Tag: DB

Your EDM Q&A: Rohaan, Like His New EP, Is Just a ‘Boy In a Dream’ [VISION] | Your EDM

Rohaan’s always had an air of mystique around him. Even back to his early days in the experimental trap and deep bass worlds, releasing on MAD ZOO and Deadbeats. His style has that indistinguishable quality that the likes of IMANU, Current Value and Amon Tobin have which certainly transcends genre, but also seems to transcend space and time. A powerful manifestor as well as a creator of some of the most interesting beats of the last seven years, it seems inevitable that he would eventually release on VISION.

With his genreless take on deep bass, Rohaan’s first release with the Noisia boys was actually on their erstwhile “miscellaneous bass” label, Division. He made a funky, loud dubstep remix of Tek Genesis’s “Cloud Kingdom Theme” that seemed like a departure even from his own diverse style. But if we’ve come to expect anything from Rohaan, it’s the unexpected. His debut EP, Boy In A Dream, which came out earlier this month on VISION is certainly that. Containing everything from techy, clubby D&B that defies subgenre to ameny almost jungle to video game halftime to techno-infused bass house, fans shouldn’t be surprised if there were samples from an actual kitchen sink thrown in there just to make a point.

Because of the diversity (even for Rohaan) of this EP, YEDM wanted to catch up with the Manchester-based artist to find out how the hell this extremely interesting piece of work came together. The takeaway? It’s a love letter to the club. Rohaan’s advice for making D&B? Don’t listen to D&B. Read on.

Let’s start with the tagline VISION used in your promo: “2 years ago I wrote ‘Vision Recordings’ on a note and stuck it to my bedroom wall…and now here we are.” What does reaching this goal mean to you?

So, I write four key goals on a note each year. These are usually written at a time where that goal is in my line of sight but very far away. So, to be here, EP made and released, it’s a wonderful career-affirming place to be. I have looked up to VISION since I was at school studying music, my best friends and peers all love the label, so it’s definitely a wonderful place to be knowing my sound fits the bill!

Some fans might actually be surprised to learn that Boy In a Dream is your Vision debut EP, as your sound’s always seemed well-suited to the label, especially in recent years. Why do you think now is the right time or what do you think made this EP stand out to them?

I’ve had multiple releases with them in the past, doing three remixes for the likes of Noisia, The Upbeats and Icicle, then a collab single with Tom Finster. This is my debut solo release with them. We actually started working on the idea of an EP back in September 2022, so it’s been a long process of many demos and many weeks of refining my sound to get here. Very excited to bring it to life.

It seems clear on the EP that you didn’t necessarily have a specific label in mind; how did you go about putting it together, especially in terms of all the styles?

In terms of this release, we had many conversations with VISION to refine the huge demo list and get them to the final 6 that you hear today. Some of these were just fun things I started, others were specifically made for VISION, so it varies. My style and sound are quite eclectic, so I wanted to showcase that in this EP.

While a lot of fans think you hit the bigs somewhat suddenly with Shogun, prior to that, you released on some excellent cutting-edge imprints like Deadbeats, Mad Zoo and Unchained. How do you think your experience working with the more twisted beats labels shaped your style when it began to get more popular?

With each release, I’m learning and evolving, both through external life experience and seeing the response to my music from fans’ point of view. My style has definitely evolved into two parts. Pop/more stream friendly, and club music. My recent single “Run Away” with Kelbin is a great example of the pop side. My Boy in a Dream EP is a great example of my club influences. It’s been amazing to see my name and my homies names gain so much traction the last few years. That we can actually host headline shows and make music for a living is wonderful thing.

In terms of style, from do you feel you take the most influence? Did you really focus on curating your style in the beginning or was it more hit and miss?

My influences are from all parts of music except D&B. I don’t really consume the genre anymore, and if i do it’s my close friends’ music, Like IMANU, Buunshin, The Caracal Project ,etc. I mostly listen to the likes of Leon Vynhall, Joy Orbison, ATRIP, Jasper Tygner, O’Fylnn, Frazer Ray and SBTRKT to name a few.

I have a Patreon page where I posted a video recently about “how to find your sound and create something original.” I talk about the importance of expanding your creative inputs and horizons and the career-shifting results that will have in the long run. I’m passionate about that for sure.

All your previous EPs have been, despite the complexity and diversity of the sound, honed around a specific concept. Were you thinking concept EP for Boy In a Dream? If so, what was it?

To be honest, this is more of a collection of club leaning-tunes. No deep story with this one. Each track is its own world, its own universe for people to explore. My Bleach EP was a true story-driven EP, but this one felt great to just give it all to the club scene. I have been on tour for the best part of a year and a half now, all over the world, so my input is mostly club music and energy leaning that way, hence the output of this EP. I’m a boy living his dream

Each individual track seems to be its own mini theme or concept within the EP. How do you go about putting a vibe together for a track? What was your goal for some of your favorites on the EP?

I really try to say one thing through a track and say it the best I can. So each track is a refined version of its demo self. Each track has a clear theme from start to finish and says it the best I could get it to say it with my current creative self. Each track serves a different purpose.

Conceptualizing aside, do you think fans will be able to recognize the vein of your style that runs through all the tracks?

It’s not something that I think about really. It’s all got the Rohaan name on it, it’s a more refined version of my sound and gives them a taste of it all. If they come to a show of mine they will see the full extent of my style come through

What do you want listeners to take away from the EP as a whole?

I want them to play it as loud as they possibly can and to as many people as possible. This EP is for the club and the house party, so enjoy!

Anything else exciting on the horizon? What can fans expect next from you (aside from the unexpected)?

Many a thing! I’m just about to finish my 4four-week North American Tour, and I have loads of singles already lined up for this year. I’m playing Tomorrowland, Lightning in a Bottle and some more huge festivals that I can’t say just yet. But what a journey so far! I’m so grateful and full of gratitude for every person that reaches out about my music. I just got gifted a watch in NYC! So I’m just taking it all in, really.

Thank you for having me and be sure to come to one of my upcoming shows. They are special!

Boy In a Dream is out now on VISION and can be streamed on Spotify or purchased on Beatport.

Layla Marino

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February 25, 2024
Why stock-market investors will remain at mercy of shifting rate-cut expectations after wobbly start to 2024

Stock investors have gotten off to a wobbly start to the new year, hobbled by shifting expectations on the timing and extent of Federal Reserve interest-rate cuts in 2024.

All three major U.S. stock indexes snapped a nine-week winning streak on Friday, after unexpectedly strong December job gains prompted traders to briefly pull back on the chances of a March rate cut. The S&P 500
SPX
and Nasdaq Composite
COMP
also failed to stage a Santa Claus Rally from the five final trading days of 2023 through the first two sessions of 2024, as questions grew about the market’s multiple rate-cuts view.

