Regional banks continue to suffer, but Meta!

Link to slide deck: https://bit.ly/3Lc0O1x   -

Today we look at a bit of deja vu all over again as we saw a negative session yesterday in the US followed by a megacap - this time Meta - reporting after hours. We note that regional bank stocks continue to struggle at cycle lows. Some of the weak sentiment yesterday was on the Republicans passing their spending bill in the House that would lift the debt limit, but with no one having a clue on next steps as this bill is dead-on-arrival in the Senate, much less Biden's desk. Elsewhere, crude oil dropped sharply again, while gold is sticky near 2,000. Today brings perhaps the busiest earnings report calendar of the season, while the first BoJ meeting with Governor Ueda at the helm is up tomorrow. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting.

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Intro and outro music by AShamaluevMusic