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13/03/23 Briefing

The S&P 500 futures are down 1 point and are trading roughly in line with fair value. The Nasdaq 100 futures are up 71 points and are trading 0.6% above fair value. The Dow Jones Industrial Average futures are down 89 points and are trading 0.3% below fair value.

The equity futures market is mixed this morning after the Fed, Treasury, and FDIC issued a joint statement to make depositors whole at Silicon Valley Bank and Signature Bank of New York. Separately, the Fed announced a bank term funding program designed to assure banks have the ability to meet the needs of all depositors. These developments sparked an initial relief rally, but conviction has been mixed and uncertainty elevated as many bank stocks continue to suffer further losses.

Treasury yields are down sharply in a flight to safety trade. The 2-yr note yield is down 41 basis points to 4.18% and the 10-yr note yield is down 17 basis points to 3.53%. Also, there has been a stark downshift in rtate expectations for the March FOMC meeting. The CME FedWatch Tool shows a 52.4% probability of a 25 basis points rate hike and a 47.6% probability of no rate hike versus a 78.6% probability seen last week for a 50 basis points rate hike.

The U.S. Dollar Index is down 0.4% to 104.12.

In corporate news:

  • First Republic Bank (FRC 29.39, -52.37, -64.1%): down sharply as investors worry about its deposit base

  • Seagen (SGEN 206.00, +33.39, +19.3%): to be acquired by Pfizer (PFE) for $43 billion or $229 per share in cash

  • Tesla (TSLA 171.36, -2.08, -1.2%): downgraded to Peer Perform from Outperform at Wolfe Research

  • JPMorgan (JPM 132.23, -1.42, -1.1%): upgraded to Overweight from Equal Weight at Wells Fargo

  • Boeing (BA 204.30, +1.32, +0.6%): Saudi Arabia's Public Investment Fund close to agreement to purchase large amount of Boeing (BA) jets, according to WSJ

  • Qualtrics (XM 17.65, +1.10, +6.7%): to be acquired by Silver Lake and CPP Investments for $18.15 per share

  • Provention Bio (PRVB 24.27, +17.57, +262.2%): to be acquired by Sanofi (SNY) for $25.00 per share

  • Meta Platforms (META 182.57, +3.06, +1.7%): company is planning additional layoffs, according to WSJ

  • Applied Materials (AMAT 115.98, +1.59, +1.4%): increases quarterly dividend to $0.32 from $0.26/share; also announces additional $10 bln share repurchase

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region began the week on a mixed note. Japan's Nikkei: -0.5%, Hong Kong's Hang Seng: +2.0%, China's Shanghai Composite: +1.2%, India's Sensex: -1.5%, South Korea's Kospi: +0.7%, Australia's ASX All Ordinaries: -0.5%.

  • In economic data:

  • Japan's Q1 BSI Large Manufacturing Conditions -10.5 (expected -4.2; last -3.6)

  • New Zealand's February FPI 1.5% m/m (last 1.7%)


  • In news:

  • Concerns about the overall health of the regional banking sector remained in place after last week's failure of Silicon Valley Bank. Markets were able to climb off their worst levels after The Federal Reserve announced an Emergency Bank Term Funding Loan Program.

  • People's Bank of China Governor Yi was reappointed to another five-year term.

  • South Korea's exports through the first ten days of March were down 16.2% yr/yr with chip exports falling 41.2% yr/yr.

  • There are growing expectations that the Reserve Bank of Australia will not make any changes to its cash rate at the April meeting.



  • Major European indices trade lower across the board as defensive sentiment carries over from last week. STOXX Europe 600: -1.7%, Germany's DAX: -2.3%, U.K.'s FTSE 100: -1.8%, France's CAC 40: -2.1%, Italy's FTSE MIB: -3.5%, Spain's IBEX 35: -2.9%.

  • There was no notable data

  • In news:

  • The British government is reportedly working on a rescue plan to guarantee loans to companies with money locked up in accounts at Silicon Valley Bank.

  • French Finance Minister Le Maire said that he is not seeing specific risks of contagion and that banks in France have ample liquidity.

  • Standard & Poor's affirmed Portugal's BBB+ rating with a Stable outlook.



