Wall Street indexes ended higher a volatile week as traders sail in rough waters. The Nasdaq gained more than 4%, on a bumpy trip. The VIX moderated, rising around 2% over the week, but is up 25% from the level it had a months ago. Banking concerns again dominated price action across financial markets. European and Asian indices closed with weekly losses.
What it started a week ago with the Silicon Valley Bank (SVB), continued with Signature Bank, Credit Suisse (that stays on the lookout) and the First Republic Bank. Financial market turbulences will remain centre-stage over the next days.
Next Wednesday, the Fed will likely raise interest rates by 25 bps, despite market tensions. If the US central stays on hold afraid of the current context, it could trigger a shock in markets that could offset the positive news of a pause of the tightening cycle. The clues about the future will be watched closely. China on Monday is seen leaving rates unchanged.
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