Markets pulled between high tech and bank lows

Thursday 27th April 2023

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The US share market is split between tech majors, doing well on the back of strong earnings (Meta is the latest on that front) and financials (and the rest) hit by banking uncertainty and recession fears. NAB’s Rodrigo Catril says there’s no evidence of systemic risk in the banking sector, but tightening credit conditions will weigh on the broader economy. Hence, big falls in oil today, which was one of two factors weighing on the Aussie dollar. The other, of course, is the weaker than expected inflation read for Australia yesterday. Could a more dovish RBA against a hawkish Fed see the Aussie fall further? 

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