It all adds up to a glimpse of what might be in store for investors in the year ahead. Already, the so-called “January effect,” or theory that stocks tend to rise by more now than any other month, could be put to the test by headwinds that include stalling progress on inflation. Inflation’s downward trend in recent months had given traders and investors hope that as many as six or seven quarter-percentage-point rate cuts from the Federal Reserve could be delivered in 2024, starting in March.

Over the first handful of days in the new year, however, reality has started to sink in. For one thing, multiple rate cuts tend to be more commonly associated with recessions and not soft landings for the economy.

Moreover, the idea that the Fed could follow through with as many rate cuts as envisioned by traders would significantly increase the probability that policymakers lose their battle against inflation, according to Mike Sanders, head of fixed income at Wisconsin-based Madison Investments, which manages $23 billion in assets. That’s because six or more rate cuts would loosen financial conditions by too much, and boost the risk of another bout of inflation that forces officials to hike again, he said.

Minutes of the Fed’s Dec. 12-13 meeting show that policymakers were uncertain about their forecasts for rate cuts this year and failed to rule out the possibility of further rate hikes. Nonetheless, fed funds futures traders continued to cling to expectations for a big decline in borrowing costs, with the greatest likelihood now coalescing around five or six quarter-point rate cuts that total 125 or 150 basis points of easing by year-end. That’s roughly twice as much as what policymakers penciled in last month, when they voted to keep interest rates at a 22-year high of 5.25% to 5.5%.

Source: CME FedWatch Tool, as of Jan. 5.

Uncertainty over the path of U.S. interest rates could leave investors flat-footed once again, and damp the optimism that sent all three major stock indexes in 2023 to their best annual performances of the prior two to three years. In November, analysts at Deutsche Bank AG
DB,
+0.81%
counted seven times since 2021 in which markets expected the Fed to make a dovish pivot, only to be wrong.

Sources: Bloomberg, Deutsche Bank. Chart is as of Nov. 20, 2023.

Financial markets have been operating with “sky-high expectations” for 2024 rate cuts, but the only way to substantiate six cuts this year is with an “abrupt and sharp downturn in the economy,” said Todd Thompson, managing director and portfolio co-manager at Reams Asset Management in Indianapolis, which oversees $27 billion.

Heading into 2024, euphoria over the prospect of lower borrowing costs produced what Thompson calls “an alarming, everything rally,” which he says leaves equities and high-yield corporate debt vulnerable to pullbacks between now and the next six months. Beyond that period, however, “the trend is likely to be lower rates as the economy finally succumbs to tightening conditions at the same time inflation continues to recede.”

The coming week brings the next major U.S. inflation update, with December’s consumer price index report released on Thursday. The annual headline rate of inflation from CPI has slowed to 3.1% in November from a peak of 9.1% in June 2022. In addition, the core rate from the Fed’s favorite inflation gauge, known as the PCE, has eased to 3.2% year-on-year in November from a 4.2% annual rate in July.

The Fed needs to keep interest rates higher because of all the uncertainty around inflation’s most likely path forward, and the U.S. labor market “won’t degrade fast enough in the first quarter to justify a first rate cut in March,” according to Sanders of Madison Investments.

Rate-cut expectations are “going to be the issue for 2024, and a lot of it is going to be revolving around inflation getting back to that 2% target,” Sanders said via phone. “We think somewhere between 75 and 125 basis points of rate cuts make sense, and that the first move is more of a June-type of event. We don’t think it makes sense to have a March rate cut unless the labor market falls off a cliff.”

History shows that Treasury yields tend to fall in the months leading up to the first rate cut of a Fed easing cycle. However, that isn’t happening right now. Yields on government debt have been on an upward trend since the end of December, with 2-
BX:TMUBMUSD02Y,
10-
BX:TMUBMUSD10Y,
and 30-year yields
BX:TMUBMUSD30Y
ending Friday at their highest levels in more than two to three weeks.

See also: What history says about stocks and the bond market ahead of a first Fed rate cut

While financial markets generally tend to be efficient processors of information, they “haven’t been very accurate in terms of pricing in rate cuts” this time, said Lawrence Gillum, the Charlotte, North Carolina-based chief fixed-income strategist for broker-dealer for LPL Financial. He said the big risk for 2024 is if financial conditions ease too much and the Fed declares victory on inflation too soon, which could reignite price pressures in a manner reminiscent of the 1970s period under former Fed Chairman Arthur Burns.

“We think rate-cut expectations have gone too far too fast, and that the backup in yields we are seeing right now is the market acknowledging that maybe rate cuts are not going to be as aggressive as what was priced in,” Gillum said via phone.

December’s CPI report on Thursday is the data highlight of the week ahead.

On Monday, consumer-credit data for November is set to be released, followed the next day by trade-deficit figures for the same month.

Wednesday brings the wholesale-inventories report for November and remarks by New York Fed President John Williams.

Initial weekly jobless claims are released on Thursday. On Friday, the producer price index for December comes out.

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January 7, 2024
Why this Treasury market trade continues to draw scrutiny

Inside the $26 trillion Treasury market, perhaps the deepest and most liquid place for government debt in the world, a particular trade continues to draw scrutiny ahead of year-end. It’s the “basis trade,” a way of profiting on the differences in prices between Treasurys and Treasury futures. While such differences can be relatively tiny, one’s potential profit or loss can be exponentially magnified when leverage is involved.In a nutshell, the basis trade takes an arbitrage approach: It involves borrowing from the repo market for leverage and financing, and then taking a short Treasury futures position and a long Treasury…

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December 22, 2023
Your EDM Q&A: S.P.Y on His recent XOYO Residency, Three Years of DRKMTTR and His Advice for Producers | Your EDM

It might have come as a surprise when it was announced that S.P.Y, the elusive DJ, producer and now label boss of DARKMTTR Records, would be taking over the legendary XOYO in London for the whole of November. The Brasil-born mega DJ generally only picks the gigs he’s really excited about and, with his release schedule, both label and personal, many fans might wonder how S.P.Y could make time for four Fridays. Turns out it was a simple decision for him.

With the well-oiled machine that is Weird Science Promotions running most D&B gigs at XOYO (they’ve also got the likes of Grooverider, Andy C and the whole Kool FM lineup slotted for December and early 2024), and a ready-made lineup at his disposal, the first three gigs have gone off without a hitch and the series closer, taking place this Friday, promises to be a great sendoff for S.P.Y and company. The likes of Calyx, MC GQ, Etherwood, Lowqui, IAMDOOMED, Alley Cat, Voltage, Kyrist and Flava D on the roster, every week was as stunning and vibey as the last, with a super blowout for the last date (read on to find how who the special guest will be tonight).

