Senior Relationship Manager
Summary: SNB Eases worries - Will it hold?
Good Morning,
Worries over Credit Suisse drove off sentiment yesterday but assurances by the Swiss National Bank that they would extend liquidity to CS eased the worries.
In New York the share rose from 1.75 to 2.16 after news the SNB stepped in and markets recovered overall.
There were wild swings in many assets yesterday bordering panic, we are seeing a general recovery of sentiment, the US500 is at 3905 after yesterdays low of 3830, the GER 40 is at 14940 after 14683, Gold 1915 after a high of 1937.
EURUSD gained to above 1.06 again after 1.0517 yesterday, GBPUSD perfectly hit the200h ma at 1.2013 yesterday and rose to 1.2070 now.
The question at large remains if governments and central banks can maintain the calm and support a recovery or if we see a dominance of worry.
US Economic data was largely unnoticed, the PPI Final Demand came at 4.6% vs 5.4% expected and retail sales fell more than feared 0.4% vs 0.3% expected.
Rates and risk sentiment should drive markets today:
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Earnings on watch this week:
Friday: Vonovia, Longfor, CMOC Group
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