The Day at a Glance | March 28 2023

*Main US bank regulators will testify before Congress regarding the unexpected collapse of Silicon Valley Bank and Signature Bank. 

*The Bank of England will keep an eye on the uncertainty revolving around the banking sector. 

*The French government denied a petition presented by labor unions to reframe the region´s pension law; they urge leaders to find a solution to the crisis.  

*On Tuesday, US consumer confidence figures corresponding to March will be revealed. The consensus expects a decrease with respect to the previous month (101.0e. vs 102.9 prev.). 

Economic environment

The US trade deficit increased in February. US trade balance figures were made known on Tuesday. A moderate increase in the trade deficit was recorded during the second month of 2023. This is attributed to a decrease in exports, which could be a potential burden for economic growth during the first semester of the year. The trade deficit increased 0.6% in February, according to the Department of Commerce, and set at 91.6 billion dollars. Exports decreased -3.8% and set at 167.8 billion dollars; while imports also logged a drop (-2.3%) and set at 259.5 billion. Additionally, the Department of Commerce also reported that wholesale inventories increased 0.2% in February after having logged a -0.5% decrease in January.