U.S. equity futures:

  • S&P 500 Futures: +3 @ 3,865

  • DJIA Futures: -68 @ 31,842

  • Nasdaq 100 Futures: +88 @ 11,919

Overseas:

  • Europe: DAX -2.3%, FTSE -1.8%, CAC -2.1%

  • Asia: Nikkei -0.5%, Hang Seng +2.0%, Shanghai Composite +1.2%

Commodities:

  • Crude Oil -2.02 @ 74.66

  • Nat Gas +0.014 @ 2.444

  • Gold +28.30 @ 1895.50

  • Silver +0.682 @ 21.188

  • Copper -0.0295 @ 4.001

Earnings/Guidance:

  • Edgio ( EGIO 5.50% ) discloses non-cash restatement of certain previously issued financials related to Open Edge Solution; sees Q4 revs below consensus

News:

  • Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors

  • Treasury Secretary Janet Yellen in interview ruled out federal bailout for Silicon Valley Bank ( SIVB 60.41% ), but said regulators are looking to address concerns from depositors, according to CBS News

  • White House issues statement from President Joe Biden on actions to strengthen confidence in the banking system

  • US banks are sitting on $620 bln in unrealized losses, according to CNN

  • Fed announces Closed Board Meeting on March 13, 2023

  • Silicon Valley Bank ( SIVB 60.41% ) failure could cause problems at other regional banks and interrupt technology worker paychecks, but is unlikely to cause broader financial distress, according to the Washington Post

  • Goldman Sachs no longer expects Fed to hike rates in March, according to Bloomberg

  • UK Chancellor provides update on Silicon Valley Bank UK; Government and Bank of England facilitate sale of Silicon Valley Bank UK to HSBC ( HSBC 3.84% )

  • President Biden and Congressional Republicans appear nowhere near agreement on 2024 budget, according to ABC News

  • President Biden will declare that Artic is off limits to oil and gas leasing, according to the Wall Street Journal

  • AbCellera Biologics ( ABCL 4.07% ) currently maintains a nominal amount of cash (<$15,000 USD) with Silicon Valley Bank (SIVB) to secure a corporate credit card

  • ACADIA Pharmaceuticals ( ACAD 0.68% ) exposure to SIVB is limited, with approximately $1 million held in deposit accounts as of March 10, 2023 for daily cash needs

  • Accuray ( ARAY 1.42% ) is aware of media reports indicating a possible liquidity concern at Silicon Valley Bank (SIVB); Accuray considers its exposure to any liquidity concern at SVB as immaterial, given that cash held at SVB is below the FDIC-insured limit of $250,000 and that Accuray holds no securities at SVB

  • AC Immune ( ACIU 4.68% ) is aware that the Federal Deposit Insurance Corp has taken control of Silicon Valley Bank (SIVB) due to liquidity concerns. AC Immune holds less than $100,000 on deposit at SVB and otherwise has no exposure to SVB

  • Actinum Pharma ( ANTM 2.71% ) confirms that it does not hold any deposits or securities or maintain any accounts at Silicon Valley Bank

  • Adaptimmune Therapeutics ( ADAP 5.88% ) informs its investors that it does not have exposure to Silicon Valley Bank. The Company does not hold cash deposits or securities with Silicon Valley Bank

  • ADC Therapeutics ( ADCT 1.79% ) does not hold deposits or securities at Silicon Valley Bank

  • Agnico-Eagle Mines ( AEM 1.02% ) CFO to retire

  • Akoya Biosciences ( AKYA 7.24% ) confirms that it does not hold material cash deposits or securities with Silicon Valley Bank

  • Alamos ( AGI 2.23% ) announced that Greg Fisher, Senior Vice President of Finance has been promoted to Chief Financial Officer effective May 1, 2023

  • Aldeyra Therapeutics ( ALDX 9.11% ) informs its investors that it does not have exposure to Silicon Valley Bank. The Company does not hold cash deposits or securities with Silicon Valley Bank, and does not otherwise have a business relationship with Silicon Valley Bank

  • Alexandria RE ( ARE 8.67% ) does not have any bank accounts / loans to or from SIVB, and does not have any other amounts due to or due from SIVB

  • Anavex ( AVXL 7.23% ) confirms that it does not hold any deposits or securities or maintain any accounts at Silicon Valley Bank (SIVB)

  • Annexon ( ANNX 8.03% ) had deposit accounts with SVB of approximately $0.5 million, which is approximately 0.2% of the Company's total cash, cash equivalents and marketable securities at SIVB

  • Applied Materials ( AMAT 2.26% ) increases quarterly dividend to $0.32 from $0.26/share; also announces additional $10 bln share repurchase

