After a positive start, the S&P 500 fell for a second day in a row with banking afflictions outweighing better than expected Tech company earnings. First Republic Bank fell another 30% following reports the government is currently unwilling to intervene for the bank. Core yields have edge higher with 10y UST yields up 4bps to 3.445% while the USD is softer, mostly reflecting EU fx outperformance. The AUD has led a commodity linked FX decline and starts the new day at 0.6605 After jumping close to 0.4% at the open, largely reflecting the better-than-expected earnings results from both Alphabet and Microsoft after the ... (full story)