Traders Market Weekly: Neutralizing Contagion

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    Eurozone’s January trade deficit EUR30.60 bln (expected deficit of EUR12.50 bln; last deficit of EUR8.80 bln)

    Germany’s February PPI -0.3% m/m (expected -0.5%; last -1.2%); 15.8% yr/yr (expected 14.5%; last 17.6%)


    New York Community (NYCB 8.34, +1.80, +27.5%) is moving higher this morning on news that it plans to acquire certain assets and assumes certain liabilities of Signature Bridge Bank from the FDIC.

    The SPDR S&P Bank ETF (KBE) is up 4.6% and the SPDR S&P Regional Bank ETF (KRE) is up 5.3%.

    • This reply was modified 6 months, 1 week ago by Truman.

    Pinduoduo (PDD 79.80, -12.14, -13.2%) is notable laggard this morning after reporting below consensus earnings and revenue.


    Dow +329.65 at 32191.54, Nasdaq +1.39 at 11631.90, S&P +24.54 at 3942.45

    There’s more underlying strength today than index level performance may suggest. The Invesco S&P 500 Equal Weight ETF (RSP) is up 1.4% versus a 0.6% gain in the market-cap weighted S&P 500. Also, advancers lead decliners by a greater than 3-to-1 margin at the NYSE and a 3-to-2 margin at the Nasdaq.

    Most of the 11 S&P 500 sector trade up led by materials (+1.8%), financials (+1.8%), and energy (+1.6%). Meanwhile, lagging mega cap stocks are weighing on their respective S&P 500 sectors — information technology (-0.6%), communication services (flat), and consumer discretionary (+0.3%) — leading them to last place on the leaderboard.


    U.S. Treasuries lows after backpedaling from their initial highs.

    Treasuries began dipping immediately after the cash open after a night that saw strength from Treasury futures. Shorter tenors led the overnight advance, but they have also been at the forefront of the recent reversal from opening levels. The early pullback has lifted the 30-yr yield above its opening level from Friday while yields on shorter tenors remain below their opening levels from the Friday session. Equities are off to a mixed start with the S&P 500 (+0.4%) holding a modest gain while the Nasdaq (-0.3%) lags.

    2-yr: +12 bps to 3.94%
    3-yr: +11 bps to 3.79%
    5-yr: +9 bps to 3.56%
    10-yr: +8 bps to 3.47%
    30-yr: +6 bps to 3.66%


    ^^^^ +1s for all great posts above as we live in interesting times

    Dow 32,244.58 382.60 1.20%
    S&P 500 3,951.57 34.93 0.89%
    Nasdaq 11,675.54 45.02 0.39%
    VIX 24.15 -1.36 -5.33%
    Gold 1,983.00 9.50 0.48%
    Oil 67.50 0.76 1.14%
    BITCOIN 27,970


    Angst around the banking industry persists, evidenced by the material decline seen today in shares of First Republic Bank (FRC 12.18, -10.85, -47.1%).

    Shares of First Republic Bank continued to suffer sharp losses today after FRC’s debt was downgraded at S&P to B+ from BB+. There was a short-lived recovery attempt in FRC when The Wall Street Journal reported that JPMorgan Chase’s (JPM 127.14, +1.33, +1.1%) Jamie Dimon is leading talks with executives at other banks about a deal that could involve converting the previously announced $30 billion in deposits into a capital infusion. Ultimately, however, FRC closed near its worst levels of the day.

    The SPDR S&P Bank ETF (KBE), which was up 4.5% at its high this morning, closed with a slimmer 1.6% gain and the SPDR S&P Regional Bank ETF (KRE), which was up 4.9% at its best level of the day, had a 1.2% gain by the close.


    UBS (UBS 18.80, +0.60, +3.3%) acquisition of Credit Suisse (CS 0.94, -1.06, -53.0%) for a “takeunder” price of $3.2 billion.


    Rebound action in the bank and energy stocks. The Russell 2000 rose 1.1% and the S&P Mid Cap 400 rose 1.7%.

    All 11 S&P 500 sectors closed with gains ranging from 0.2% (information technology) to 2.1% (energy).

    2-yr note yield rose 10 basis points today to 3.92%
    10-yr note yield rose nine basis points to 3.48%, market participants anxiously await the FOMC decision on March 22.


    First Majestic Silver temporarily suspending all mining activities and reducing workforce at Jerritt Canyon, effective immediately. #Silver
    $AG $6.14▼ 1.30 (▼17.47%) After Hours


    Equity indices in the Asia-Pacific region ended Tuesday on a higher note while Japan’s Nikkei was closed for Vernal Equinox.

    Japan’s Nikkei: CLOSED,
    Hong Kong’s Hang Seng: +1.4%,
    China’s Shanghai Composite: +0.6%,
    India’s Sensex: +0.8%,
    South Korea’s Kospi: +0.4%,
    Australia’s ASX All Ordinaries: +0.8%.


    South Korea’s February PPI 0.1% m/m (last 0.4%); 4.8% yr/yr (last 5.1%)
    South Korea’s exports were down 17.4% yr/yr during the first 20 days of March with chip exports falling 44.7%.

    New Zealand’s February trade deficit NZD714 mln (expected deficit of NZD1.45 bln; last deficit of NZD2.113 bln). February Credit Card Spending 25.6% yr/yr (last 18.1%)

    India’s Prime Minister Modi and Japan’s Prime Minister Kishida talked about increasing economic cooperation.

    The Reserve Bank of Australia’s March Minutes showed an agreement to consider a pause in raising rates in April.

    South Korea’s exports were down 17.4% yr/yr during the first 20 days of March with chip exports falling 44.7%.


    Major European indices trade on a firmly higher note with bank stocks bouncing.

    STOXX Europe 600: +1.5%,
    Germany’s DAX: +1.6%,
    U.K.’s FTSE 100: +1.4%,
    France’s CAC 40: +1.5%,
    Italy’s FTSE MIB: +2.4%,
    Spain’s IBEX 35: +2.5%.


    Eurozone’s January Construction Output 3.91% m/m (last -2.31%) and March ZEW Economic Sentiment 10.0 (expected 16.0; last 29.7)

    Germany’s March ZEW Economic Sentiment 13.0 (expected 17.1; last 28.1) and ZEW Current Conditions -46.5 (expected -44.3; last -45.1)

    U.K.’s February Public Sector Net Borrowing GBP15.86 bln (expected GBP10.10 bln; last -GBP9.10 bln)
    Swiss February trade surplus CHF3.31 bln (expected surplus of CHF3.45 bln; last surplus of CHF4.848 bln)


    First Republic Bank (FRC 13.91, +1.73, +14.2%): JP Morgan (JPM) CEO Jamie Dimon is leading discussions to rescue First Republic Bank, according to WSJ

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