U.S. stock futures were sliding on Wednesday as fresh concerns over the health of Credit Suisse sparked renewed banking sector anxiety. That’s as investors awaited fresh retail sales data.
“After three sessions of massive turbulence, the last 24 hours has seen market volatility begin to stabilise for the first time since the SVB crisis began….The evidence from yesterday was that the back stopping of U.S. bank depositors has started to starve the immediate crisis of oxygen,” said Jim Reid, strategist at Deutsche Bank in an early morning note.
Before concerns about the banking resurfaced, the main focus on Wednesday was likely to have been the U.S. retail sales data for February, due for release at 8:30 a.m. Traders will also be keen to see how price pressures are percolating down the supply chain, with the producer price index for February also released at 8:30 a.m. All times Eastern.
Sharp movements in government yields pushed the ICE BofAML MOVE Index, a gauge of implied Treasury volatility, to a near 14-year high on Tuesday. A rising MOVE index has tended of late to pressure equities because the uncertainty in bonds makes it more difficult to value stocks.
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