  • Arlo Technologies ( ARLO 5.87% ) currently holds approximately $21,000 (0.03%) of its cash and cash equivalents with SIVB

  • Ascendis Pharma ( ASND 2.37% ) does not hold deposits or securities or maintain any accounts at SIVB

  • Asure Software ( ASUR 4.18% ) does not have any deposit accounts, including client funds, with either Silicon Valley Bank or Signature Bank

  • Aurinia Pharma ( AUPH 7.76% ) confirms that it does not hold any deposits or securities or maintain any accounts at Silicon Valley Bank

  • Autolus Therapeutics ( AUTL 4.52% ) announces that the company has no business relationships with Silicon Valley Bank past or present

  • Axsome Therapeutics ( AXSM 5.78% ) also provided an update reaffirming its prior cash flow guidance in light of prior developments with Silicon Valley Bank

  • Bandwidth ( BAND 4.83% ) holds approximately $100,000 of cash on deposit at SIVB

  • BioCryst Pharma ( BCRX 0.97% ) has no exposure to any liquidity concern at SIVB

  • Boeing ( BA 0.91% ): Saudi Arabia's Public Investment Fund close to agreement to purchase large amount of Boeing jets, according to the Wall Street Journal

  • CareDx ( CDNA 5.08% ) confirms that it does not hold cash deposits or securities at Silicon Valley Bank (SIVB)

  • Celcuity ( CELC 0.27% ) has a deposit account with Silicon Valley Bank (SIVB); uninsured balance in such account is less than 0.4% of the cash, cash equivalents and short-term investments, which totaled approximately $168 million at December 31, 2022

  • Centerra Gold ( CGAU 1.19% ) appoints Paul Tomory as President and CEO

  • Chinook Therapeutics ( KDNY 6.23% ) holds an immaterial amount of its cash and cash equivalents with SIVB and considers its exposure relating to SVB to be minimal

  • Clearwater Analytics ( CWAN 8.20% ) provides update regarding Silicon Valley Bank

  • Coinbase Global ( COIN 8.00% ) tweets "Despite the turbulence we have seen in the traditional banking sector recently, Coinbase continues to operate as usual. At Coinbase all client funds continue to be safe and accessible including USDC conversions which will resume on Monday"

  • Cryoport ( CYRX 11.04% ) confirms no financial exposure to Silicon Valley Bank (SIVB)

  • CS Disco ( LAW 6.35% ) is aware of the closure of Silicon Valley Bank (SIVB) and appointment of the Federal Deposit Insurance Corporation as receiver

  • Decibel Therapeutics ( DBTX 0.74% ) had three cash deposit accounts at SIVB, each with a balance less than or equal to $250,000

  • Enlight Renewable Energy Ltd. ( ENLT 0.00% ) does not hold any deposits or any other direct investments at SIVB, and SIVB is not one of Enlight's (including Enlight's subsidiaries) lenders

  • Esperion Therapeutics ( ESPR 5.19% ) reports it does not hold any deposits, funds, or securities or maintain any active accounts at Silicon Valley Bank

  • Etsy ( ETSY 1.63% ) seeing delays in processing payments, according to NBC News

  • EVgo Inc. ( EVGO 1.36% ) has no cash deposits or equivalents in Silicon Valley Bank

  • fuboTV ( FUBO 8.67% ) is aware that the Federal Deposit Insurance Corp. has taken control of Silicon Valley Bank (SIVB). The Company does not hold any deposits at SVB or have any other direct investments at SVB

  • Genenta S.p.A. ( GNTA 0.00% ) informs its investors that it does not hold cash deposits or securities at Silicon Valley Bank; and, it does not otherwise have a business relationship, or a direct or indirect affiliation, with Silicon Valley Bank

  • Generation Bio ( GBIO 7.44% ) provides update to Silicon Valley Bank (SIVB) exposure

  • Geron ( GERN 4.10% ) informs its investors that it does not hold cash deposits or securities at Silicon Valley Bank

  • Global Business Travel Group ( GBTG 6.59% ) informs its investors that it does not hold cash deposits or securities at Silicon Valley Bank

  • GoodRx ( GDRX 4.92% ) confirms that it does not hold any deposits or securities or maintain any accounts at Silicon Valley Bank

  • Guardant Health ( GH 7.16% ) does not hold any deposits or investments at SIVB

  • Guidewire Software ( GWRE 2.15% ) expects there will be no material impact on day-to-day operations from SIVB

