Financial Markets Daily Report

Financial Markets Daily Report
29 març 2023

Precaution remained the key theme during a session with mixed results on Tuesday. Positive survey data in the US (the Conference Board’s consumer confidence index surprised by rising to 104.2 in March) suggested limited spillovers so far from the banking sector turmoil on consumer confidence.

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  • Precaution remained the key theme during a session with mixed results on Tuesday. Positive survey data in the US (the Conference Board’s consumer confidence index surprised by rising to 104.2 in March) suggested limited spillovers so far from the banking sector turmoil on consumer confidence.
  • In the eurozone, implicit rates in money markets closed the session pricing a peak rate nearing 3.5% for the ECB in September, as concerns over a broader banking sector contagion receded and following somewhat hawkish rhetoric from some ECB officials. For the Fed, investors are still ruling out additional interest rate hikes.
  • In this context, yields on sovereign bond moved higher, while stocks closed with modest gains in Europe but with losses in the US, led by the tech sector. The USD depreciated against peers, trading above 1.08 against the EUR.
  • Elsewhere, oil prices continued to move higher, reflecting, among other factors, production disruptions in Turkey.
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