The US Jobs Data Is In Focus, SVB Turmoil
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Thursday could’ve been a calm trading session. Especially given that after a deluge of strong economic figures concerning inflation and jobs, the little uptick in the US weekly jobless claims to above 200’000 for the first time since January – and which sent the US short-term yields tumbling - could’ve given some piece of mind to investors and lead to a minor correction in equities before today’s all-important US jobs figures.
But, no.
A severe rout in banking stocks spoiled what could’ve been a calm session on Thursday. Silicon Valley Bank’s 60% plunge due to difficulties following sharp rise in interest rates fueled worries across the banking sector.
And things could get worse before they get better.
Today, the US jobs data is in focus. A strong set of figures could cement the expectation of 50bp hike from the Fed later this month and further weigh on equity valuations.
Bank of Japan
Elsewhere, the Bank of Japan (BoJ) kept its policy unchanged at Mr. Kuroda’s last meeting, the yen fell against the dollar. But the USD will be remain seated at the driver seat until the weekly closing bell as all the attention will be on the US jobs data!
Watch the full episode to find out more!
- 0:00 Intro
- 0:33 US bank stocks tumble amid Silvergate, SVB turmoil
- 6:53 US jobs data is crucial for Fed rate expectations!
- 8:49 Kuroda waves eventless Good Bye!
Ipek Ozkardeskaya
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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