Morning Minutes

Banks Still Struggle Despite Lifelines as Capital Flocks to Defensive Havens




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:

Subscribe to the Morning Minutes:

Today's earnings reports and market activity, delivered right to your inbox.

Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

Read More

Legal and Regulatory Disclosures

Terms and Conditions:
This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, Advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIA Wealth Management Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.