We don’t want to yammer on too much about the other stuff we chat about, because S.P.Y gave loads of excellent answers, but suffice it to say if you were looking for tips and tricks from a master producer as well as how he does his A&R, this is the article for you. Per his name, S.P.Y usually keeps his secrets close so YEDM feels very lucky he was so open in this article and we appreciate his taking the time. Now read on and enjoy spying on S.P.Y.

As a producer who seems to live in the lab and who only does the gigs you really enjoy, what made you decide to do a residency at XOYO?

XOYO is such a legendary club, so I felt quite honored to be asked to host a residency there. It’s an amazing opportunity to curate my own lineup and share with people, the DJs and producers that I really admire and respect. Funnily enough, it’s actually got me spending even more time in the studio as I’ve been busy finalizing new tracks to play at the residency. I know that everyone who’s coming down to XOYO are there because they like my sound, so it’s really rewarding to be able to drop some exclusive new tracks and mixes just for them.

We’re just about halfway through the November dates (at time of interview); what have been some of your observations about the gigs? What are you looking forward to in the upcoming gigs?

I can’t believe we’re already halfway through! The crowd at the first two nights has been absolutely incredible. They’ve been so up for anything and have really been vibing to all of the DJs, it’s such a great feeling to get to play to such a responsive crowd. It’s also been great to get to see the other DJs play. Usually I’m so busy touring that I’m in and out and onto the next show. For each night of the residency I’ve been there from start to finish and have got to enjoy everyone’s sets and really make the most of the night. Each night of the residency has a totally different lineup with a different sound, so I’m looking forward to dropping some more dubs at the next two nights. I’m also really looking forward to going back to back with Bladerunner and Flava D, that will be special!

How did you pick the lineups for each week? How did you decide to work with Lowqui as your MC?

While it seems like it would be really easy to curate a lineup, it was actually really difficult as there were so many people that I wanted to book. I was lucky that the final lineup had everyone that I really wanted and each night has come together nicely. I wanted to make each night unique, so the four lineups reflect that. I listen to a really wide variety of drum and bass so I felt it was important to cover all the different sounds that I enjoy.

I really like working with Lowqui, he’s got a great vibe as an MC, he’s a mad hype man and he always interacts well with the crowd. It’s also been great to work with some other MCs during the residency too, like Inja, Stamina and SP:MC, they each have such a unique style and add a different flavor to my set.

Coming off XOYO for a bit, you’re on year three of your DARKMTTR label and it seems curation is very important to you, and that you’re not looking for big names to release but it’s more about the sound. How would you characterise the sound of vibe you generally go for? Is it only you on A&R, or have you brought in some help?

The sound of DARKMTTR is really varied. The label releases everything from dark and minimal, to moody and musical, although I feel like all of the releases seem to have a deep, heavy undertone to them, even the more atmospheric tracks. I always knew that when I started a label I didn’t want it to be pigeonholed into just one sub-genre so I really wanted it to reflect my taste in music. It is only me doing the A&R for the label and I really enjoy doing it. I use a DJ-based approach to A&R and the first thing I ask myself when selecting a track is, would I play this in my sets? Every track that I’ve signed to the label is one that I would – and do – play myself. I’ve always wanted to do A&R and it’s one of my favorite parts of running a label. It’s really rewarding to discover new music and help producers work up their tracks so they’re ready to release.

What are some things you’ve learned over the first three years of DARKMTTR about running a label? How has it measured up to your expectations when you started it?

I’d wanted to start a label for years and I always knew it was going to be a lot of work but nothing really prepares you for the day to day reality of running a label. It’s been a really interesting experience seeing the music industry from a label perspective. I’d only ever seen it from the artist side so it’s been quite a learning curve to see what’s involved in getting a release out there. Scheduling, budgeting and A&R, they’re all things that you aren’t responsible for as an artist and may not fully understand, but they’re vital when running a label. I’m grateful that I have a solid team around me who share the vision of the label. It’s so rewarding seeing the label grow, I can’t believe we’ve had 21 releases already!

How do you decide which releases of your own will go on DARKMTTR and which you will shop other labels? Is that a difficult decision?

It is difficult. I release most of my music on DARKMTTR, but sometimes due to scheduling I will look for other labels to release my music. If I released everything I have on DARKMTTR there would be no room in the schedule for the other artists!

Are there any upcoming releases that tie in with the XOYO residency that you can talk about? Did the release schedule inform your decision to do the residency?

The second night of the residency was actually the release day for “Take Me Up,” my new collaboration with IAMDOOMED. IAMDOOMED played at XOYO the same night and it was like an unofficial release party. It was amazing to play the track with him there and to see the crowd reaction. The release schedule didn’t inform my decision to do the residency, but it was great that IAMDOOMED could play on the same day.

Talking a bit about style and sound, in the last few years you’ve been doing a lot of deep and atmospheric stuff but not necessarily melodic. What makes you inspired to change things up and how do you come up with your more unique sounds?

Producing music is such an organic, creative experience for me. I can’t force a vibe or make myself produce a certain type of sound. My music is an expression of how I’m feeling emotionally at the time, or what’s going on in my life. Depending on what I’m feeling inspired by I can produce something totally different to other things I’ve been producing lately. I spend a lot of time working on sound design which seems to give me some quite unique sounds. I also have a lot of analog and modular equipment in my studio and I try not to be too technical with it. Late nights in the studio, a bit of sleep deprivation and a lot of experimentation seem to combine to produce some really interesting sounds. Basically I just have fun with it and see what I can create!

Having been in the game for a while, how is it to create tracks with current methods versus 15 years ago? Do you use a combination of techniques? What sort of softwares or programmers do you use?

To be honest, I haven’t really changed the way I produce. My sound has definitely evolved over the years, and I try to keep my production relevant sonically, but my techniques really haven’t changed that much. One thing that I’ve definitely changed over the past few years is my sampling. I used to sample a lot for all of my tracks, however now I create all of the sounds myself. Learning more about sound design has opened up a whole new realm creatively for me and it’s really satisfying being able to use my own sounds. I’ve been enjoying sound design so much that I’ve even started releasing my own sample packs.

I listen to a really wide range of electronic music and recreate some of the techniques from other genres with my own twist. I’ve been using Abelton Live since version five and I’m really loyal to it, it’s a brilliant production tool. I also use a Solid State Logic (SSL) desk for summing my tracks in analog, which creates a really nice warm texture for my tracks and of course I listen to everything through my PMC speakers.

Is there anything else you have coming up in releases or gigs that we didn’t mention?

We have a release coming up on DARKMTTR in December; it’s a double release: a collaboration I’ve done with DJ Limited and another of his tracks which has an amazing vocal. I’m going to be dropping the track at XOYO so I’m really looking forward to seeing what the crowd think! Rolling into 2024 we have a bunch of new releases and collaborations lined up for DARKMTTR, but I have to keep everything under wraps for now. Keep your eyes on S.P.Y and DARKMTTR socials to see what we’ve got going on.

