A look at Thursday morning’s market action
“The idea of a pause [by the Fed] may have pleased investors because the bank failures help tightening the lending conditions and throw a solid ground for a pause in rate hikes,” Swissquote senior analyst Ipek Ozkardeskaya said.
Shares of PacWest Bancorp were down more than 30 per cent in premarket trading after that U.S. lender said it was in talks with potential partners and investors about strategic options, suggesting a possible sale of the bank. In Canada, investors have a busy earnings day with a number of major companies reporting quarterly results.
“They might be in a position where, if they want to stabilize prices, they need to deliver on previously announced production cuts and signal that more are coming,” he said.Spot gold was up 0.1 per cent at US$2,040.46 per ounce. Earlier in the session, prices rose to US$2,072.19 per ounce and hovered close to a record high of US$2,072.49 seen in 2020.The Canadian dollar was little changed in early trading against its U.S. counterpart.
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