What you need to know before stock markets open: ▪️ Wall Street futures saw early gains fade after regulators stepped in to avoid a banking crisis after the Silicon Valley Bank collapse. ▪️European markets were weaker. ▪️TSX futures turned negative.
of a leading global technology financer’s sudden collapse, The Globe reports this morning.
Overseas, the pan-European STOXX 600 was down 1.2 per cent in morning trading with bank stocks under pressure. Britain’s FTSE 100 slid 1.06 per cent. Germany’s DAX and France’s CAC 40 were off 1.15 per cent and 1.26 per cent, respectively. “It’s like the battle of surging activity data in the East meets macro malaise in the West”, Stephen Innes, managing partner of SPI Asset Management, said.
“If you considered China opening up and a pick up in jet fuels and very limited spare capacity, we are talking 2 million barrels, so as I said we are cautiously optimistic in the short to midterm and the market will remain tightly balanced,” he said.
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