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Morning Brew March 3 2023
Erik Schafhauser
Senior Relationship Manager
Summary: Bostic saves the day
Good Morning,
Please be aware that despite it being the first Friday of the Month, there is no Non-Farm Payroll release today, that will be next week. Today global PMI as well as the Non—Manufacturing ISM will be the most important, also fed speakers are moving the market.
Yesterday, dovish comments by Atlanta Federal Reserve President Raphael Bostic saved the day. He said he preferred slow and steady moved by the Fed which implies he does not favor a 50 bps hike at the March meeting. Indexes had been trading lower before but closed in the green on those comments, the breach of the 10 year yield beyond the 4% had sparked some risk off sentiment yesterday.
US Indexes gained 0.7-1% yesterday and the USD Index dropped from a high of 105.20 to now 104.80. EURUSD made it back above 1.06 to 1.0615, GBPUSD 1.1960 and USDJPY 136.50. Gold and Silver rose to 1845 and 21.05.
Tesla fell more than 5% to close the day at 191 on the disappointing Investor day
Crypto Bank Silvergate Capital Corp came under pressure with shares falling more than 50% after delaying its annual report and said it was evaluating its ability to operate . This also dragged crypto lower with Bitcoin down app 5%.
On Sunday the Chinese Parliament is meeting and will set the growth target for 2023. Depending on the published number the amount of required stimulus measures can be estimated.
U.S. Secretary of State Antony Blinken said Russia cannot be allowed to wage war with impunity
Friday
Data: International PMI, ISM Services
Earnings: Canadian Natural Resources
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