Asian stocks slide on US bank concerns

Singapore — Falling bank stocks drove Asian markets lower on Friday, while bonds rallied and expectations for US interest rate rises were reduced after a surprise capital raising at a Silicon Valley start-up lender unleashed fears of broader banking-system stress.

Japan’s Nikkei pared declines to last be down about 1%, compared to a 1.23% loss before the central bank decision. The US dollar edged higher and short-end Treasuries extended sharp overnight gains — driving two-year yields down another 12 basis points to 4.7837% in Tokyo trading. SVB stock was still sliding after the bell and has lost about 70% of its value in 24 hours. Shares of big banks were dragged down with it, with JPMorgan Chase losing 5.4%, Citigroup down 4.1% and big lenders in Asia and Australia on the slide — albeit to a lesser extent — on Friday morning.

“But it’s a big move on the back of what seems to be some fairly woolly speculation ... which just shows how antsy the markets are right now, and this has spilled into all the other markets.”

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The City officially opens the revamped Happy Valley marketFollowing infrastructure upgrades to the trading sites, Alderman James Vos, the City's Mayoral Committee Member for Economic Growth, has officially opened the revamped Uluntu Plaza in Happy Valley, Blackheath.
Source: CapeTownEtc - 🏆 17. / 63 Read more »

Business Maverick: Asian stocks fluctuate; US equity futures decline: markets wrapEquities turned mixed during Asian trading on Thursday and US stock futures fell as investors weighed the risk of faster rate hikes.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Russian oil gets more pricey as pool of Asian buyers expandsThe price of Russian crude and fuel is rising for buyers in Asia as a pool of bigger customers from China and India expands, putting pressure on smaller refiners that have eagerly consumed the cheap oil.
Source: dailymaverick - 🏆 3. / 84 Read more »