JP Morgan swallowed the First Republic Bank (FRC) on Monday and will assume all its deposits.
Capital flew out of US treasuries yesterday as bank stress waned, the S&P500 closed slightly lower yesterday, but it made a positive attempt to the 4186 mark, the highest since February this year. Nasdaq 100 advanced to the highest level this year despite the rising US yields yesterday.
The Federal Reserve (Fed) begins its two-day policy meeting in relatively calmer conditions.
Many think that this week’s 25bp hike will mark the Fed’s tightening cycle, but the surprise hike from the Reserve Bank of Australia (RBA) this morning hints that it may not be the case.
Elsewhere, the eurozone will reveal its quarterly survey of bank lending which will show how the recent bank stress impacted credit growth in Europe, and the flash CPI figures for April. Both data are extremely important for shaping the expectations regarding what the European Central Bank (ECB) will do this Thursday.
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