Exxon Mobile tumbled 🛢️ UBS buys Credit Suisse 🏦 Fed, BoE, SNB rate decisions 📊

FlowBank's hand-curated fresh financial news [header_noDither] 20.03.2023 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. New: See our [LinkedIn](113/cXx8Z04/VX7JkZ1RfvNGW96w5644-b_nMW4lQ0X34YlQRzMXl4np2-MJQV1-WJV7CgGgkW7mJLYY1F9DztW7dM9rq4RVNl0W3-J7FR3tVD2dW7c3Nkm1hJHNLW32jd4Z5254hGW1VRw8z8wzZ2KN1BwvxNphCYlW78lFCZ8dJKjvW8-VVkx2Hc_JMW4zgbHL3sFBP2W5L2j4n7_PlvDVvqkTt7hrvqMW2mXz9S2bKN9rW5rX7QN1JzpVpVWPvyC15ShYLW4pS7PH67dGSJN7-cB67GrKtFN9llnCfTlKtS348l1) and [Instagram](113/cXx8Z04/VX7JkZ1RfvNGW96w5644-b_nMW4lQ0X34YlQRzMXl4n52-MJwV1-WJV7CgHZSW5zYSGl61ssK6W3X8Nh-34TwR9W23H5Kb1wmmD1W7wfCLH21rtmNW2J91jR1L30DYW3LH3C-2DFxRsW30jkc67TQlZCW8SCKDl8Xp3d4W5srtXk8t-LtHW948Vhh3kvvHcW2kGZN28q2gqKW4tJWg368GB9zW9dN_1R3LbBvfN2NCVmCL7YrQW1_P6Pl2gjWxBW2DCBj93jfcjV32401) highlights below The Big Story [exxonmobil-building-exxon-logo] Exxon Mobile shares tumbled over 7% last week, the largest loss this year, tracking oil prices lower, and there could be more downside to come. WTI fell almost 13% in its worst weekly decline since April 2020. Oil prices came under pressure amid an increasingly uncertain economic climate. Analysts are less bullish toward oil, with Goldman Sachs saying that it no longer expects oil to reach $100 per barrel. Meanwhile, Exxon's Q1 earnings update next month has already seen analysts revise EPS estimates lower ten times in the last 90 days compared to just five upward revisions. [Start Trading](113/cXx8Z04/VX7JkZ1RfvNGW96w5644-b_nMW4lQ0X34YlQRzMXl4nJ2-MK5V1-WJV7CgR3wW15CqZ371JK9nW45jd2-92XkyBW5vlNTP6LJgdYW1nMGxr2SDNsNW6c8Z7k5815h0N1kXTcykrzLnW5wJvWm1ghJJlW4bcHh38CQdz2W3y69J486t-ttW7X0BQq4n-Qw7W7TV9tX20ZzClN2N2xGDNGPHfN5gxD-BHZ76GW1k3V6W1ZvfH1N4sm9s0zhktqW2wN9604lD9-FW1H3xc48lfT6WW7ZH5nY4yC9CcW6tnSTZ3ldg9sW8gW2w34tCKpz3k8S1) Trader's Corner In focus this week • While stresses in the financial sector are set to remain a key driver of the markets, there are plenty of risk events as well. The Fed's rate decision is the key risk event, with the market now pricing in a 62% probability of a 25 bps rate hike and a 38% chance of the Fed keeping policy unchanged. This is a significant turnaround from 10 days ago when the market was expecting a 50 bps hike. • BoE could raise rates by 