From Marc Chandler at Bannockburn Global Forex:
Overview: Perhaps it was the extent of First Republic Bank's loss of deposits that were reported with earnings yesterday, but risk appetites dried up today. Asia Pacific equities were trounced outside Japan today. Hong Kong and mainland shares that trade there set the tone today falling 1.7%-1.9%. China's CSI 300 fell for the fifth consecutive session. Taiwan and South Korean markets fell more 1.4%-1.6%. Europe's Stoxx 600 is off almost 0.5%, which if sustained would be the largest decline this month. Its bank index is down 2% today, the most since March 24. US equity futures are trading around 0.5% lower ahead of a slate of earnings. Benchmark bond yield are 6-8 bp lower in Europe and the 10-year US Treasury yield is down more than five basis points to about 3.43%.
The dollar is mostly firmer. The yen and Swiss franc are the notable exceptions among the G10 currencies. Emerging market currencies are almost mostly lower, led by the South African rand (~-0.40%) and the Chinese yuan (~-0.30%). The JP Morgan Emerging Market Currency Index is off slightly for the third consecutive session. It has fallen in seven of the past eight sessions. Gold recovered from yesterday's low near $1974 to retest $2000 earlier today but it has been greeted with new sales that has pushed to back toward $1987. Support is seen around $1970. June WTI recovered smartly yesterday from near $76.70 to almost $79.20. There has not been any follow-through buying and it is consolidating in a narrow range (~$78.35-$79.05)....
....MUCH MORE