  • Harmony Biosciences ( HRMY 3.42% ) announced that it does not hold cash deposits or investment securities at Silicon Valley Bank

  • Health Catalyst's ( HCAT 5.84% ) deposits with SIVB are less than 1% of its cash and cash equivalents and short-term investments

  • Hercules Capital ( HTGC 11.14% ) provides business update and response to the closure of Silicon Valley Bank

  • IDEAYA Biosciences ( IDYA 1.22% ) believes that there will be no material impact to its operations or cash runway guidance as a result of the FDIC action

  • Illumina ( ILMN 4.24% ): Carl Icahn is getting ready for proxy battle with Illumina, according to the Wall Street Journal

  • Inhibrx ( INBX 5.71% ) does not have exposure to Silicon Valley Bank

  • iTeos Therapeutics ( ITOS 3.48% ) considers its exposure to any liquidity concern at Silicon Valley Bank (SIVB) as immaterial. The Company currently maintains a de minimis amount of cash at SVB, which is approximately 1% of its total cash, cash equivalents and marketable securities

  • Juniper Networks ( JNPR 0.84% ) discloses it maintains operating accounts at SVB with a minimal cash balance of less than 1% of the Company's total cash, cash equivalents and investments, and therefore believes its exposure to loss as a result of SVB's receivership is immaterial

  • Kiniksa Pharmaceuticals ( KNSA 2.12% ) did not have exposure to Silicon Valley Bank (SIVB) as it did not hold either cash deposits or securities with SVB and did not otherwise have a business relationship with SIVB

  • Kintara Therapeutics ( KTRA 0.00% ) confirms that it does not hold any deposits or securities or maintain any accounts at Silicon Valley Bank

  • Kymera Therapeutics ( KYMR 6.63% ) discloses exposure to Silicon Valley Bank

  • LiveVox ( LVOX 1.74% ) confirms that it does not hold any deposits or securities or maintain any accounts at Silicon Valley Bank

  • MacroGenics ( MGNX 13.78% ) informs its investors that it does not hold cash deposits or securities at Silicon Valley Bank

  • Marinus Pharmaceuticals ( MRNS 11.67% ) Provides Statement About SVB (SIVB)

  • Mersana Therapeutics ( MRSN 12.00% ) announces that the Phase 1 trial of XMT-2056 has been placed on clinical hold by the U.S. Food and Drug Administration

  • Milestone Pharmaceuticals ( MIST 9.60% ) confirms that it does not hold any deposits or securities or maintain any accounts at Silicon Valley Bank

  • MSCI ( MSCI 2.39% ) confirms that it does not hold cash deposits, securities or other investments at Silicon Valley Bank or Signature Bank

  • Natera ( NTRA 5.89% ) does not hold cash deposits or securities with Silicon Valley Bank

  • New Found Gold Corp ( NFGC 0.00% ) intercepts 49.7 g/t Au Over 29.9m at Iceberg Zone

  • Nuvalent ( NUVL 3.53% ) has reviewed its SIVB accounts and believes that its current exposure is immaterial

  • Orthofix ( OFIX 4.85% ) does not hold any deposits or securities or maintain any accounts at SIVB

  • Oscar Health ( OSCR 7.09% ) does not hold any deposits at SVB or have any other direct investments at, or debt arrangements with, SIVB

  • Paycor ( PYCR 4.71% ) issues statement related to Silicon Valley Bank (SIVB)

  • Pharmanetics ( PHAR 0.00% ) issues statement regarding the events surrounding Silicon Valley Bank

  • Scholar Rock ( SRRK 7.40% ) currently maintain cash and cash equivalents, in the single digit millions of U.S. Dollars with SIVB

  • Repare Therapeutics ( RPTX 5.06% ) discloses it had less than 2% of its cash, cash equivalents and marketable securities with Silicon Valley Bank

  • Signature Bank ( SBNY 22.87% ): NY Superintendent Adrienne Harris Announces New York Department of Financial Services takes possession of Signature Bank

  • SiTime ( SITM 6.06% ) does not hold any deposits or securities or maintain any accounts at Silicon Valley Bank

  • SoFi Technologies ( SOFI 8.37% ) informs its investors that it does not hold assets with Silicon Valley Bank. The Company has an approximately 40 million dollar lending facility that is provided through Silicon Valley Bank, which is unaffected by the Federal Deposit Insurance Corporation's receivership of Silicon Valley Bank

