Weakening GBP & JPY currencies 

Yesterday, the pound sterling (GBP) hit the lowest in a month, when compared to the US Dollar (USD). Speculators believe this comes after the UK’s interest rate announcement last week, as the pound has seen relative strength this year. The Japanese Yen has also weakened to the dollar, which economists believe could lead to the Japanese central bank intervening in currency markets to stop further depreciation. Both of these currency falls could imply economic difficulties, but may also incentivise domestic market growth.

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Bank stress tests

Banks in the US today are due their stress testing, which essentially checks how liquid their finances are and how much cash they have available. After the collapse of Silicon Valley Bank and other regional banks in the US (which were mostly due to their lack of liquidity), this move will give clear indications of the health of other banks that might have been on the brink. It’s therefore worth keeping an eye on the financial services sector and banking stocks over the next few days. 

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Apple stock gains

Apple stocks closed at a record high for the second day in a row yesterday, and is on the cusp of a $3 trillion market cap, currently being valued at around $2.9 trillion. Previously, it has peaked to $3 trillion within a trading day, but never managed to maintain the $3 trillion as markets close. These highs are exceeding analysts expectations which could suggest it will change, but many will simply be enjoying the gains in the meantime.  

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Sources: Reuters, IG, Financial Times, Nasdaq