Archives of “March 31, 2021” day

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UBS reportedly may face at least low-three-digit millions losses from Archegos Capital fallout

  
  Analysis
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The hit to banks continue to unfold

The figure is being reported by Finews, citing a person familiar with the matter. UBS has been mum over the situation as Credit Suisse had earlier in the week warn of a “significant and material” hit to its Q1 performance from the Archegos Capital fallout.
The report says that the hit to UBS isn’t such that it will materially impact the firm’s quarterly profits nor trigger a warning, despite still having positions to be unwound.

PIMCO’s latest outlook – the firm likes a higher USD and higher equities

  
  Analysis

Pacific Investment Management Company (PIMCO) is a US firm that manages circa US$1.9 trillion in assets.

Some points of interest from their latest quarterly outlook (bolding mine):
forecasting
  • “a strong global recovery in 2021 amid significant fiscal support, accommodative monetary policy, diminishing lockdowns, and accelerating vaccinations”
  • an expected temporary bump in inflation in the coming months
  • inflation generally will remain below central bank targets over the next one to two years
  • markets may remain focused on inflation risks in the near term, contributing to elevated volatility

We seek to maintain portfolio flexibility and liquidity to be able to respond to events as they unfold


We see opportunities in COVID-recovery sectors, including housing, industrial/aerospace, and select banks and financials. 
More:
  • PIMCO expect global economic growth circa 6% this year
  • An on hold for longer Fed translates to the firm liking continued modest upside for the USD
  • Stays overweight equities (preference for US and Asia stocks), preference for cyclical vs. defensives
Pacific Investment Management Company (PIMCO) is a US firm that manages circa US$1.9 trillion in assets.

The US Indices close lower on the day

  
Analysis, US Market

Nasdaq can’t hold late day gains into the close

The major US indices are closing lower on day. The Nasdaq was the only index, that moved into the black today. It was up as much as 0.12% at the highs, but gave up those gains into the close. The Nasdaq index did retrace a -137 point decline (-1.05% decline at the low).

Below are the breakdowns of the high,low, changes, etc. for the major North American indices (and volatility index).

Nasdaq can't hold late day gains into the close
Below is a summary of the % changes for the major global indices. The European shares all closed higher.
% changes of the major indices
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