Financial Sector Turmoil May Lead To Pullback On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Wednesday, 15 March 2023 12:26:33 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( [Try AI Investing, Get 10 Free Shares]( Have you tried Magnifi Personal yet? With the world's first AI investing assistant, it's like having a co-pilot for your investing. You can get 24/7 personalized guidance, on-demand analysis, plus a commission-free investment marketplace. [Get started]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a sharply lower open on Wednesday, with stocks likely to move back to the downside following the rebound seen in the previous session. Ongoing concerns about turmoil in the financial sector are likely to weigh on the markets following the collapse of Silicon Valley Bank and Signature Bank. Shares of Credit Suisse (CS) are seeing substantial pre-market weakness after a report from Reuters said Saudi National Bank, the bank?s largest investor, could not provide any more funding. However, the renewed selling pressure may be partly offset by a Labor Department report showing producer prices in the U.S. unexpectedly edged slightly lower in the month of February. The Labor Department said its producer price index for final demand slipped by 0.1 percent in February after rising by a downwardly revised 0.3 percent in January. Economists had expected producer prices to increase by 0.3 percent compared to the 0.7 percent advance originally reported for the previous month. The report also showed the annual rate of growth by producer prices slowed to 4.6 percent in February from 5.7 percent in January. The year-over-year growth was expected to slow to 5.4 percent. U.S. stocks rallied on Tuesday, bouncing back from recent losses, thanks to hectic bargain hunting, particularly in the banking sector. The assurance from the regulators that there won't be a relapse of the financial crisis from 15 years ago helped lift sentiment. Data showing a drop in U.S. consumer prices in the month of February contributed significantly to the positive mood in the market. The major averages all ended on the positive side. The Dow ended with a gain of 336.26 points or 1.06 percent at 32,155.40, snapping a five-day losing streak. The index scaled a high of 32,306.59 and a low of 31,805.40 intraday. The S&P 500 climbed 64.80 points or 1.68 percent at 3,920.56, while the Nasdaq settled at 11,428.15, gaining 239.31 points or 2.14 percent. The Labor Department said its consumer price index rose by 0.4 percent in February after climbing by 0.5 percent in January. The advance by the index matched expectations. Core consumer prices, which exclude food and energy prices, increased by 0.5 percent in February after rising by 0.4 percent in the previous month. Economists had expected core prices to rise by 0.4 percent. The report also showed the annual rate of consumer price growth slowed to 6.0 percent in February from 6.4 percent in January. The year-over-year growth, which was in line with economist estimates, marked the smallest 12-month increase since September 2021. The annual rate of growth by core consumer prices edged down to 5.5 percent in February from 5.6 percent in January. The slowdown in year-over-year price growth may help offset recent concerns about the outlook for interest rates ahead of next week's Federal Reserve meeting. Salesforce.com climbed more than 4 percent. Intel, American Express, JP Morgan Chase, Microsoft and Goldman Sachs gained 2 to 4 percent. Visa, Boeing, Apple, Nike, P&G, Chevron, Cisco Systems, Merck and McDonalds also ended with strong gains. Meta Platforms shares surged more than 7 percent after the company said it would cut 10,000 jobs in mass layoffs. Shares of First Republic Bank soared nearly 27 percent, bouncing back after plunging by about 60 percent in the previous session. Bancorp climbed about 2.7 percent. Walgreens Boots Alliance, IBM and Amgen ended down 1 to 1.6 percent. --------------------------------------------------------------- Read the latest breaking news stories about the hottest companies. [Click here to Find Out More.]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( Producer prices in the U.S. unexpectedly edged slightly lower in the month of February, according to a report released by the Labor Department on Wednesday. The Labor Department said its producer price index for final demand slipped by 0.1 percent in February after rising by a downwardly revised 0.3 percent in January. Economists had expected producer prices to increase by 0.3 percent compared to the 0.7 percent advance originally reported for the previous month. The report also showed the annual rate of growth by producer prices slowed to 4.6 percent in February from 5.7 percent in January. The year-over-year growth was expected to slow to 5.4 percent. After reporting a sharp increase in U.S. retail sales in the previous month, the Commerce Department released a report on Wednesday showing sales pulled back by slightly more than expected in the month of February. The Commerce Department said retail sales fell by 0.4 percent in February after spiking by an upwardly revised 3.2 percent in January. Economists had expected retail sales to decrease by 0.3 percent compared to the 3.0 percent surge originally reported for the previous month. Excluding a steep drop in sales by motor vehicle and parts dealers, retail sales edged down by 0.1 percent in February after jumping by 2.4 percent in January. The dip matched expectations. At 10 am ET, the National Association of Home Builders is scheduled to release its report on homebuilder confidence in the month of March. The housing market index is expected to dip to 40 in March from 42 in February. The Commerce Department is also due to release its report on business inventories in the month of January at 10 am ET. Economists expect business inventories to be unchanged. At 10:30 am ET, the Energy Information Administration is scheduled to release its report on oil inventories in the week ended March 10th. Crude oil inventories are expected to increase by 1.2 million barrels after falling by 1.7 million barrels in the previous week. