A look at the day ahead in markets from Mike Dolan.
$17 billion Additional Tier 1 bonds wipeout last weekend had "profound" implications for global bank regulations a Fed move to guarantee non-insured deposits was a "moral hazard".to take over Credit Suisse last weekend, the Swiss regulator determined that Credit Suisse's AT1 bonds would be written down to zeroto unwind its highly profitable business in Russia.
Wider markets were lower in Asia and Europe and U.S. stock futures were in the red again ahead of the open. With less than a 50% chance of another Fed rate rise in this cycle now priced into the futures, almost 80 basis points of rate cuts are now seen by year-end. Two-year Treasury yields skidded below 3.70% - a whopping 140bp below peaks hit a little over two weeks ago.
from any further blowup in banks, the dollar rose - with fresh European concerns dragging the euro back in particular.
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