Any advice for new producers out there?

I think the main piece of advice I could give is to never stop learning. Keep improving your sound and your production, keep learning new techniques and watch as many tutorials as you can. Also, I think it’s quite easy to give up if you’ve submitted a few tracks to labels and haven’t had anything picked up. Most of the time, it’s just that those particular tracks aren’t right for that particular label, or maybe you just need a bit more experience, or you need to refine your sound. Don’t give up, keep producing and keep sending in those demos! One trick I can share is to A and B the track you’re working on with a similar track that has been released to see if you’re on the right track sonically.

S.P.Y’s last XOYO set will be tonight, November 24 at XOYO. For clips and info, check S.P.Y’s socials or Weird Science Promotions’ Instagram. For upcoming DARKMTTR releases and to hear S.P.Y’s latest track with IAMDOOMED mentioned in this article, click here.

Layla Marino

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November 23, 2023
Your EDM Q&A: S.P.Y on His recent XOYO Residency, Two Years of DARKMTTR and His Advice for Producers | Your EDM

It might have come as a surprise when it was announced that S.P.Y, the elusive DJ, producer and now label boss of DARKMTTR Records, would be taking over the legendary XOYO in London for the whole of November. The Brasil-born mega DJ generally only picks the gigs he’s really excited about and, with his release schedule, both label and personal, many fans might wonder how S.P.Y could make time for four Fridays. Turns out it was a simple decision for him.

With the well-oiled machine that is Weird Science Promotions running most D&B gigs at XOYO (they’ve also got the likes of Grooverider, Andy C and the whole Kool FM lineup slotted for December and early 2024), and a ready-made lineup at his disposal, the first three gigs have gone off without a hitch and the series closer, taking place this Friday, promises to be a great sendoff for S.P.Y and company. The likes of Calyx, MC GQ, Etherwood, Lowqui, IAMDOOMED, Alley Cat, Voltage, Kyrist and Flava D on the roster, every week was as stunning and vibey as the last, with a super blowout for the last date (read on to find how who the special guest will be tonight).

We don’t want to yammer on too much about the other stuff we chat about, because S.P.Y gave loads of excellent answers, but suffice it to say if you were looking for tips and tricks from a master producer as well as how he does his A&R, this is the article for you. Per his name, S.P.Y usually keeps his secrets close so YEDM feels very lucky he was so open in this article and we appreciate his taking the time. Now read on and enjoy spying on S.P.Y.

As a producer who seems to live in the lab and who only does the gigs you really enjoy, what made you decide to do a residency at XOYO?

XOYO is such a legendary club, so I felt quite honored to be asked to host a residency there. It’s an amazing opportunity to curate my own lineup and share with people, the DJs and producers that I really admire and respect. Funnily enough, it’s actually got me spending even more time in the studio as I’ve been busy finalizing new tracks to play at the residency. I know that everyone who’s coming down to XOYO are there because they like my sound, so it’s really rewarding to be able to drop some exclusive new tracks and mixes just for them.

We’re just about halfway through the November dates (at time of interview); what have been some of your observations about the gigs? What are you looking forward to in the upcoming gigs?

I can’t believe we’re already halfway through! The crowd at the first two nights has been absolutely incredible. They’ve been so up for anything and have really been vibing to all of the DJs, it’s such a great feeling to get to play to such a responsive crowd. It’s also been great to get to see the other DJs play. Usually I’m so busy touring that I’m in and out and onto the next show. For each night of the residency I’ve been there from start to finish and have got to enjoy everyone’s sets and really make the most of the night. Each night of the residency has a totally different lineup with a different sound, so I’m looking forward to dropping some more dubs at the next two nights. I’m also really looking forward to going back to back with Bladerunner and Flava D, that will be special!

How did you pick the lineups for each week? How did you decide to work with Lowqui as your MC?

While it seems like it would be really easy to curate a lineup, it was actually really difficult as there were so many people that I wanted to book. I was lucky that the final lineup had everyone that I really wanted and each night has come together nicely. I wanted to make each night unique, so the four lineups reflect that. I listen to a really wide variety of drum and bass so I felt it was important to cover all the different sounds that I enjoy.

I really like working with Lowqui, he’s got a great vibe as an MC, he’s a mad hype man and he always interacts well with the crowd. It’s also been great to work with some other MCs during the residency too, like Inja, Stamina and SP:MC, they each have such a unique style and add a different flavor to my set.

Coming off XOYO for a bit, you’re coming up on year three of your DARKMTTR label and it seems curation is very important to you, and that you’re not looking for big names to release but it’s more about the sound. How would you characterise the sound of vibe you generally go for? Is it only you on A&R, or have you brought in some help?

The sound of DARKMTTR is really varied. The label releases everything from dark and minimal, to moody and musical, although I feel like all of the releases seem to have a deep, heavy undertone to them, even the more atmospheric tracks. I always knew that when I started a label I didn’t want it to be pigeonholed into just one sub-genre so I really wanted it to reflect my taste in music. It is only me doing the A&R for the label and I really enjoy doing it. I use a DJ-based approach to A&R and the first thing I ask myself when selecting a track is, would I play this in my sets? Every track that I’ve signed to the label is one that I would – and do – play myself. I’ve always wanted to do A&R and it’s one of my favorite parts of running a label. It’s really rewarding to discover new music and help producers work up their tracks so they’re ready to release.

What are some things you’ve learned over the first three years of DARKMTTR about running a label? How has it measured up to your expectations when you started it?

I’d wanted to start a label for years and I always knew it was going to be a lot of work but nothing really prepares you for the day to day reality of running a label. It’s been a really interesting experience seeing the music industry from a label perspective. I’d only ever seen it from the artist side so it’s been quite a learning curve to see what’s involved in getting a release out there. Scheduling, budgeting and A&R, they’re all things that you aren’t responsible for as an artist and may not fully understand, but they’re vital when running a label. I’m grateful that I have a solid team around me who share the vision of the label. It’s so rewarding seeing the label grow, I can’t believe we’ve had 21 releases already!

How do you decide which releases of your own will go on DARKMTTR and which you will shop other labels? Is that a difficult decision?

It is difficult. I release most of my music on DARKMTTR, but sometimes due to scheduling I will look for other labels to release my music. If I released everything I have on DARKMTTR there would be no room in the schedule for the other artists!

Are there any upcoming releases that tie in with the XOYO residency that you can talk about? Did the release schedule inform your decision to do the residency?

The second night of the residency was actually the release day for “Take Me Up,” my new collaboration with IAMDOOMED. IAMDOOMED played at XOYO the same night and it was like an unofficial release party. It was amazing to play the track with him there and to see the crowd reaction. The release schedule didn’t inform my decision to do the residency, but it was great that IAMDOOMED could play on the same day.

