Monthly Archives: March 2023
Nasdaq 100 Enters Bull Market as Fears Over Banking Crisis Ease
Written on March 30, 2023 at 4:51 am, by jonywang
Has the banking crisis abated? Equity investors seem to think so, with the Nasdaq surging close to 2% on Wednesday as the markets assess a successful containment of the banking crisis caused by the failure of regional banks and one Credit Suisse. This puts the tech-heavy index technically in bull market territory, closing more thanContinue Reading
Fed Takes Risk With Rate Hike Amid Banking Crisis
Written on March 23, 2023 at 7:21 am, by jonywang
Investors hoping for a pause in rate hikes were disappointed as the U.S. Federal Reserve pushed ahead with a quarter-point hike at its interest rate decision on Wednesday. While way lower than 2022’s mega-hikes of 50 to 75 bps and in line with economist expectations, March’s 25-point hike is a calculated risk amid what isContinue Reading
Credit Suisse Fallout Hits Major Banks
Written on March 20, 2023 at 5:17 am, by jonywang
The latest and largest fall in the recent banking turmoil is embattled Swiss lender Credit Suisse. Credit Suisse Group AG bondholders suffered a historic loss of about CHF 16bn ($17.3bn) worth of risky notes when a takeover by UBS Group AG triggered a “complete write-down” of the bank’s additional tier 1 (AT1) bonds in orderContinue Reading
Stubbornly Strong Jobs Data Supports Hawkish Fed Outlook
Written on March 9, 2023 at 6:52 am, by jonywang
In a continued chain of unrelentingly robust jobs data, the U.S. ADP Nonfarm printed a reading of 242,000 for February, higher than an estimated 205 000 and up from a revised 119,000 for January. The service sector had the largest contribution to job additions with 190,000, of which a majority came from the leisure andContinue Reading
Commodities Surge as China’s Economy Recovery Sprints Ahead
Written on March 2, 2023 at 5:36 am, by jonywang
On Wednesday, China released its Manufacturing PMI and Caixin Manufacturing PMI for February, beating economists’ expectations of 50.5 and 50.2 respectively. A reading above 50 indicates expansion from the previous month. This is the highest reading since April 2012, marking a faster-than-expected rebound for the world’s second-largest economy after covid-19 related shutdowns slowed growth toContinue Reading