  • SpringWorks Therapeutics ( SWTX 6.30% ) discloses it is aware of reports indicating the closure of Silicon Valley Bank (SIVB) and the appointment of the Federal Deposit Insurance Corporation as receiver. SpringWorks' financial exposure to SVB is immaterial

  • Stitch Fix ( SFIX 4.81% ) is party to an amended and restated credit agreement with SIVB

  • SVB Financial Group ( SIVB 60.41% ): Joint Statement by Treasury, Federal Reserve, and FDIC; all depositors will be protected

  • SVB Financial Group ( SIVB 60.41% ): Superintendent of Financial Institutions takes temporary control of Silicon Valley Bank's Canadian branch

  • Tenaya Therapeutics ( TNYA 10.62% ) believes its exposure to loss as a result of SVB's receivership to be immaterial

  • Theravance Biopharma ( TBPH 0.29% ) does not hold cash deposits or securities at Silicon Valley Bank

  • Unity Biotechnology ( UBX 5.60% ) considers its exposure to any liquidity concern at SVB to be limited, given that cash held at SIVB is approximately $2.8 million as of March 10, 2023

  • Vacasa ( VCSA 5.34% ) does not hold any deposits or securities or maintain any accounts at SVB, and the Company does not have a lending relationship or other investing business with SIVB

  • Vir Biotechnology ( VIR 1.70% ) maintains operating accounts at SIVB with approximately $220 million as of March 10, 2023

  • Voyager Therapeutics ( VYGR 4.93% ) currently maintains an operating account at SIVB

  • Wave Life Sciences ( WVE 5.99% ) discloses update regarding Silicon Valley Bank

  • Xencor ( XNCR 8.42% ) does not hold any deposits or securities or maintain any accounts at Silicon Valley Bank

  • Xperi ( XPER 3.37% ) does not hold any deposits or securities, or maintain any accounts, at SIVB

  • Zentalis Pharma ( ZNTL 9.88% ) provides update to Silicon Valley Bank (SIVB) exposure

  • ZoomInfo ( ZI 9.64% ) had approximately $20 million, or 3%, of its total cash, cash equivalents, and short term investments in deposit accounts with SVB, and approximately $264 million, or 42% of its total cash, cash equivalents, and short term investments

M&A:

  • HSBC Holdings ( HSBC 3.84% ) acquires Silicon Valley Bank UK (SIVB) for GBP 1.00

  • Hut 8 Mining ( HUT 0.79% ) provides update on business combination with USBTC

  • Meta ( META 1.20% ) aiming to divest Kustomer., according to Bloomberg

  • PNC ( PNC 0.51% ) decided against bidding for Silicon Valley Bank (SIVB), according to CNBC

  • Seagen ( SGEN 0.59% ) to be acquired by Pfizer (PFE) for $229 per share

  • Silicon Valley Bank's ( SIVB 60.41% ) investment banking division is considering ways to buy the firm back, according to Bloomberg

Syndicate:

  • No syndicate news of note.

IPOs:

  • Expected to Price:

  • No IPOs expected.


Gapping Up/Down

  • Gapping up:

  • PRVB +260.4%, SGEN +18.7%, PRTA +12.1%, LIFW +11.3%, XM +7.4%, PODD +6.5%, ACAD +5.3%, VMEO +5.2%, AVXL +5.1%, SOFI +5%, HLTH +3.9%, OB +3.8%, AUPH +3.5%, SMAR +3.1%, ZI +2.6%, PRO +2.5%, VLN +2.3%, AXSM +2.2%, OLN +2%, JNPR +1.8%, MGNX +1.7%, RPTX +1.4%, QS +1.4%, PYCR +1.4%, IOVA +1.1%, PTRA +1.1%, CDMO +1%, U +1%


  • Gapping down:

  • FRC -62.7%, PACW -39.3%, OVID -13%, RAPT -6.2%, SBNY -5.9%, HTGC -5.6%, SVRA -5.2%, EWBC -5.2%, IDYA -4.9%, CLBK -4.6%, DBVT -4.3%, INBX -3.7%, ALLO -3.2%, ARAY -3.2%, WVE -3%, PFE -3%, INZY -2.9%, ENTA -2.4%, CWAN -2.4%, KYMR -2%, HSBC -1.6%, HBT -1.5%, USB -1.4%, AX -1.1%


Analyst Research (see Upgrades/Downgrades calendar for full list):

