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9.3.2023 6 MARKETS Symbol Volume Value Trades High Low Open Closing Change Code Traded Traded Trades Price Price Price Price EQUITIES GO 10 27.80 1 2.780 2.780 2.780 2.780 0.000 HSB 1,000 740.00 1 0.740 0.740 0.740 0.740 0.000 MIA 150 840.00 1 5.600 5.600 5.600 5.600 -0.050 PG 290 603.20 1 2.080 2.080 2.080 2.080 0.000 CORPORATE STOCKS G32GA 147,600 155,108.40 6 105.120 105.000 105.000 105.120 0.120 CORPORATE BONDS AX26A 3,000 2,565.30 1 85.510 85.510 85.510 85.510 -9.490 BV30B 11,100 9,990.00 1 90.000 90.000 90.000 90.000 -2.000 DF26A 15,000 14,999.00 2 100.000 99.990 99.990 100.000 0.050 GH27A 25,000 24,375.00 2 97.500 97.500 97.500 97.500 0.000 HF27A 7,100 6,851.50 2 96.500 96.500 96.500 96.500 -1.350 HF28A 4,300 3,810.23 1 88.610 88.610 88.610 88.610 -7.390 HP25A 15,200 15,184.80 2 99.900 99.900 99.900 99.900 0.050 IB32A 15,000 14,895.00 2 99.900 99.000 99.000 99.900 0.900 IH25A 3,000 3,030.00 1 101.000 101.000 101.000 101.000 -1.000 IH26B 4,100 4,017.59 1 97.990 97.990 97.990 97.990 -0.010 MO31A 5,000 4,711.50 2 94.250 94.000 94.000 94.250 0.250 26A 15,000 14,400.00 1 96.000 96.000 96.000 96.000 -0.500 MY32A 4,600 4,473.50 1 97.250 97.250 97.250 97.250 0.000 PC26A 5,000 4,779.30 2 95.600 95.500 95.600 95.500 -2.000 SD27A 18,000 17,280.00 2 96.000 96.000 96.000 96.000 0.000 SF27A 13,400 12,745.00 4 96.000 92.500 96.000 92.500 2.490 ST27A 19,000 18,675.00 4 99.500 97.500 97.500 99.500 2.000 TG26A 5,600 5,488.00 1 98.000 98.000 98.000 98.000 0.000 TI27A 5,000 4,550.00 1 91.000 91.000 91.000 91.000 -8.000 Malta Stock Exchange Regulated Main Market Trading Date: 8 Mar 2023 S&P 500 could plunge to 3200 in coming months, JPMorgan warns after Powell's speech THE S&P 500 lost over 1.5% yes- terday as Fed Chair Jerome Powell told the Senate Banking Commit- tee that the terminal fed funds rate "is likely to be higher than previously anticipated." The FOMC, which is due to meet later this month, could be "prepared to increase the pace of rate hikes" if the U.S. data continues to show that such a trajectory is warranted, Powell said. In their December estimate, the FOMC saw the terminal rate at 5.1%. The current market pricing is now moving higher to a range of 5.5-5.75% in the after- math of Powell's remarks. As a result, equities are head- ing in the opposite direction as the yield curve is hitting new cy- cle lows. "We believe a break through the 3900 inflection can lead to accelerated selling pressure, as that area has acted as a bifur- cation for the index from May 2022. It also currently aligns with several trend-follow- ing trigger levels for momen- tum-based strategies. We see the 3760- 3764 area as an initial target for a breakdown," JPMor- gan technical strategists wrote in a client note. The strategists expect the S&P 500 to retest this cycle's lows in the first half of this year. "We think the probability for a deeper S&P 500 Index slide to next support near 3200 and a bottom later within the first half of 2023 has increased," they added. What other Wall Street strategists have to say about Powell's speech Goldman Sachs: "We expect the data ahead of the March meeting to be mixed but firm on net, and we therefore see our standing forecast of a 25bp hike in March as a close call, with some risk that the FOMC could hike by 50bp instead. Wheth- er the FOMC hikes by 25bp or 50bp, we expect that the medi- an dot will rise by 50bp at the March meeting to show a peak rate of 5.5-5.75% in 2023. We have raised our own forecast of the peak rate by 25bp to 5.5- 5.75% as well." Morgan Stanley: "Chair Pow- ell's prepared remarks for his semi-annual testimony opened the door to a return of 50bp hikes at the March meeting if the incoming data flow war- rants it. Upside surprises to Fri- day's payroll report could drive a faster and longer tightening cycle." Bank of America: "For now, we retain our view that the Fed is likely to hike by 25bp in March. We have argued that the bar is likely high for a return to a faster pace of rate hikes. In our view, risk management concerns sup- port staying at slower pace of rate hikes and monetary policy does work with "long and varia- ble lags"… That being said, a re- version to 50bp hikes is data-de- pendent."

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