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China has been stepping up efforts to woo foreign companies and investors to aid an economic recovery after the dismantling of its zero-COVID policy late last year.

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As the European Central Bank hiked rates by 50 bps, though with some deliberation, the message is clear: inflation control is the priority for the Central Bank. Similarly, the US Federal Reserve is unlikely to be dovish at the upcoming March FOMC meet. In addition, being dovish will send a wrong signal to the markets.

As for the international prices, Gold surged more than 2% on Friday riding on a wave of banking crises, Reuters reported. Bullion witnessed its biggest weekly rise in three years, while bets solidified for a less aggressive Federal Reserve in its fight against inflation, the report further said.

This is where the FOMC meeting next week becomes even more interesting. The expectation for a rate hike has been revised from 50 bps to 25 bps post the Silicon Valley Bank collapse. The anticipation has deepened to no rate hikes as more banks collapsed.

All of which makes one thing crystal clear: In a market made more volatile by post-2008 regulations that curbed trading by Wall Street banks, the stakes are high every minute of every trading day at moments like this.

“Tech is more of a safe haven than your traditional cyclical sectors, and it has already gone through a re-pricing, which means it looks attractive relative to the rest of the market,” said Sam Stovall, chief investment strategist at CFRA.

Credit Suisse shares jumped 9% in after-market trading following the FT report. Credit Suisse and UBS declined to comment on the report. Credit Suisse, a 167-year-old bank, is the biggest name ensnared by market turmoil unleashed by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank over the past week, forcing it to tap $54 billion in central bank funding.

​​​The recent drop in rates has helped stocks regain their appeal, according to some metrics. The equity risk premium, or the extra return investors expect to receive for holding stocks over risk-free government bonds, has rebounded to where it stood in early January but still remains near its lowest level in over a decade, according to Refinitiv data.

The beleaguered lender was in talks to raise money from other banks or private equity firms by selling new shares, the New York Times reported on Friday afternoon, citing three people with knowledge of the process. The bank could also negotiate to be sold, the report said. First Republic declined to comment.