European stocks, euro slump after SVB collapse

Europe's stock markets and the euro have slumped on renewed fears of contagion following the collapse of Silicon Valley Bank.

Eurozone equities tumbled more than three percent in value and the euro lost one percent against the dollar. Shares in Switzerland's second-biggest bank hit 1.73 Swiss francs after the Saudi National Bank chief ruled out upping the key shareholder's stake in the Zurich-based lender, which has been rocked by repeated scandals.

It follows the demise over the weekend of US lenders SVB and Signature Bank – the biggest casualties since the global financial crisis of 2008. Having slumped at the start of the week, global equities recovered Tuesday and in Asia on Wednesday before Europe's latest slump.

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TELL US: How did you do business with Silicon Valley Bank or Signature Bank?U.S. regulators closed Silicon Valley Bank on Friday after it experienced a traditional bank run, where depositors rushed to withdraw funds all at once. New York-based Signature Bank also collapsed. I didn’t. Here is your proof of the ds controlled bidens administration of complete failure to our Nation and its people! It’s a wonderful bank, with Biden as President, no matter what kind of investment you make, you never lose. Spread the word.
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