Talking a bit about style and sound, in the last few years you’ve been doing a lot of deep and atmospheric stuff but not necessarily melodic. What makes you inspired to change things up and how do you come up with your more unique sounds?

Producing music is such an organic, creative experience for me. I can’t force a vibe or make myself produce a certain type of sound. My music is an expression of how I’m feeling emotionally at the time, or what’s going on in my life. Depending on what I’m feeling inspired by I can produce something totally different to other things I’ve been producing lately. I spend a lot of time working on sound design which seems to give me some quite unique sounds. I also have a lot of analog and modular equipment in my studio and I try not to be too technical with it. Late nights in the studio, a bit of sleep deprivation and a lot of experimentation seem to combine to produce some really interesting sounds. Basically I just have fun with it and see what I can create!

Having been in the game for a while, how is it to create tracks with current methods versus 15 years ago? Do you use a combination of techniques? What sort of softwares or programmers do you use?

To be honest, I haven’t really changed the way I produce. My sound has definitely evolved over the years, and I try to keep my production relevant sonically, but my techniques really haven’t changed that much. One thing that I’ve definitely changed over the past few years is my sampling. I used to sample a lot for all of my tracks, however now I create all of the sounds myself. Learning more about sound design has opened up a whole new realm creatively for me and it’s really satisfying being able to use my own sounds. I’ve been enjoying sound design so much that I’ve even started releasing my own sample packs.

I listen to a really wide range of electronic music and recreate some of the techniques from other genres with my own twist. I’ve been using Abelton Live since version five and I’m really loyal to it, it’s a brilliant production tool. I also use a Solid State Logic (SSL) desk for summing my tracks in analog, which creates a really nice warm texture for my tracks and of course I listen to everything through my PMC speakers.

Is there anything else you have coming up in releases or gigs that we didn’t mention?

We have a release coming up on DARKMTTR in December; it’s a double release: a collaboration I’ve done with DJ Limited and another of his tracks which has an amazing vocal. I’m going to be dropping the track at XOYO so I’m really looking forward to seeing what the crowd think! Rolling into 2024 we have a bunch of new releases and collaborations lined up for DARKMTTR, but I have to keep everything under wraps for now. Keep your eyes on S.P.Y and DARKMTTR socials to see what we’ve got going on.

Any advice for new producers out there?

I think the main piece of advice I could give is to never stop learning. Keep improving your sound and your production, keep learning new techniques and watch as many tutorials as you can. Also, I think it’s quite easy to give up if you’ve submitted a few tracks to labels and haven’t had anything picked up. Most of the time, it’s just that those particular tracks aren’t right for that particular label, or maybe you just need a bit more experience, or you need to refine your sound. Don’t give up, keep producing and keep sending in those demos! One trick I can share is to A and B the track you’re working on with a similar track that has been released to see if you’re on the right track sonically.

S.P.Y’s last XOYO set will be tonight, November 24 at XOYO. For clips and info, check S.P.Y’s socials or Weird Science Promotions’ Instagram. For upcoming DARKMTTR releases and to hear S.P.Y’s latest track with IAMDOOMED mentioned in this article, click here.

Layla Marino

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November 23, 2023
Your EDM Premiere: Billain Offers a Different Perspective With ‘Different Eyes’ [Vision] | Your EDM

By now, everyone in both the D&B and bass worlds knows that when Billain is about to drop a new release, it’s going to be a game-changer. Now with his last releases being in February, the scene is more than ready for a new joint from the Bosnia-based mega-producer. Or so they think. Different Eyes, the upcoming EP due out this Friday, November 17 on Vision, is once again going to lock Billain into the pinnacle of creativity in bass music.

Having already teased the title track two weeks ago, fans might assume Different Eyes will be another atmospheric concept EP, similar to 2022’s Lands Unbreached or 2019’s Nomad’s Revenge. Being that Billain has been so focused on film production with his multi-award winning short Fugitive and scoring said film as well as new A/V projects, it wouldn’t be too farfetched of an assumption. It would, however, be wrong. The fast, aggressive, yet painfully emotive D&B styles that caused both industry and fans to become infatuated with the dizzying levels of production this artist can attain is on Different Eyes in full force.

While almost every track on this EP can easily unalive any dancefloor, it’s important to note that Different Eyes is still a concept album and a journey, and it should be listened to as such at least once. It starts with the atmospheric, largely beatless wonder of an intro track, “It’s First Dream.” This lullaby brings the listener back into a world that only Billain fully knows: one of heavy atmos, cyberpunk dreamscapes and endless lands made of sound and code. It’s actually kind of him to lull the listener into this state, because the next tracks hit so damned hard, we nee a buffer.

What follows in the next five tracks is a sequence of ever faster and crunchier bass hurricanes, reflecting chaos and anger and tightly-reigned skill all at once. Our YEDM premiere is the second track, “Baka,” which presumably taken from the anime slang for “crazy” or “foolish,” and it certainly has the wild chaos of an anime fight scene. Easily the heaviest and most chaotic track on the EP, “Baka” drops the listener into the narrative of Different Eyes like a 3-meter vert ramp and doesn’t let go until it’s damn well ready. As intense and chaotic as it sounds, “Baka” was likely the most tightly produced track on the album, simply by virtue of how chaotic it is. It’s always the maddest syncopation that takes the most programming, and it might also be a little nod to jazz fusion. Only the best DJs will be able to mix this track, and it’s likely that’s the way Billain wanted it.

Going through the journey of the rest of the EP with “Kinetic,” “Uncanny Valley,” “FUCK Y00” and “Void Me,” the intensity and speed of the work only increases, but unlike “Baka,” they all have a trackable drum & bass beat. The EP ends up feeling like exploring a wild new planet in some futuristic inner space hellscape, from the prep of “Different Eyes” to the bumpy, aggressive culture shock of “Baka” to finding one’s stride in the “Uncanny Valley” to being over it already with “FUCK Y00” to the last ride of the ego-destroying ride of “Void Me.” “Different Eyes” is the victory lap, a reward for beating the game and making it through this fever dream of an EP.

As a psycho-thriller in sonic form, Different Eyes is a reflection of doing hard inner work. It’s chaos and anger and confusion and a hurricane of emotions, but the title track is the goal: meant to be the new perspective once one has let all that beautiful pain go. Whether you are working on something personally or just unthinkingly follow the arc of this EP, you will come to the end of this masterpiece seeing the world with “Different Eyes.”

Different Eyes drops tomorrow, November 17 on Vision. Click here to pre-order or pre-save.

