Asian stocks fell broadly on Tuesday, dragged down by banking shares, as fears over the fallout of Silicon Valley Bank’s collapse gripped the market despite US government efforts to stabilize the financial system. Japan’s Nikkei 225\n \n tumbled 2.19% to post its third straight day of declines. Hong Kong’s Hang Seng\n \n briefly dropped 2.5%, before trimming losses in the afternoon. Korea’s Kospi lost almost 3%. China’s Shanghai Composite shed 0.65%.
\n \n Holdings plunged more than 5% in Hong Kong after the banking giant pledged to inject 2 billion pounds of liquidity into SVB’s UK unit, which it had bought for 1 pound. Standard Chartered Bank sank nearly 7%. The sell-off happened despite extraordinary measures by US regulators over the weekend to avert a potential banking crisis following the collapse of SVB. The California-based lender fell with astounding speed on Friday, marking America’s biggest bank shutdown since 2008.
markets always plunge must faster and easier than they rise
Will more banks join SVB on BFA (Bank Failure Alley)? The Bank of Silicon Valley A new resident on Bank Failure Alley Sixteenth in the nation And now devastation Will more banks be joining this tally?
Stagflation is defined as a continuation of high inflation rates, “prices” & purchasing power of the local currency over consecutive years, often for 3 years or more, accompanied by a decline in growth rates to counter these increases Regards Mr. Jaafar Qafisheh