Marcus Today Pre-Market Podcast – Thursday 23rd March

Marcus Today Market Updates

Wall Street fell sharply overnight, falling from near two-week highs after the Fed hiked interest rates by the widely expected 25bps but signalled it may be on the verge of pausing future hikes amid recent volatility and turmoil in the financial markets. The 2-year and 10-year treasury yields retracted, and the USD index softened on the Fed’s dovish note. Dow Jones down 530 points (-1.63%), closing near low. At best Dow up 201, and at worst, down 540. S&P 500 down 1.65%. NASDAQ down 1.60%. In Europe, STOXX 50 +0.3% FTSE +0.4% CAC +0.3% DAX +0.1%. SPI Futures are down 52 points (-0.72%), losing most of yesterday’s gains.

• ASX to fall as Wall Street drops on rate angst.
• Fed delivers small rate hike, sees possibility of 'some additional' tightening.
• Powell warns inflation fight continues.
• First Republic shares fall sharply as Yellen says Treasury will not insure all deposits.
• UK inflation surprise pressures BoE to raise rates again.
• OpenAI tech gives Microsoft's Bing a boost in search battle with Google.
• China Evergrande offers bond and equity swaps in debt restructuring.
• GameStop's surprise profit triggers short squeeze, meme stocks rally.
• Gold firms on weaker USD.
• Copper rises for fifth day ahead of rates decision.
• OPEC+ likely to stick to its guns despite price slump, delegates say.
• Oil up 2% as dollar weakens on small US Fed rate hike.
• Russia hits Ukraine with missiles, drones as 'dear friend' Xi departs.

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