–

Layla Marino

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November 16, 2023
Beaty and Beats for Love: Meet the DJ Who’s All Things Rave in Czechia and Slovakia | Your EDM
Most American ravers know very little about the scene in the former Eastern Bloc, aside perhaps from Berghain and the festivals in Croatia. Drum & bass denizens would likely know about Let It Roll out of Prague and maybe that Czechia is a hub of modern neurofunk, but may not know how big the scene actually is in Czechia and Slovakia. In fact, it’s quite widespread, with the popular imagination festival, loads of clubs and some of the most popular producers coming out of everywhere from Dresden to Russia. Beats for Love, a festival based in Ostrava, Czechia on the Polish border, seems to have been one of the most overlooked by North American punters while simultaneously becoming one of the biggest festivals on the planet. It’s time said punters take notice.

With festival fans beginning work on planning their summers around now, it’s a good time to look up Beats for Love. Conceived in 2014 by festival director Kamil Rudolf as a way to bring big rave names to Central Europe for reasonable prices, B4L’s tenth anniversary is set for early July, 2024. It’s a full week-long festival set in an old ironworks with cool, dystopian vibes, in an urban and easily accessible area and features huge lineups, with 2023’s festival hosting nearly 500 artists. B4L makes sure they cover all genres as well, featuring everyone from Deadmau5 and Tiësto to A.M.C and the Eatbrain League. There are also conference-style forums during the week, daytime carnival activities and a fireworks display at the end that rivals EDC. It’s no wonder it’s now the biggest festival in Central Europe, with nearly a quarter of a million visitors at the 2023 fest.

With her career born out of the burgeoning Czech and Slovak rave scenes of the late 90s and early 00s, DJ Beaty has become a fan favorite both in her hometown of Ostrava and throughout Europe. Her high-energy house, techno and drum & bass sets are usually a mustn’t miss for those in the know, and she dances just as hard as anyone on the floor. Now working on her all-female event series Proppa Rave with childhood bestie and Dnbwear bosslady Mila207, Beaty’s also the boots-on-the-ground coordinator and marketing manager for Beats for Love. Getting to know her and her positive vibes is also getting to know B4L, so with the 2024 season approaching, YEDM decided to chat with beaty and get to know them both.

How did you get involved with music?

I have loved music since my childhood. I remember watching Michael Jackson, Queen, Madonna, etc. from the videotapes my father brought home from Germany in the 90’s. I was into music from the first heartbeat, I believe, but with electronic music I got into it for the first time because of my friend Mila207. Her father introduced her to the first techno party at Fabric – Ostrava. After this experience. We went to this club all the time for years, and since then we never visit (more pop-oriented) disco clubs anymore. Literally after the first party I knew I wanted to be a DJ. I love the connection between crowd and DJ. I started going to DJ school and practicing (on vinyl at the time) and the rest is history!

For the Americans who are just now hearing about it, can you give us a little history on Beats for Love?

Beats for Love is an electronic dance music festival held at the heart of the Industrial National Monument in Ostrava (an actual UNESCO World Heritage Site). It’s surrounded by the ironworks scenery of the Lower Vítkovice area, so it’s got a very different vibe. This year we will celebrate the tenth anniversary of the festival and because we’re so well-established now, we’ve been able to fill it with plenty of outstanding music on 15+ stages headlining by the biggest names all over the world, not to mention a rich accompanying program and loads of other activities (including fun for kids during the day) for four days. This creates a really unique atmosphere full of fun and enjoyment!

What was the idea behind the festival and how have you seen it grow or change over the years?

The original idea was to organize an event in an industrial space and the original idea was to show electronic music to as many people as possible, which for us meant “a lot of music for little money.” Of course, over time, the festival got bigger, and with that bigger names are added, and with that came an increase in prices, but we are still one of the cheapest festivals year in and year out in terms of the price/performance ratio so we feel our original mission still stands.

How have you been able to get such huge talent to come to the festival each year?
Layla Marino

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November 14, 2023
1970s-style stagflation may be at risk of repeating itself, Deutsche Bank warns

A major Wall Street bank is warning about the risk that inflation expectations could become unanchored in a fashion similar to the 1970s stagflation era.

Weekend attacks on Israel by Hamas illustrate how geopolitical risks can suddenly return — adding to the surprise shocks of the current decade, such as the COVID-19 pandemic and Russia’s invasion of Ukraine, said macro strategist Henry Allen and research analyst Cassidy Ainsworth-Grace of Frankfurt-based Deutsche Bank
DB,
-1.40%.

Read: Questions emerge over how Israeli intelligence missed Hamas attack

Oil prices settled more than 4% higher on Monday as traders weighed the impact of the war in the Middle East on crude supplies. The spike in energy prices is adding to the growing list of similarities to the 1970s era — which also includes consistently above-target inflation across major economies and repeated optimism about how quickly it would fall; strikes by workers; and even increasing chances that this winter will be dominated by the El Niño weather pattern, similar to what took place in 1971 and which is historically tied to higher commodity prices, according to Deutsche Bank.

Inflation remains above central banks’ targets in every G-7 country — the U.S., Canada, France, Germany, Italy, Japan, and the United Kingdom. How long it will remain high is one of the most important questions facing financial markets, and a destabilization of expectations would make it even harder for policy makers to restore price stability.

“So given inflation is still above its pre-pandemic levels, it is important not to get complacent about its path,” Allen and Ainsworth-Grace wrote in a note released on Monday. “After all, if there is another shock and inflation remains above target into a third or even a fourth year, it is increasingly difficult to imagine that long-term expectations will repeatedly stay lower than actual inflation.”

History indicates that the last mile of inflation is often the hardest. One of the key lessons of the 1970s was that inflation failed to return to previous levels after the first oil shock of 1973 and U.S. recession of 1973-1975, and went even higher following a second oil shock in 1979. Now that inflation has been above target for the last two years, “a fresh inflationary spike could well lead expectations to become unanchored,” according to the Deutsche Bank note.

Source: Bloomberg, Deutsche Bank

For now, the public’s inflation expectations, as measured by a New York Fed survey of consumers in August, remain largely stable, though still above the Federal Reserve’s 2% target.

The current period differs from the 1970s era in a number of ways, the Deutsche Bank team also points out. Long-term inflation expectations remain “impressively” well-anchored, commodity prices have fallen substantially from their peaks over the past 12 to 18 months, and supply-chain disruptions that emerged during the pandemic have “broadly healed.” In addition, the U.S. is less energy intensive than in the past and less susceptible to damage from a 1970s-style energy shock.

Even so, “it is vitally important to avoid complacency,” Allen and Ainsworth-Grace wrote. “Indeed, with the benefit of hindsight, one of the mistakes of the 1970s was that policy was eased up too early, which contributed to a resurgence in inflation.”

