Trouble in the Great White North! The planned $13.4 billion merger between First Horizon Bank and TD Bank Group has been called off due to lingering uncertainty and questions about regulatory approvals. The decision was mutual, and TD will make a $200 million cash payment to First Horizon as part of the termination agreement. First Horizon's share prices dropped over 40% in pre-market trading following the announcement, while TD saw a slight drop in share prices when the markets opened. It comes as an expected move as short bets against TD Bank Group hit $6.1 billion just a month ago and investors urged TD to drop the merger, which it now did. 

EQUITY

Wall Street closed lower on Thursday as the banking crisis sequel plot thickened following PacWest Bancorp's confirmation that it is exploring strategic options, including a sale, a pattern observed in the fall of SVB and FRC. Other factors include tightening credit conditions and a slowdown in economic growth. Apple Inc. beat expectations by a small margin, but it is not enough to offset worries in equity.

GOLD

Gold prices remained below record highs as traders took profits and markets awaited the release of US labour data. The Federal Reserve's recent rate hike and commitment to a data-driven approach to traversing the market led to a more cautious market. The release of US nonfarm payrolls data for April could hint at a further hike, but markets are currently pricing in a pause in June.

OIL

Oil prices are set for their worst weekly drop in nearly two months due to fears of slowing US economic growth and a weaker-than-expected rebound in Chinese demand. Both contracts were set to lose between 8% and 11% this week and were set for a third straight week of declines. 

CURRENCY

The yen is on track for its first weekly gain in a month after the dollar fell due to traders pricing in a rate pause from the Fed. The euro edged away from its one-year peak after the European Central Bank slowed down the pace of its credit tightening with a quarter point hike. The Reserve Bank of Australia warned that risks to inflation were imminent due to low productivity growth and rent increases.