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Recovery in bank stocks improved market sentiment on Monday.

Calm, and rally in bank stocks yesterday stabilized the market mood. Gold tipped a toe below $1950 per ounce, while the US 2-year yield flirted with the 4% mark on bet that if the bank crisis is over, we could go back to our lives and worrying about inflation, again.

The S&P500 closed 0.17% up, while the rate-sensitive Nasdaq fell 0.74%. Of course, if the banking stress further eases, we should see sovereign yields recover a part of the recent retreat.

Yet, the pricing of recession is now in play, and equity markets, which have been relatively resilient to the bank stress partly due to higher liquidity injected in the market to deal with it, remain vulnerable as earnings estimates will more likely than not revised lower in the foreseeable future.

In energy, crude oil jumped past the $70pb level on bank relief and a legal problem in Turkish export port.

In cryptocurrencies, the narrative switched from Bitcoin being a safe haven in the context of bank crisis to being on a shaky ground due to Binance trouble with CFTC.

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Bitcoin narrative goes from safe to shaky on Binance news [Video] - FXStreet