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U.K.’s March flash Manufacturing PMI 48.0 (expected 50.0; last 49.3) and flash Services PMI 52.8 (expected 53.0; last 53.5).
Retail sales in the U.K. returned to pre-pandemic levels in the February reading.
February Retail Sales 1.2% m/m (expected 0.2%; last 0.9%); -3.5% yr/yr (expected -4.7%; last -5.2%).
February Core Retail Sales 1.5% m/m (expected 0.1%; last 0.9%); -3.3% yr/yr (expected -4.7%; last -5.4%)Eurozone’s March flash Manufacturing PMI 47.1 (expected 49.0; last 48.5) and flash Services PMI 55.6 (expected 52.5; last 52.7)
Germany’s March flash Manufacturing PMI 44.4 (expected 47.0; last 46.3) and flash Services PMI 53.9 (expected 51.0; last 50.9)
France’s March flash Manufacturing PMI 47.7 (expected 48.0; last 47.4) and flash Services PMI 55.5 (expected 52.5; last 53.1)European Central Bank policymaker Centeno said that inflation was and still is too high.
Large-scale protests are continuing in France after the Macron government forced through labor reforms.
Shares of Deutsche Bank have fallen nearly 15.0% to a level not seen since early October amid a jump in the bank’s cost of default insurance.
Deutsche Bank (DB 8.59, -1.06, -11.0%): Default insurance costs rise at Deutsche Bank, according to Reuters
UBS (UBS 18.20, -0.97, -5.1%) and Credit Suisse (CS 0.8200, -0.05, -6.0%): down on reports that they are among banks facing DOJ Russia-sanctions probe, according to Bloomberg
Regeneron Pharmaceuticals, Inc. (REGN 804.00, +1.84, +0.2%): upgraded to Buy from Hold at Jefferies
Block (SQ 60.77, -1.11, -1.8%): downgraded to Neutral from Overweight at Atlantic Equities
Coinbase Global (COIN 64.30, -2.00, -3.0%): downgraded to Underperform from Market Perform at TD Cowen
Orders for durable goods decline 1.0% in February (consensus +1.6%) following a downwardly revised 5.0% decline in January (from -4.5%).
Orders for durable goods, excluding transportation, was unchanged in February (consensus +0.3%) following a revised 0.4% increase in January (from 0.7%).Activision (ATVI 85.04, +5.36, +6.7%) is up sharply this morning after the U.K.’s CMA narrowed the scope of concerns for Microsoft’s (MSFT 276.10, -1.56, -0.6%) acquisition.
he IHS Markit Services PMI rose to 53.8 in the preliminary March reading versus the prior reading of 50.6.
The IHS Markit Manufacturing PMI rose to 49.3 in the preliminary reading versus the prior reading of 47.3.Saint Louis Fed President James Bullard (not an FOMC voter) said
“Continued appropriate macroprudential policy can contain financial stress, while appropriate monetary policy can continue to put downward pressure on inflation.”
A short time ago, Deutsche Bank announced a decision to redeem its US $1,500,000,000 Fixed to Fixed Reset Rate Subordinated Tier 2 Notes due 2028.
Dow -206.14 at 31899.02, Nasdaq -67.48 at 11719.91, S&P -22.72 at 3927.27
A few strong mega cap stocks are offering a measure of support to the broader market.
Apple (AAPL 159.15, +0.22, +0.2%),
Microsoft (MSFT 278.78, +1.11, +0.4%),
Meta Platforms (META 205.82, +1.54, +0.8%).The CBOE Volatility Index is up 5.8% or 1.31 to 23.92.
Most Americans Doubt Their Children Will Be Better Off, WSJ-NORC Poll Finds
Dim view of economy underpins pessimism about future and record-low happiness in U.S.
Just 12% of respondents described themselves as “very happy,” the lowest share on record since NORC began asking the question every few years starting in 1972 as part of the General Social Survey. Three in 10 respondents called themselves “not too happy,” the highest share on record over that half-century period.
Record-low happiness in America
– Roughly 4 in 10 cited #healthcare & #housing costs as big worries, nearly 2/3s said #inflation is a major concern.
– WSJ-NORC poll surveyed 1,019 adults from March 1 to 13, largely BEFORE #siliconvalleybankcollapse Updatehttps://t.co/hTHCnpWNV8 pic.twitter.com/K0Bty6POCu— Traders Community (@TradersCom) March 24, 2023
March 25-31, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Neutralizing
[See the full post at: Traders Market Weekly: Neutralizing Contagion]
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