Investors have been rattled by a bank sell-off on Wall Street after Silicon Valley Bank tanked 60 per cent and fears of another stronger-than-expected payroll report.
Markets are bracing for evidence that the US labour market remained stubbornly tight last month, intensifying concerns that the Federal Reserve will need to revert to larger interest rate rises to cool inflation in the world’s largest economy.
, launched a stock sale to shore up its capital position following losses in its securities portfolio. “A strong set of numbers [on Friday] would vindicate the recent jump in Fed rate hike expectations, conversely, a soft set of numbers is likely to trigger a meaningful unwind in current pricing.” Traders were provided with some hope that the US labour market is starting to ease after US weekly job claims jumped to 211,000 during the period ending March 4, from 190,000 the prior week.
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