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US indices try to make up for early losses
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More banks on the brink of bankruptcy
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ZIM shares up after earnings release
The start of the week in US markets is marked by uncertainty surrounding the banking sector. The US indices, despite initial declines, have managed to make up for early losses and are currently trading more or less flat. The drop in expectations of rate rises by the FED is also an important sentiment-creating factor.
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Open account Try demo Download mobile app Download mobile appOne more hike and the end of the cycle? Or is the end already upon us? Unrest in the banking sector has turned the market's expectations of rate rises 180 degrees. Source: Bloomberg
Stocks from the S&P 500 index categorised by sector and industry. Size represents market capitalisation. Source: xStation5
The S&P 500 Index fell sharply in the early morning, but buyers managed to stop the declines around the support zone set by the 50% Fibo retracement. Source: xStation 5
Company news:
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Cryptocurrency companies are trading higher early in today's session following the stance of US regulators, who have guaranteed the solvency of deposits held by 'crypto-banks'. Riot Platforms (RIOT.US) gains 3.2 per cent and Marathon Digital (MARA.US) trades up nearly 4 per cent. Coinbase (COIN.US) gains over 4.5%. Similar sentiment persists directly in the crypto market.
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Listings on First Republic Bank (FRC.US) and Western Alliance were halted in the face of the expected announcement and high volatility. Trading was also halted on Pacwest and Regions Finacial (RF.US). All of the aforementioned banks saw declines of several tens of per cent.
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Slightly better sentiment prevailed for Chinese companies, which reacted to the warming of China-US relations.
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On the other hand, bullish sentiment persists on the shares of ZIM Integrated (ZIM.US), which are currently up nearly 10 per cent. Investors are eagerly buying the shares of the company, which published better-than-expected results for Q4 2022 and the full year 2022.
ZIM Integrated's results. Source: Bloomberg
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