A look at the day ahead in European and global markets from Ankur Banerjee
With about 12 hours still to go before the Fed announces its policy decision, investors are attempting a bit of a risk-on rally.
The collapse of Silicon Valley Bank, which sank under the weight of bond-related losses due to surging interest rates, kicked off a tumultuous 10 days for banks, with fears of a global meltdown rattling investors. Traders are pricing in a 15% chance of a 25 basis-point interest rate hike by the Fed and an 85% chance of no increase. Just a month earlier, the market was pricing in a 24% chance of a 50 basis-point hike.since the collapse of Silicon Valley Bank and a rout in Credit Suisse shares that led to a shotgun takeover on Sunday by Swiss rival UBS.The MSCI ex-Japan index rose 1.3%, while the dollar and gold traded in narrow ranges. Futures indicated European stocks would likely join in on the rally.
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