25 bps to 4.25%, but this is by no means a done deal as the central bank asses the risk of a new financial crisis. UK inflation data is due on Wednesday and is expected to cool to 9.8%YoY. • Eurozone PMI data showed that business activity returned to growth in February, and the composite PMI is expected to tick higher again in March, which could help ease recession fears. Economic data this week • Fed, BoE, SNB rate decisions • UK CPI, German ZEW • Ger. ZEW economic sentiment • UK, EZ & US PMIs Earnings this week • Nike, Tencent, Accenture • General Mills, GameStop • Pinduoduo, Chewy • Darden Restaurants, Smiths [Start Trading](113/cXx8Z04/VX7JkZ1RfvNGW96w5644-b_nMW4lQ0X34YlQRzMXl4nJ2-MK5V1-WJV7CgBfdW3RN6Lc4vpn5rW72jHsH98V87zVZ0h1z6TfNWlVvLnbL6SzRCfN7rjz9BHjS5CW4W8DVm6MTzgjW7qrYLp70LPfNW3hSdXp6J8kQjW5GBtPG5Zzrh5W8Bbz3P8MCmbdW3nqqKT284cf5W6z0LG55R2rCRW8zrvsW4GNClpW4vMgPd4wsV4ZW221ttB1PY-wpW8qvRKY5FpMKsW4-zzlC3Y-dN1VW7RHb2h_lVVW7pd6H45SHPxSW2Mw1TX6J664T3dD41) Market Recap European stocks closed deeply in the red on Friday as jitters over Credit Suisse contagion weighed on sentiment. CS extended losses despite SNB intervention. The Dow closed 400 points lower on Friday, as First Republic and regional banks slid further, reversing Thursday's relief bounce. Lingering concerns over the state of the US banking sector pulled stocks lower, despite a group of banks coming to FRC's aid and depositing $30 billion on Thursday. This morning stocks are pressured as banking crisis fears offset liquidity support. UBS agreed to buy Credit Suisse over the weekend for CHF 3 billion. The historic deal sees UBS get billions in SNB and state support. Chart Of the Day Demand destruction & rising inventories have pulled oil lower. Gold has jumped as the USD weakened amid the stress in the financial sector & on safe flows amid rising uncertainty. Will the historical gap in their price performance recently close? Perhaps so if market fears normalise, or perhaps not if traders' fears materialise in a larger banking crisis. [Oil, Gold 