35: +0.9%.U.K.’s January Average Earnings Index + Bonus 5.7% yr/yr, as expected (last 6.0%), January three-month employment change 65,000 (expected 52,000; last 74,000), and January Unemployment Rate 3.7% (expected 3.8%; last 3.7%)
Italy’s January Industrial Production -0.7% m/m (expected -0.1%; last 1.2%); 1.4% yr/yr (expected 2.9%; last -0.9%)
Spain’s February CPI 0.9% m/m (expected 1.0%; last -0.2%); 6.0% yr/yr (expected 6.1%; last 5.9%)
Swiss February CPI -0.2% m/m (expected 0.5%; last 0.7%); 2.7% yr/yr (last 3.3%)
Credit Suisse released its delayed quarterly report, noting that “material weaknesses” were found in its reporting process for the past two years.
There are growing expectations that the European Central Bank will forego a 50-bps rate hike in favor of a 25-bps increase at this month’s meeting.
British Prime Minister Sunak will visit the White House in June.
The S&P 500 futures are up 28 points and are trading 0.6% above fair value.
The Nasdaq 100 futures are up 81 points and are trading 0.6% above fair value.
The Dow Jones Industrial Average futures are up 202 points and are trading 1.0% above fair value.The Consumer Price Index (CPI) rose 0.4% in February (consensus 0.4%) following a 0.5% increase in January. The core-CPI, which excludes food and energy, rose 0.5% in February (consensus 0.4%) following a 0.4% increase in January.
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