A look at the day ahead in U.S. and global markets from Mike DolanIf you were looking for signs of stress from the brutal hit to bond markets over the past year, and the seismic repricing there again since the start of February, look no further than the sudden quake in bank stocks.U.S. and global bank
If you were looking for signs of stress from the brutal hit to bond markets over the past year, and the seismic repricing there again since the start of February, look no further than the sudden quake in bank stocks.
The shock threw a spotlight on possible hits other banks may suffer from the renewed rout in bond prices as the U.S. Federal Reserve signals another severe tightening of credit - and the possible contagion within the banking system from balance sheet uncertainty. Shares of First Republic, a San Francisco-based bank, sank more than 16.5 per cent. Zion Bancorp dropped more than 12 per cent and the SPDR S&P regional banking ETF slid 8 per cent.
In a troubling week for banks and financial tech generally, there was also trepidation about the failure of crypto lender Silvergate Capital, which disclosed plans to wind down and voluntarily liquidate. British subprime lender Amigo said on Friday it was struggling to secure an additional 45 million pounds of capital from investors - sending its shares down 30 per cent.
Ten-year Treasury yields have recoiled almost 20 basis points from yesterday's highs to just above 3.8 per cent on Friday and futures pricing for peak and yearend Fed policy rates dialled back. The moves were encouraged ahead of the monthly jobs report as weekly unemployment stats on Thursday showed some tentative loosening of the U.S. labor market at last.
The BOJ held off making changes to its controversial bond yield cap policy, leaving all options open ahead of a leadership transition in April.* U.S. February employment report
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