A volatile week for world stock markets continues this morning with equities in retreat once again. US index futures are trading flat to down 0.6%, with Dow Futures leading the way lower. Over in Europe, the Dax is down 0.25% and the FTSE is down 0.15%. Capital continues to flow into defensive havens with Gold up 1.1%, trading just below $1,950/oz, Silver up 1.6%, and the Japanese Yen up 1.2%. Commodities are mixed with WTI Crude Oil now down 0.2% having given back overnight gains, but with Copper up 1.5%.
Despite Credit Suisse getting $54B in support from the Swiss National Bank, and First Republic getting $30B in deposits from 11 major US banks, their shares remain under pressure today falling 8.3% and 18.9% respectively in premarket trading. Shares of big cap US banks like Citigroup, Bank of America, and JPMorgan are also struggling this morning amid premarket losses of around 1.5%.
One bright spot in early trading has been an 11.4% premarket gain for FedEx after the company beat expectations on earnings ($3.41 vs street $2.71) indicating investors appear to still be willing to reward good news outside of the Financial sector.
New Video: SIA Wealth March 2023 Market Outlook Webinar Replay
A replay of the SIA Wealth Market Outlook Webinar with Colin Cieszynski – Chief Market Strategist, discussing recent trends in world markets is now available.
YouTube Version: https://youtu.be/Ay34e02is3o