Today’s Stock Exchanges, March 24th. Banks remain in the crosshairs, weak and contrasted actions
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MILAN – Caution still prevails on the equity markets, while the consequences of the crises in the banking sector are still being assessed. Wavy futures on Wall Street, weak on Europe, after the colorless session in Asia which saw a negative performance by banking stocks. The Nasdaq, the American technological stock, remains to soar with a performance close to earning the “bull” certification or maxi-rebound from the recent lows. For the rest, caution prevails, with the focus on medium-sized US banks which remain exposed to great volatility despite the fact that Treasury Secretary Janet Yellen has once again aired the hypothesis of greater protection for deposits.
Weak stocks in Asia, fears of slowdown
In Asia, most stock markets fell on fears of a global slowdown in the economy and in light of comments from US regulators who have failed to entirely allay worries about a banking crisis. Hong Kong drops by 0.74%, Shanghai loses 0.60%, while the Tokyo Stock Exchange closed slightly lower on the day in which the slight slowdown was recorded in February of Japan’s ‘core’ inflation which slowed at 3.1%, after rising to 4.2% in January, the top for 41 years. The Nikkei index retreated 0.13% to 27,386 points, while the Topix trimmed 0.10% to 1,955 points.
Inflation slows down in Japan, Tokyo closes slightly down
The Tokyo Stock Exchange closed slightly lower on the day Japan’s ‘core’ inflation slowed down in February to 3.1%, after rising to 4.2% in January for 41 years.
The Nikkei index retreated 0.13% to 27,386 points, while the Topix trimmed 0.10% to 1,955 points.
Weak futures on Europe, Wall Street tries to consolidate the recovery
Negative futures for European stock exchanges. Frankfurt’s Dax is expected to drop by 0.45%, for London the future marks -0.61%, while the Euro Stoxx 50 is down 0.10%. Instead, Wall Street tries to consolidate the recovery after yesterday’s close higher, a signal that the market begins to see the end of the tunnel after the Fed on Wednesday signaled that the banking system turmoil could end the rate hikes sooner than expected maybe as early as May. The Dow Jones is expected to rise by 0.15%, the future of the S&P 500 marks a +0.12%, while for the Nasdaq we are at +0.14%.
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