First Republic Bank $FRC down 60% in pre-market trading after statement on Sunday reassuring the company's liquidity position.

Global markets took a U-turn as risk-off & flight to quality continued its dominance despite government regulators best efforts to reassure the market. Bond markets are surging as investors take cover. German 2Y government bond yields set for the largest 2 day drop on record.

Very different to the way the market looked this morning but we here now. FTSE/JSE ALSI -1.25% & Top40 -1.36% Richemont $JSECFR was the biggest detractor in the Top40, -3.3%. MTN $JSEMTN had the largest decrease after the results, -10.7% Of the 41 shares, 32 fell while 9 rose.

US regional bank shares down significantly despite regulators stepping in. Maximum drop from previous close: First Republic Bank $FRC -79%; Western Alliance Bancorp $WAL -85%; and PacWest Bancorp $PACW -60%.

#Bitcoin doing its part as a hedge against the US financial system collapsing? Massive divergence since the Silicon Valley Bank $SVB collapse.

Old Mutual $JSEOMU FY 2022 results Net income R7.33 billion, +10% y/y. Est R7.13 billion. Final dividend per share R0.51 vs. R0.51 y/y. Funds under management R1.23 trillion, -3.5% y/y.

Tiger Brands Cut to Hold at HSBC; PT 210 rand

Mexican peso declined heavily given its cyclical nature and the increase in global risk. The currency has done particularly badly against the South African rand which has been the best performing currency since the market toned down US interest rate bets since SVB $SIVB collapse.

The rally in Japanese 10Y government bonds has moved yields meaningfully below the 0.5% threshold. This may allow the BOJ to move further away from their yield curve control measures.

Despite everything, US equity markets ended the session slightly red. S&P500 $SPX -0.15% & Nasdaq $CCMP +0.45% Massive declines in the financial sector (-3.78%) with regional banks declining a staggering -14.87%. Tech held its own with Apple $AAPL +1.33% x.com/MartinRodgers3…

Key economic data for today: US inflation

US CPI figures today significant for the next Fed rate hike decision.

South Africa Jan. Gold Production Rises 3.7% Y/Y South Africa Jan. PGM Production Falls 15.2% Y/Y South Africa Jan. Mining Production Falls 1.9% Y/Y; Est. -2.8%

Transaction Capital $JSETCP taking a nasty fall after their disappointing trading statement on their H1 2023 results. Company's share price is down 37.50% for today so far.

US Feb. Consumer Prices Increase 0.4% M/M; Est. 0.4%

Breakdown of the US CPI February YoY data. Notable declines in all categories except for Services (ex food and energy) inflation component. US Feb. Consumer Prices Rise 6.0% Y/Y; Est. 6.0% US Feb. Core Consumer Prices Rise 5.5% Y/Y%; Est. 5.5%

SA equities traded lower today despite stronger global markets. FTSE/JSE ALSI -0.65% & Top40 -0.53% Anglo American $JSEAGL was the biggest detractor to the Top40, -1%. MultiChoice $JSEMCG had the largest drop after their trading update, -13.8% 32 of the 41 shares fell, 9 rose.

The rand appreciated markedly against the dollar after 12:00 today. Slowly started depreciating again after the US CPI print followed by the market moving up the probability of a 25 bps at the next Fed meeting.

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