Risk-off sentiment prevailed in financial markets during the early part of Monday, before stocks turned higher during the New York afternoon. All three major U.S. stock indexes
DJIA

SPX

COMP
finished higher in a volatile session. Trading in U.S. government-debt futures reflected greater demand and gold rallied as a flight to safety took hold. The cash market for Treasurys was closed for Columbus Day and Indigenous Peoples Day.

Source link

October 9, 2023
1970’s-style stagflation may be at risk of repeating itself, bank warns

A major Wall Street bank is warning about the risk that inflation expectations could become unanchored in a fashion similar to the 1970s stagflation era.

Weekend attacks on Israel by Hamas illustrate how geopolitical risks can suddenly return — adding to the surprise shocks of the current decade, such as the COVID-19 pandemic and Russia’s invasion of Ukraine, said macro strategist Henry Allen and research analyst Cassidy Ainsworth-Grace of Frankfurt-based Deutsche Bank
DB,
-1.45%.

Read: Questions emerge over how Israeli intelligence missed Hamas attack

Oil prices jumped by more than 4% on Monday as traders weighed the impact of the war in the Middle East on crude supplies. The spike in energy is adding to the growing list of similarities to the 1970s era — which also includes consistently above-target inflation across major economies and repeated optimism about how quickly it would fall; strikes by workers; and even increasing chances that this winter will be dominated by the El Niño weather pattern, similar to what took place in 1971 and which is historically tied to higher commodity prices, according to Deutsche Bank.

Inflation remains above central banks’ targets in every Group-of-7 country — the U.S., Canada, France, Germany, Italy, Japan, and the United Kingdom. How long it will remain high is one of the most important questions facing financial markets, and a destabilization of expectations would make it even harder for policy makers to restore price stability.

“So given inflation is still above its pre-pandemic levels, it is important not to get complacent about its path,” Allen and Ainsworth-Grace wrote in a note released on Monday. “After all, if there is another shock and inflation remains above target into a third or even a fourth year, it is increasingly difficult to imagine that long-term expectations will repeatedly stay lower than actual inflation.”

History indicates that the last mile of inflation is often the hardest. One of the key lessons of the 1970s was that inflation failed to return to previous levels after the first oil shock of 1973 and U.S. recession of 1973-1975, and went even higher following a second oil shock in 1979. Now that inflation has been above target for the last two years, “a fresh inflationary spike could well lead expectations to become unanchored,” according to the Deutsche Bank note.

Source: Bloomberg, Deutsche Bank

For now, the public’s inflation expectations, as measured by a New York Fed survey of consumers in August, remain largely stable, though still above the Federal Reserve’s 2% target.

The current period differs from the 1970s era in a number of ways, the Deutsche Bank team also points out. Long-term inflation expectations remain “impressively” well-anchored, commodity prices have fallen substantially from their peaks over the past 12 to 18 months, and supply-chain disruptions that emerged during the pandemic have “broadly healed.” In addition, the U.S. is less energy intensive than in the past and less susceptible to damage from a 1970s-style energy shock.

Even so, “it is vitally important to avoid complacency,” Allen and Ainsworth-Grace wrote. “Indeed, with the benefit of hindsight, one of the mistakes of the 1970s was that policy was eased up too early, which contributed to a resurgence in inflation.”

Risk-off sentiment prevailed in financial markets on Monday, with all three major U.S. stock indexes
DJIA

SPX

COMP
down in New York afternoon trading. Trading in U.S. government-debt futures reflected greater demand and gold rallied as a flight to safety took hold. The cash market for Treasurys was closed for Columbus Day and Indigenous Peoples Day.

Source link

October 9, 2023
Deutsche Bank to settle Jeffrey Epstein suit for $75 million: report

Deutsche Bank AG will pay $75 million to settle a proposed class-action lawsuit claiming it aided Jeffrey Epstein’s sex-trafficking ring, the Wall Street Journal reported Wednesday night.

The suit was filed by lawyers on behalf of an anonymous victim and others who accused the financier, who died by suicide in federal lockup in 2019, of sexual abuse and trafficking. The suit claimed Deutsche Bank
DB,
+1.92%
ignored red flags and did business with Epstein for five years despite knowing he was using the money from his accounts to further his sex trafficking.

Source link

May 17, 2023
Dow ends 130 points higher Friday, stocks book weekly gains despite continued banking sector concerns

U.S. stocks ended a volatile week higher on Friday, a week that saw the Federal Reserve raise rates another 25 basis points and risks in the U.S. and European banking sectors remain in key focus. The Dow Jones Industrial Average
DJIA,
+0.41%
rose about 132 points, or 0.4%, ending near 32,238, Friday, boosting its weekly gain to 1.2%, according to preliminary FactSet data. The S&P 500 index
SPX,
+0.56%
climbed 0.6% Friday and 1.4% for the week, while the Nasdaq Composite Index
COMP,
+0.31%
closed up 0.3% for a 1.7% weekly gain. Investors have been concerned about a potential credit crunch and its likely toll on the economy, after the failure earlier in March of Silicon Valley Bank and Signature Bank. Fed Chairman Jerome Powell on Wednesday said he expected credit conditions to tightening further, doing some of the central bank’s work for it, in terms of bringing down inflation. One worry is that high rates and tighter credit could lead to a wave of defaults. Goldman Sachs this week raised its default forecast for the U.S. high-yield, or junk-bond, market to 4% from 2.8% for 2023. The junk-bond market is considered an earlier harbinger of potential stress in credit markets since it finances companies already considered at an elevated risk of buckling. European banks also were in focus, including on Friday as shares of Deutsche Bank
DB,
-3.11%
came under pressure after costs of insuring it against a credit default jumped. Still, the S&P 500 and Nasdaq posted back-to-back weekly gains, according to Dow Jones Market Data. Before Friday, the Dow had two weekly declines in a row.

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March 24, 2023
U.S. stocks end higher, S&P 500 books back-to-back weekly gains despite bank jitters spurred by Deutsche Bank
U.S. stocks finished Friday higher, despite a jump in the cost of Deutsche Bank’s credit-default swaps helping to reignite banking-sector worries. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite each booked weekly gains.

How stocks traded
- The Dow Jones Industrial Average
  DJIA,
  +0.41%
  rose 132.28 points, or 0.4%, to close at 32,237.53.
- The S&P 500
  SPX,
  +0.56%
  gained 22.27 points, or 0.6%, to finish at 3,970.99.
- The Nasdaq Composite
  COMP,
  +0.31%
  added 36.56 points, or 0.3%, to end at 11,823.96.
For the week, the Dow gained 1.2%, while the S&P 500 rose 1.4% and the Nasdaq advanced 1.7%, according to FactSet data. The Dow snapped two straight weeks of losses, while the S&P 500 and Nasdaq each booked back-to-back weekly gains.
What drove markets

U.S. stocks ended modestly higher Friday to notch weekly gains even as worries over the banking system lingered.