  • Upgrades

  • Amgen (AMGN) upgraded to Overweight from Equal Weight at Wells Fargo; tgt lowered to $265

  • Eli Lilly (LLY) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $375

  • JPMorgan Chase (JPM) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $155

  • Moderna (MRNA) upgraded to Outperform from Market Perform at TD Cowen; tgt raised to $180

  • SAGE Therapeutics (SAGE) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $60


  • Downgrades:

  • Allbirds (BIRD) downgraded to Market Perform from Outperform at TD Cowen; tgt lowered to $1.50

  • British American Tobacco (BTI) downgraded to Neutral from Overweight at JP Morgan

  • Comerica (CMA) downgraded to Hold from Buy at Odeon

  • Hercules Capital (HTGC) downgraded to Underperform from Mkt Perform at Keefe Bruyette; tgt lowered to $10.50

  • KeyCorp (KEY) downgraded to Hold from Buy at Odeon

  • Logitech Int'l SA (LOGI) downgraded to Neutral from Outperform at Credit Suisse

  • Merck (MRK) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $115

  • Wells Fargo (WFC) downgraded to Hold from Buy at Odeon


  • Others:

  • Cabot (CBT) initiated with an Outperform at Credit Suisse; tgt $94

  • GE HealthCare (GEHC) initiated with an Outperform at Evercore ISI; tgt $90


Upcoming Events:

  • Econ Data:

  • No economic data of note.


  • Earnings:

  • Monday (Mar 13)

  • Afternoon: GTLB


  • Tuesday (Mar 14)

  • Morning: CAL IHS SGHC

  • Afternoon: CTOS GES LEN S SMAR STNE


  • Wednesday (Mar 15)

  • Morning: EBIX GDS OTLY PACK

  • Afternoon: ADBE AMRS ARRY CDRE FIVE FNV PD TPC PATH ZTO


  • Thursday (Mar 16)

  • Morning: ASO DBI DG GIII MOMO HNST JBL BEKE SIG TITN WSM

  • Afternoon: BLND FDX PLBY PRPL COOK


  • Friday (Mar 17)

  • Morning: AQN BLDP



Asia & Europe detail:

Asia: Nikkei -0.5%, Hang Seng +2.0%, Shanghai Composite +1.2%

Equity indices in the Asia-Pacific region began the week on a mixed note. Concerns about the overall health of the regional banking sector remained in place after last week's failure of Silicon Valley Bank. Markets were able to climb off their worst levels after The Federal Reserve announced an Emergency Bank Term Funding Loan Program. People's Bank of China Governor Yi was reappointed to another five-year term. South Korea's exports through the first ten days of March were down 16.2% yr/yr with chip exports falling 41.2% yr/yr. There are growing expectations that the Reserve Bank of Australia will not make any changes to its cash rate at the April meeting.

  • In economic data:

  • Japan's Q1 BSI Large Manufacturing Conditions -10.5 (expected -4.2; last -3.6)

  • New Zealand's February FPI 1.5% m/m (last 1.7%)


---Equity Markets---

  • Japan's Nikkei: -0.5%

  • Hong Kong's Hang Seng: +2.0%

  • China's Shanghai Composite: +1.2%

  • India's Sensex: -1.5%

  • South Korea's Kospi: +0.7%

  • Australia's ASX All Ordinaries: -0.5%

---FX---

  • USD/JPY: -1.0% to 133.57

  • USD/CNH: -0.7% to 6.8871

  • USD/INR: +0.3% to 82.16

Europe: DAX -2.3%, FTSE -1.8%, CAC -2.1%

Major European indices trade lower across the board as defensive sentiment carries over from last week. The British government is reportedly working on a rescue plan to guarantee loans to companies with money locked up in accounts at Silicon Valley Bank. French Finance Minister Le Maire said that he is not seeing specific risks of contagion and that banks in France have ample liquidity. Standard & Poor's affirmed Portugal's BBB+ rating with a Stable outlook.

  • There was no notable data

---Equity Markets---

  • STOXX Europe 600: -1.7%

  • Germany's DAX: -2.3%

  • U.K.'s FTSE 100: -1.8%

  • France's CAC 40: -2.1%

  • Italy's FTSE MIB: -3.5%

  • Spain's IBEX 35: -2.9%

---FX---

  • EUR/USD: +0.3% to 1.0673

  • GBP/USD: +0.3% to 1.2066

  • USD/CHF: -0.6% to 0.9150


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