U.S. Equity Markets got slammed on Friday following the banking sector’s massive selloff after Silicon Valley Bank was shut down by regulators following the largest bank failure since 2008. This could point towards a larger issue at hand, as banks who have assets sensitive to interest rates are facing severe liquidity issues due to the Fed’s rate hikes. The Russell 2000 Small Cap Index led Friday’s decline, closing lower by 3%. Non-Farm Payrolls increased by 311,000. However, with more job seekers entering the market, the Unemployment Rate jumped to 3.6%, while wage growth declined which could prompt the Fed to maintain its 25-basis point course of rate hikes as inflation pressures show signs of easing. Meanwhile, investors look ahead to this week’s update on inflation as they look for definitive signs of what the Fed’s policy decision could be in a few weeks. Within the S&P 500 Index, all the 11 sectors finished lower. European Markets closed lower. U.K Monthly Economic Output for January rebounded stronger-than-expected growing 0.3% for the month as the nation continues to fend off expectations for a recession. Bank of England Executive Director of Financial Stability Sarah Breeden said continued rate hikes and Quantitative Tightening increase the risk of financial market shocks. Spanish Retail Sales for January rose 5.5% Y/Y, showing improvement from December and proving that consumers are still spending despite higher prices. In Asia, Japan’s PPI growth for February was weaker than expected, declining compared to January, and easing the case for central bank rate hikes. The Bank of Japan left interest rates unchanged as Governor Haruhiko Kuroda said the economy continues to need support, ahead of his retirement in April. Chinese President Xi Jinping was elected to a third term, cementing his control over the world’s second-largest economy. Chinese high-frequency data suggest restaurant revenues are surging and traffic in major cities is rebounding as consumer activity recovers following the removal of COVID restrictions. Elsewhere, Oil rose 1.10% while a weaker Dollar saw Gold surge 2.04%.

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For anyone following my Platinum Service it lost made 752 points on Friday  and is now ahead by 1339 points for March after finishing February with a gain of 3164 points, after closing January with a gain of 4687 points, while finishing December with a gain of 2054 points. November ended with a gain of 4789 points, while finishing October with a record gain of 9619 points, making 6660 points in September, after closing August with a gain of 2228 points, having made 2660 points in July, following a gain of 3371 points in June. The Service made 3651 points in May, after making 762 points in April, following a gain of 5883 points in March. The Platinum Service made an impressive 5324 points in February, after ending January with a gain of 3878 points, more than making up for December’s 932 points loss. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification 

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