Bank concerns have cast a “heavy cloud over the market,” with investors worried about “weak links,” said Yung-Yu Ma, chief investment strategist at BMO Wealth Management, in a phone interview Friday. Ma said he expects investors will be looking to sell, potentially into any rallies, “until some of these clouds are lifted.”

Shares of Germany’s Deutsche Bank AG
DBK,
-8.53%

DB,
-3.11%
dropped Friday, after the cost of insuring the bank against a credit default jumped. The bank’s credit-default swaps had risen to the highest level since late 2018, according to a Reuters report Friday.

Treasury Secretary Janet Yellen announced Friday she called an unscheduled meeting of the Financial Stability Oversight Council or FSOC which was created in the wake of the 2008 financial crisis to help the government combat threats to financial stability. The FSOC issued a short statement after the market closed Friday saying that “while some institutions have come under stress, the U.S. banking system remains sound and resilient”.

“Clearly, somebody thinks there are some concerns there,” said Randy Frederick, managing director of trading and derivatives at Charles Schwab. The problems facing European banks stem back to the era of negative interest rates, which set banks up for large losses on their bond holdings, he said.

The selloff in Deutsche Bank shares weighed on banks in the U.S. and Europe, as banking-sector fears reemerged. Shares of UBS Group
UBS,
-0.94%,
which recently agreed to buy rival Credit Suisse Group, fell Friday.

Other major European lenders, including Italy’s UniCredit S.p.A
UCG,
-4.06%
and Spain’s Banco Santander SA
SAN,
-3.00%,
also saw their shares sink.

“The thing that’s important to know about financials is there probably are banks that have problems, but there are others that don’t,” Frederick told MarketWatch during a phone interview. “People need to do some research.”

The S&P 500’s financial sector fell 0.1% Friday, according to FactSet data.

While banking-sector woes have hammered the financial sector this month, the outperformance of megacap technology stocks and other sectors have helped prop up the broader U.S. equities market. So far this month, the S&P 500 index is up less than 0.1%, FactSet data show.

Concerns about the fragility of the banking sector have been percolating following a year of the Federal Reserve’s aggressive interest rate hikes. On Wednesday, the Fed announced that it hiked its policy rate by a quarter point to a range of 4.75% to 5% while projecting it could deliver one more 25 basis-point hike in 2023.

In his first comments since the rapid collapse of Silicon Valley Bank two weeks ago, St. Louis Federal Reserve President James Bullard said Friday the latest drop in Treasury yields could help cushion some of the stress facing the banking sector.

Yields on the 2-year Treasury note
TMUBMUSD02Y,
3.779%
and 10-year Treasury note
TMUBMUSD10Y,
3.376%
each fell Friday in their third straight week of declines, according to Dow Jones Market Data. Two-year yields slid to 3.777% on Friday, the lowest level since September based on 3 p.m. Eastern time levels, while 10-year Treasury yields dropped to 3.379%, their lowest rate since January.

Read: ‘Red alert recession signals.’ Gundlach expects the Fed to cut rates substantially ‘soon.’

In U.S. economic data, a report Friday on sales of durable goods showed orders fell 1% in February, largely because of waning demand for passenger planes and new cars. Meanwhile, the S&P Global Flash U.S. services-sector index rose to an 11-month high of 53.8 in March.

The role of regional banks in the U.S. economy is “huge,” said Sandi Bragar, chief client officer at wealth management firm Aspiriant, in a phone interview Friday. Bragar said she worries that recent regional bank failures will result in a pullback in lending that leads to slower economic growth and potentially a recession.

“Our stance has been to be very diversified and we have been remaining on the defensive side of things,” she said.

Within equities, that has meant holding “high-quality companies” that should be resilient in “poor economic times,” including stocks in areas such as healthcare, information technology and consumer staples, said Bragar.

Companies in focus

Deutsche Bank
DBK,
-8.53%

DB,
-3.11%
shares dropped 8.5% but finished off lows seen when the German bank’s credit default swaps jumped without an apparent catalyst.

Wells Fargo
WFC,
-1.04%
shares slid 1% while JPMorgan
JPM,
-1.52%
fell 1.5%, with bank stocks remaining under pressure in the wake of regional U.S. bank failures.

Activision Blizzard
ATVI,
+5.91%
climbed 5.9% and after the U.K. Competition and Markets Authority dropped some of its concerns with the potential purchase of the company by Microsoft. Shares of Microsoft
MSFT,
+1.05%
rose slightly more than 1%.

–Steve Goldstein contributed to this report.
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March 24, 2023
Deutsche Bank shares slump in latest sign of bank worries

Deutsche Bank shares slumped on Friday, putting the health of another globally systemic important bank in the spotlight heading into the weekend.

The German lender’s shares
DBK,
-8.53%
fell 10% in Frankfurt trade, and the Euro Stoxx bank index
SX7E,
-4.61%
fell 5%.

Deutsche Bank’s 5-year credit-default swaps widened on Thursday, in what Reuters reported was the largest one-day rise in its history. And on Friday, they widened again.

It should be noted that Deutsche Bank’s 5-year credit-default swap, which was 215 on Friday, is nowhere near the peak for Credit Suisse, which was 1,194, according to S&P Global data. The higher the value of the CDS, the more likely the market sees the issuer defaulting.

Deutsche Bank’s AT1 bonds have tumbled in value after Switzerland wiped out Credit Suisse’s
CSGN,
-5.19%
securities in the deal for it to be taken over by UBS
UBSG,
-3.55%.

The Invesco AT1 Capital Bond UCITS ETF
AT1,
-1.97%,
which invests in these convertible bonds, has dropped 18% this month as investors lose faith in the securities. European and other banking regulators across the globe have insisted they will not follow Switzerland’s precedent, and first let bank equity fall to zero before wiping out the convertible securities in the event of a failure.

“It is doubtful that banks will be able to issue new AT1 anytime soon, increasing the likelihood of outstanding AT1 notes being extended. We consider that the recent events in the banking sector have resulted in substantially increased uncertainty, which is likely to continue to be reflected as substantial short-term volatility in credit markets,” said analysts at ING.

UBS
UBS,
-0.94%
also is feeling the stress in a deal that the banks say might not complete this year. UBS shares dropped 6%.

Related: Analysts say UBS will face revenue pressure before it can cut Credit Suisse costs.

Analysts also noted that a foreign institution tapped a Fed facility for $60 billion, according to data released by the U.S. central bank on Thursday. The Fed does not identify the counterparties. Major central banks do have access to swap lines for dollar borrowing from the Fed, meaning that either it was an institution that does not have that capability, or it was one that wanted to do so anonymously.

Furthermore, Bloomberg News reported the U.S. government was investigating banks including Credit Suisse and UBS for allegedly helping Russians evade U.S. sanctions.

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March 24, 2023