06 May 2024 – 08:24 Central Euro Time

The Swiss Franc is currently below today’s Neutral Zone; above same are the Metals Triumvirate and Oil, and BEGOS Markets volatility is mostly moderate, even as a week with little incoming EconData begins: just five metrics are due through Friday. The Gold Update muses over the “seasonality” of bank failures, noting (per Fitch) that 7% of U.S. banks are “stressed”; otherwise, Gold’s near-term technicals continue to appear negative despite a bit of a price bounce to start the week. Meanwhile, the S&P 500 has unwound its “textbook oversold” condition; and with about 75% of Q1 Earnings Season complete for the S&P, 65% (somewhat below average) have thus far improved their bottom lines from Q1 a year ago; the “live” (futs-adj’d) P/E is 38.2x and the yield 1.417%; the annualized three-month U.S. T-Bill yield is 5.235%.