- Equities gained alongside US index futures as a rise in Chinese tech shares lifted the mood and fears of contagion from banking upheaval continued to wane.
- Tech stocks drove European equity advances, although banks also outperformed. UBS climbed after rehiring a previous CEO to supervise the acquisition of Credit Suisse. Contracts on all three major US indices rose, with the NASDAQ 100 on track for its best quarter since 2020.
- Alibaba slumped in premarket trade in the United States after soaring on Tuesday on news of a split. Its Hong Kong-listed shares were up 12%, mirroring Wall Street's overnight gains. This spurred a boom in Chinese tech stocks as investors flocked into companies that had been wounded by Beijing's crackdown over the previous two years.
- Treasuries recovered after a two-day decline as investors anticipated comments from Federal Reserve officials and economic data this week for hints on monetary policy. Data on the central bank's preferred gauge of inflation - the core PCE deflator which could factor into the Fed's next policy decision.
- ECB's Kazimir: The ECB shouldn't change its stance on rates, but it could impose them more slowly. There is a genuine danger that banks will cut back on lending.
- BoE: UK businesses are resilient to higher debt costs, and less households are facing stress than thought in December.
- Biden prepares to call for new bank rules after SVB - Washington Post.
