Marcus Today Pre-Market Podcast – Wednesday 22nd March

Global equity markets closed up overnight as widespread fears over liquidity in the banking sector abated. All eyes are now on the Fed which is expected to wrap up its two-day policy meeting tomorrow with an expected 25bps hike. The USD dollar index edged lower, and short-dated treasury yields rose sharply. Dow Jones up 316 points (+0.98%). Dow up 349 at best. S&P 500 up 1.30%. NASDAQ up +1.58%. VIX Volatility Index down a huge 11.5%. In Europe, STOXX 50 +1.5% FTSE +1.8% CAC +1.4% DAX +1.8%. SPI Futures are up 62 points (+0.89%).

The banking sector has bounced back, continuing from Monday’s reversal. S&P 500 Banks Group, KBW Regional Banking Index, and STXE 600 Banks up 3.6%, 4.8%, and 3.8%, respectively. Despite some of its recent resurgence, the S&P 500 Banks Group is still down more than 18% this month. US regional banks get some relief, First Republic Bank +29.47% on news JPMorgan CEO Jamie Dimon is leading talks with other banks to stabilise it, via a possible investment. Peers also up,  Pacwest Bancorp +18.77% and Western Alliance Bancorporation +14.76%.

• ASX to rise, equities rally in Europe, New York.
• Global shares jump but bank 'whack-a-mole' not over.
• Wall Street ends green on bank bounce as Fed takes focus.
• First Republic leads surge in bank stocks as Fed comes into focus.
• Nvidia turns to AI cloud rental to spread new technology.
• Nike beats revenue estimates on strong demand for sneakers.
• Fed rates, projections, stability concerns a 'mess' to be sorted.
• Lower mortgage rates boost US home sales in February.
• Social media-driven bank runs burden regulators with a bigger problem.
• Gold retreats in run up to Fed decision.
• Copper prices climb on demand pick-up, weaker dollar.
• Oil prices rise for second day as banking fears fade.
• Putin, Xi pledge friendship but talks yield no Ukraine breakthrough.
• 'Weakened' Macron sticks with pension bill, eyes new reforms.

Tune in to Henry Jennings’ Pre-Market Podcast to get in the know for the day ahead.

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