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US equities were able to claw out of a deep hole yesterday to finish mixed, as the recent turmoil in the US banking sector made its way to Europe. Credit Suisse fell after its largest shareholder said it will not provide further capital assistance, further amplifying concerns toward the financial system that have come in the wake of failures of some US regional financial institutions. The worries overshadowed a welcome benign read on February producer price inflation and a retail sales report that showed a key core component of spending unexpectedly rose and the prior month’s figures were revised to larger-than-expected jumps. The Dow Jones Industrial Average decreased 0.9% to 31,875, and the S&P 500 Index was down 0.7% to 3,892, while the Nasdaq Composite gained 0.1% to 11,434. Elsewhere, European equity markets sank by over 3.0% driven by losses of around 7% in the region’s banks as investors renewed their concerns about the banking system.
Summary as at 15.03.2023
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