Monday Market Must-Knows: May 1, 2023

How confident are we in the banking sector?

First Republic, a large bank, experienced a significant decline in share price due to a 'run' on deposits by fearful customers. As of this morning, regulators struck a dealwith JPMorgan Chase to ward off its collapse

This has led to fears about the banking sector and investors are advised to keep a close eye on developments in the central bank rate decisions. If First Republic goes into receivership, it may erode confidence in regulators' ability to control the situation, potentially creating further downside moves.

Also, the Reserve Bank of Australia and the US Federal Reserve will announce their rate decisions, with the latter expected to increase its rate from 5% to 5.25%. 

This week, many companies, including Pfizer, AMD, Starbucks, Uber, CVS, Estee Lauder, Kraft, Heinz, and Apple, will report their earnings. 

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