17.03.2023](113/cXx8Z04/VX7JkZ1RfvNGW96w5644-b_nMW4lQ0X34YlQRzMXl4np2-MJQV1-WJV7Cg-Z1W468XFP1pbRYpW6dBc953yFm-7N6C6rHfbztb5W3MB_-t1h3LvbW6FkyXP1lxghBW1mNsS93_FFNtW49b2X-3bJlxSW6tfSy18fCfwYW81JGJK2fqGqJW64k8Nx75dq3PN4Y4gRG24ZRJW77P0FW1Vrh-MW96yts36Rpqc2Vq3GJ65KmStbVjJkGB5kZc09W4129Lz6cpGVwN4z6HCk6XCqPW3g85mv3nNKzQ3nQH1) [LINKEDIN](113/cXx8Z04/VX7JkZ1RfvNGW96w5644-b_nMW4lQ0X34YlQRzMXl4np2-MJQV1-WJV7CgMzSW2mcxPt2rzHwyW6JFZyq5HYk4CW5pXC265rmJqZN4zPjFz70mWpW3WG3qT380H3-W5zqv642JRSN_W1Hv__v8PlQfRW3Jd0R623Lc0LW2sgYT-7hzMN0W3SCZjl6fVtnzN7Q6N1PhZj8gVBjYZx5Qw_rjW99-kW12sgdHCW1Mn3dq5CKWzYW5xVKVG59FXysW1JqyYY6rtLYQW1hg7gC3444GmW2j6lHw4Zd-2837vJ1)Highlights Top 10 Largest Renewable Energy Companies 🔋 McKinsey forecasts that by 2035, renewables will generate 60 percent of the world's electricity❗ Is renewable energy an interesting sector to invest in? ⁣ Click [here](113/cXx8Z04/VX7JkZ1RfvNGW96w5644-b_nMW4lQ0X34YlQRzMXl4np2-MJQV1-WJV7CgNh_W4xWVHx20lQyMW5R8HDq4C5b-TW6SW_Cb3PgrGpW1z8myn5MVVNdN3Qhw_Pt9RDHW424dB36nVs5yW6rk_KF2LqwbBW3bD-vD6Cj6TPW1bLJVY873FcdW4xNBlx6FMZSXVBSGYq24qBZfW8D80fd8wM0JqW8D21NF5-rkVBW1ky-wp7WXv82W1TXvVC5mQkY4W4sXknb4LgSdWW2jdk3J51R7x_W6GNHK61yhYjr31Fm1)to read more. [Renewables infographic](113/cXx8Z04/VX7JkZ1RfvNGW96w5644-b_nMW4lQ0X34YlQRzMXl4np2-MJQV1-WJV7CgZ3jV3wxl81JvSb8W3-Xxgd2k9VRLVTTkll6KjxznF7dhd-RsBxlW139dSF7HdS1vW1pxHJc2BtkbdW3W3_W15MczyGW2VFsM33rLfgRN6DTCb7wNP4jW7gB88S81-5b4N4LFwjj1KvBrN2RkWHBHZ1Z_MYFNqQYkhTdW2lCWSf6xwskjVJh9Lw7w2vdnW7rc5c76jbqD5W2d9Kx48Dzy7qW8WwZj2561g493l-L1) [LinkedIn](113/cXx8Z04/VX7JkZ1RfvNGW96w5644-b_nMW4lQ0X34YlQRzMXl4np2-MJQV1-WJV7CgHSrW941Y9T1VkVCxW823fZJ5FTLP1W8H5vhB7GvCHtW3tJHfj5DX2H_N1ZBM3CKXXFPW2dskGw7-ts_7W2dwf505jYn_mVg1s458gbj4CW5HJbfG3vwLPVW4rLDMW8q2sDNW150w5R4KdhdNW4FSFzS3N81H-W50c-S83WkkNTW65LGjL19XJxwW38FCrf5rlKWwW7pc_qK7TJ9k0W6h19Yh57lZ37W6H1XQ13N0xv-3hCJ1) poll: Is the Fed nearing the end of its hiking cycle? [Vote here, we want to hear from you!](113/cXx8Z04/VX7JkZ1RfvNGW96w5644-b_nMW4lQ0X34YlQRzMXl4n_2-MKpV1-WJV7CgB21W1zHqKp5BwC-PN2zqt4n8hbgQW59gBFx6Nh--DW54GlzJ4jyPmvW1_ChLG6tdBf1W4HHZCS3pw4PWW7KS8vy9bw9mKW6JQlPl66sn6-W26zStx715qwkVw9mp21XJgT4W8GzbC_5hgkhRW36bD1N6ZsDZdW89b_Hl1wgGW7W2kBcLd40xhwdW8F2gRP2Mzc7fW4JM6H25X1X6BW1LpTbm5MNKN-W8KT-yB2kvCSjW3Y3v4p6b29nPW8KrHcF19BzLjW1vd0s_7C80mqVj6bLX6Tdk613ctG1) Poll of last week ([here](113/cXx8Z04/VX7JkZ1RfvNGW96w5644-b_nMW4lQ0X34YlQRzMXl4np6XSK9V5X_Kf7CgJJPV2jSkq6Hx3z3W5yVl8q6CT0LjVDnwmR5gr999W3D2dK71V8fZlW4k8cc38JWjT-W5JtVmz46p3cCW1gvzD073HB08W84RLLv3ZbmKZN60qTBp7lT49N14W_Zn_t4MQW1GrDGT2xYH8dW3pLXZt6Rd7qTW5nSVqH7yvDcnW3Z-pR_6x6cybW3pKGGw66bfRxW253KCR51NLPFW6kDT6L4QnrdLW4BqzG54LpsLJW6M4Lvs4GbhwlW2yb1hq51VD1fW81_hhk4R5NtrW1Xl7qw33Mc2tVlnzsm2ny7jSW7W3J501Sbn3zVtfnHB6l8VWsW2HbMkF6MGzzrW6Qlfl95mmjVVW73Blwh4-fxjVW86f0ZY5K9l4KW7vBjv52Fn5WqW54qHmH1FLXv7V7DHXz861CRbW68-W8h5cp0tBW3SMbp04_V4TwW8yHCgM1bxBk2N4-Jv23JQt_GW3Kwy_T8t4DNnW2sCT5j8Kv0RfW8lXtB43qWyQ0W8TRd4-4tk99VW7Qh7946Qn1N-N1bg1n6BC8HXV7qm6S28frVzW8BZ-Z74ky55hV2pydl1cxx1GN6xf9-2ZT8vBW49JyY07DZqLMW6xP9dt1Lh6xzW15kVQ-78cgXcW7jwQN-2dQs0c3bY-1)): The % of mutual funds led by women. [INSTAGRAM](113/cXx8Z04/VX7JkZ1RfvNGW96w5644-b_nMW4lQ0X34YlQRzMXl4n52-MJwV1-WJV7CgCbcW8-SJ1b82wsR2W88fln3633fbxW2G--6M8jYZLGW1xD21P95PrlTVzz1n57tZJ6YVCv_vN1TBmRvW2vfsRs7J2408W3gpkwG1_P-tBW3gNxcv1-hbzFW3np1NS27pBpHVRGPtj7xwY3HW20SJX14FLb-DW6w7_lj48jkMPW2386_R4tcskVN393H4sTQJp9W1zDtt667y6q03k4K1)Highlights 6 Inspirational Women Leaders 🎉 They have changed perspectives in their fields, and on women in general. ⁣ Click [here](113/cXx8Z04/VX7JkZ1RfvNGW96w5644-b_nMW4lQ0X34YlQRzMXl4np2-MJQV1-WJV7CgzRLW5652nz943b9vW7kmZZt5trq2lW46DHKj31HZ3HW7106pg4Xrr0wW3kCB9h47gqQlW5-j2Bq61VKMvW8-lL838YF8dSW7-5tt_1bk5zfW8XnNCm2rkZWrW5yXLxT40btgYW1N4yTp2KC_ZfW9cp-MZ1tfQsTW2xDYjK138Fm3W7LYCwN1dBN90W6V7DHM9fxvjzW3D29s84y4RcHW4TwymT3vpDKRW1B0_lj8BVq1M3pqs1)to see the carousel. [Lagarde - FlowBank IG](113/cXx8Z04/VX7JkZ1RfvNGW96w5644-b_nMW4lQ0X34YlQRzMXl4np2-MJQV1-WJV7CgCW5V9D8zV2y0zdXW9hQj4W1LyRbpVC_QB18TzFKwW4FNknG5xWj75W1jWm846ySDv4W1ChxQl5lkCZgW2jCgq65_l1vjW4jjyjB3cj1ChW5-bXl54fPYDGW4SdT4Z2twWPTW41rYs88YfP81W8Mwtj_1jgz6kN6wF-P-FWLZZW6bJy_K1pRPLPW7j0nXJ3zCpPqW4-PkFK6vcQr_W318VLb5SjpjVN8cxPR2B1R6V39cY1) FlowBank Blog What does the SVB run fallout mean for tech stocks? [fedpic-1](113/cXx8Z04/VX7JkZ1RfvNGW96w5644-b_nMW4lQ0X34YlQRzMXl4np2-MJQV1-WJV7CgzPDW2CDtCV92xd28W7MpVhc68xZHQN1nt_-B3kzH1V9d6Hz4d-gP3W1BhxC34_TXRSW3YgTzY3vVGd8W2VwNHL25KlTSW5pXyTM7ngtc8W4nNSxQ3C18QBN7n2TVh1zPhwW994skt1NlqGsW8-ZJ361xpTShW7S4_Fw2dpXRXW7-9vdG1XgmhWW3l_bzX6fPlS2W8_9Hxq4dCHs9W65gTpj1XjhpqW6S4LXD5f8bTn3dVQ1) The collapse of SVB has stirred up volatility not just in the banking sector but also in the tech sector. The Nasdaq initially slumped in reaction to the bad news but the implications for interest rate policy could turn out to be good for tech stocks. 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