Week’s focus on Powell testimony, US jobs, ECB decision [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

You wouldn’t know, by looking at the S&P500’s performance on Friday, that a US regional bank was having a rough time. Almost a year into last year’s regional bank crisis and about a month after a first post-earnings free-fall, the New York Community Bancorp – a commercial real estate lender in New York - fell more than 25% on Friday after saying that it discovered ‘material weaknesses’ in the way it tracks loan risks. But the KBW’s bank ETF closed the session near flat, the S&P500 rose to a fresh record, its 15th fresh record since the year began, Nasdaq 100 advanced to a fresh record as well, even the small cap index closed the week at an almost 2-year high. Stocks in Europe also closed the week on a high note, while the Japanese Nikkei hit a fresh record before giving back advance early Monday.

This week, investors will focus on the Federal Reserve (Fed) Chair Jerome Powell’s semi-annual testimony before Congress, the US jobs data, the European Central Bank (ECB) decision and China’s National

Congress. US crude made an attempt above the $80pb mark on Friday, on rumours that OPEC+ would extend its production cuts to the 2nd quarter. The weekend news confirmed the rumours. The barrel of American crude saw a limited enthusiasm however above the $80pb after the announcement – a sign that OPEC cuts alone won’t keep the price of crude above the $80pb level.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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