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Global financial stocks lose $465B in two days on SVB crisis
07:17
US
Global financial stocks lose $465B in two days on SVB crisis
Despite reassurance from the US government, officials, and central bankers, yesterday saw a market meltdown, with US regional banking stocks posting their steepest losses in three years. That happened in the wake of the Silicon Valley Bank collapse on Friday. European stocks also plunged, with the Italian FTSE Mib tumbling more than 4%. Banking stocks in the EU posted their worst day in a year. There are steep losses in Asian stock markets as well, especially in Tokyo. The dollar posted its worst one-day performance since January, while the Yen - a safe haven - strengthened. Oil prices are also falling today amid rate hikes concerns, and that's despite financial institutions such as Nomura now expecting the Fed to cut rates at the March meeting,
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