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GOLDMAN: Stocks have “generally rallied .. following the end of past Fed tightening cycles. .. The exceptions were when the economy entered recession near the end of tightening .. Our baseline year-end SPX forecast of 4000 .. would be a break with the historical pattern.”

00:01 - 04/04/23

US Banks lost nearly $400 Billion in deposits in March.

Germany where rate shock is hitting housing mkt. Volume of new mortgages more than halved in Feb2023 YoY. 54% decline is worst on record. Total new mortgage business of €12bn is lowest in >12yrs, does not even take into account inflation

German 10y yields rise in tandem w/oil price. Brent crude jumps after OPEC+ blindsides market w/production cut.

Western businesses may struggle to loosen ties with China as ports in the rest of Asia still need much more investment to catch up with the world’s largest exporter