A look at Friday morning’s market action
Wall Street futures edged higher early Friday after some of the biggest U.S. lenders agreed to deposit US$30-billion in First Republic Bank in a bid to shore up confidence in the financial system. Major European markets were positive. TSX futures were firmer.
“The fact that American institutions banded together to preserve First Republic Bank sends a message to speculators that they should be cautious when betting against the US financial system. Their actions have shown that Wall Street banks, as well as policymakers, are prepared to preserve the American financial system,” Naeem Aslam, chief investment officer with Zaye Capital Markets, said in an early note on Friday..
Crude prices were firmer but looked set for their worst weekly showing since December amid turbulence in the broader market. “Monetary policy continues to get more restrictive as central banks continue to deliver more rate hikes,” OANDA senior analyst Ed Moya said. Both parties affirmed their commitment to OPEC+’s decision last October to cut production targets by two million barrels per day until the end of 2023, Reuters reported.
“Wall Street is going to keep its eye on the banking sector but for this news cycle it appears optimism is growing that this banking crisis will be contained. If the news flow is more about efforts to support Credit Suisse and First Republic , then we might see risk appetite attempt a comeback here and that could have gold give up some of the recent rally.”The Canadian dollar was higher, helped by improved risk sentiment, while its U.S.
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