Market Commentary: Friday 22nd March

A quick recap of yesterday's Central Bank activity, the BoE was unchanged at 5.25%, the SNB cut 0.25% to 1.5%, the Norges Bank was unchanged at 4.50% and the Bank of Mexico decided to cut 25 bps, the first time since 2021. All this CB activity and the investment atmosphere is positive highlighted by Reddit Shares IPO soaring nearly 70% on its opening day and domestically, Next, the UK fashion retailer announced surging profits and claimed the high street is back!

In line with the Central Bank actions story the yield on 10-year Treasuries declined three basis points to 4.24%, Spot gold fell 0.5% to $2,171.28 an ounce, West Texas Intermediate crude fell 0.6% to $80.59 a barrel, Ether rose 1.3% to $3,528.21, Sterling is looking soggy at 1.2620 and USDJPY opens at 151.50.

Data wise UK retail sales for February have just been released and are better than expected, flat mom when -0.4% was expected and -0.4% yoy on when -0.8% was expected. Later today we have Canadian retail sales for January (-0.4% m-o-m). The key release of the day would be the German IFO survey for March, but no material changes are expected. Central bank speakers include Powell, Bostic and Barr from the Fed, and Nagel, Holzmann and Centeno from the ECB. Is the market theme still higher for longer? Actions speak louder than words....

**For professional investors only** Any opinions, news, research, analyses, prices, or other information contained in this blog is provided as general market commentary and does not constitute (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. Some of this information may have been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is made or given by or on behalf of iSAM Securities or its directors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this blog, and no responsibility or liability is accepted for any such information. As a result, any person acting on any information does so entirely at their own risk. iSAM Securities will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.