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Message: [QUOTE="HFM, post: 218407, member: 32345"] [b]Date : 10th March 2023. Market Update – Stock Tumbled! Blame is on Banks![/b] [URL='https://analysis.hfm.com/wp-content/uploads/2020/08/daily-market-update.png'][IMG]https://analysis.hfm.com/wp-content/uploads/2020/08/daily-market-update-696x364.png[/IMG][/URL] It is not only the Fed this time but also the US Banks and more precisely the [B][URL='https://www.wsj.com/articles/bond-losses-push-silicon-valley-bank-parent-to-raise-capital-125e89d4?mod=hp_lead_pos1']SVB Financial Group SIVB which drifted by -60.41% yesterday[/URL][URL='https://www.wsj.com/market-data/quotes/SIVB?mod=chiclets'].[/URL][/B] Shares of SVB, the parent of Silicon Valley Bank, disclosed the loss and sought to raise [B]$2.25 billion in fresh capital by selling new shares[/B]. The 4 biggest US banks lost $47 bln in Market Value! (BoA, Citi, JP Morgan, Wells Fargo).[B] Jobless Claims[/B] unexpectedly ticked up. [B]Germany[/B] [B]February final CPI[/B] remains sticky at +8.7% vs +8.7% y/y prelim.[B] UK January monthly GDP +0.3%[/B] vs +0.1% m/m expected. [URL='https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-10_09-25-18.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-10_09-25-18.jpg[/IMG][/URL][URL='https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-10_09-50-50.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-10_09-50-50.jpg[/IMG][/URL] [B]Overnight:[/B] [B]BoJ left policy unchanged,[/B] as universally anticipated, in Governor Kuroda’s final meeting. The policy rate was left steady at -0.1%, along with a 0.5% cap on the 10-year JGB yield (YCC).The vote was a unanimous 9-0. [B]JGB[/B] & [B]Nikkei[/B] (-1.67%) sinks overnight, the Kuroda swansong maintains[B] Yield Curve Control with no tweaks[/B] and outlook remains as Dovish as ever. [B]China’s Xi[/B] Jinping takes third term as President with eye on US. [LIST] [*][B]USDIndex [/B]gapped down to 104.62 low. [*][B]VIX[/B] climbed [B]18%,[/B] the biggest jump since June, to [B]22.42.[/B] [*][B]Euro[/B] jumped to [B]1.0590, Sterling[/B] up at [B]1.1950.[/B] [B]Yen [/B]jumped to[B] 136.96 from 135.80[/B]. [B]USDCAD[/B] at [B]1.3850 high.[/B] [*][B]Treasury yields plunged[/B] Thursday, first richening on the cooling in weekly jobless claims, then extending lower as [B]Wall Street slumped sharply.[/B] [B]Technical buying[/B] also supported the [B]rally[/B] in [B]Treasuries[/B]. [*][B]Stocks – US100[/B] dove by [B]-2.05%[/B]. The [B]US500[/B] [B]-1.85%. The US30 [/B]dropped [B]-1.66%. Russell [/B]slid -3%[B], Topix Banks [/B]-5.83%[B]. PacWest Bancorp[/B] fell 25%, and [B]First Republic Bank[/B] lost 17%.[B] Charles Schwab Corp[/B]. fell 13%, while [B]US Bancorp[/B] lost 7%. [B]America’s biggest bank[/B], [B]JPMorgan Chase & Co.[/B], fell 5.4%. [B]Twitter[/B] and [B]Elon Musk[/B] face legal risks in FTC Probe. [B]Tesla[/B] (-4.99%).[URL='https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-10_09-51-19.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-10_09-51-19.jpg[/IMG][/URL] [*][B]USOil – dips to $74.93. [/B] [*][B]Gold –[/B] rebounds to $[B]1834.79[/B] but looks to be capped around here by the hawkish Fed outlook. [*][B]Cryptocurrencies – BTC [/B]– below $20K, filled January’s gap! [B] [/B]Next supports at 2022 bottom! [/LIST] [B]Today – NFP and Canadian Labor data![/B] [URL='https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-10_10-22-17.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-10_10-22-17.jpg[/IMG][/URL] [B]Biggest FX Mover[/B] @ (07:30 GMT) [B]VIX[/B](+18%). Spiked to 22.42. MAs are now flat, MACD histogram & signal line remain well above 0, RSI 79 but flat, Stochastics falling, H1 ATR 0.36, Daily ATR 1.24. [b]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/b] Click [url=https://www.hfm.com/hf/en/trading-tools/economic-calendar.html][b]HERE[/b][/url] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click [url=https://www.hfm.com/en/trading-tools/trading-webinars.html][b]HERE[/b][/url] to register for FREE! [url=https://analysis.hfm.com/][b]Click HERE to READ more Market news.[/b][/url] [b] Andria Pichidi Market Analyst HFMarkets Disclaimer:[/b] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]

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