Business Maverick: Global financial stocks lose $465bn on SVB impact worry

📆 14/03/2023 07:10:00
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Global financial stocks have lost $465-billion in market value so far as investors cut exposure to lenders from New York to Japan in the wake of Silicon Valley Bank’s collapse.

Losses widened early on Tuesday, with the MSCI Asia Pacific Financials Index dropping as much as 2.7% to the lowest since Nov. 29. Mitsubishi UFJ Financial Group slid as much as 8.3% in Japan, while South Korea’s Hana Financial Group fell 4.7% and Australia’s ANZ Group Holdings lost 2.8%.

The combined market capitalisation of the MSCI World Financials Index and MSCI EM Financials Index has dropped about $465-billion in three days.

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