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Europe European stocks fell in cautious trade on Wednesday as investors kept a close eye on the developments surrounding the SVB crisis. In economic news, Germany's wholesale price index rose 8.9 percent year-on-year in February, slower than the 10.6 percent rise in January, Destatis reported. This was the slowest rate since April 2021, when prices had grown 7.2 percent. Separate data showed France's annual inflation was revised upwards to 7.3 percent in February from 7.0 percent in January as a result of higher food prices. While the French CAC 40 Index has plunged by 3.3 percent, the German DAX Index and the U.K.?s FTSE 100 Index are down by 2.8 percent and 2.7 percent, respectively. Banks traded lower, with Commerzbank, Deutsche Bank, BNP Paribas, Credit Agricole and HSBC falling 2-4 percent after Moody's Investors downgraded the outlook on the U.S. banking system to 'negative' from 'stable'. French logistics company Bollore soared after posting a rise in fourth-quarter revenue and announcing plans to launch a cash tender offer to acquire a maximum of just over 288.6 million shares, representing 9.78 percent of its share capital. BMW shares were little changed, giving up earlier gains. The German automaker said it expects higher margins and deliveries in 2023. Specialty chemicals group Lanxess has slumped after it slipped to a fourth-quarter loss of 21 million euros versus a profit of 29 million euros last year. British insurer Prudential has also tumbled after its annual premium equivalent and new business profit missing consensus marginally. Burberry has also dropped after the luxury house hired Kate Ferry from McLaren Group as its new chief financial officer. Commodity trading and mining firm Ferrexpo has also moved lower after reporting a decline in FY22 profit. Online trading platform IG Group has plunged after its third-quarter net trading revenue fell on lower market volatility. Meanwhile, Energy giant E.ON has moved to the upside after reporting an increase in FY22 adjusted profit and sales. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks advanced on Wednesday as U.S. bank contagion fears eased and China's economic data for January and February confirmed activity was recovering in the aftermath of COVID restrictions and outbreaks. China's Shanghai Composite index rose 0.55 percent to 3,263.31 after data from the National Bureau of Statistics showed China's industrial production and retail sales expanded in the January to February period. Industrial output grew 2.4 percent on a yearly basis in January to February period, faster than the 1.3 percent increase posted in December. Retail sales advanced 3.5 percent from the last year, in contrast to the 1.8 percent decline in December. Fixed asset investment increased 5.5 percent annually in the first two months of 2023, which was bigger than economists' forecast of 4.4 percent. Hong Kong's Hang Seng index rallied 1.52 percent to 19,539.87, led by property developers after data showed property investment fell at a slower pace in January-February. Japanese shares ended on a flat note as the BOJ January meeting minutes showed board members debated feasibility of tweaking the yield curve control. The Nikkei average closed marginally higher at 27,229.48, snapping a three-day losing run. The broader Topix index closed 0.65 percent higher at 1,960.12, led by banks with Suruga Bank and Shimane Bank both climbing 5-6 percent. Startup investor SoftBank Group dropped 1.4 percent and Uniqlo store operator Fast Retailing shed 1.7 percent. Seoul stocks rebounded, with the Kospi average finishing 1.31 percent higher at 2,379.72, tracking regional gains. Samsung Electronics, SK Hynix, LG Chem, Hyundai Motor and LG Energy Solution rose 1-3 percent. Kia Corp surged 4.3 percent after unveiling the design of its new all-electric SUV. Australian markets snapped a three-session losing streak amid signs that U.S. inflation is slowing, and the U.S. banking crisis would be contained. The benchmark S&P/ASX 200 settled 0.86 percent higher at 7,068.90, marking its best single-day performance since January 12. The broader All Ordinaries index rose 0.86 percent to close at 7,263.10. Tech stocks topped the gainers list, with Xero climbing 4 percent. 29 Metals slumped 14.8 percent after announcing that mining operations at its Capricorn Copper mine in Mount Isa Shine, Queensland, could be suspended for three to four months, following heavy rainfall in the region. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬slumping $1.07 to $70.26 a barrel after plummeting $3.47 to $71.33 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,928.50, up $17.60 compared to the previous session?s close of $1,910.90. On Tuesday, gold fell $5.60. On the currency front, the U.S. dollar is trading at 132.78 yen compared to the 134.22 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.0567 compared to yesterday?s $1.0733. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49