Business Maverick: Asian stocks drop, led by banks amid rates turmoil: markets wrap

A gauge of Asian shares fell 1.7% and headed for the lowest close since early January. Financial stocks were the biggest drag as investors weighed risks in the sector. The KBW Bank Index on Monday logged its biggest fall since the start of the Covid-19 pandemic, underscoring the dangers.

A gauge of dollar strength rose 0.2% after erasing its gains for the year on Monday amid a reassessment of the outlook for interest rates. Goldman Sachs economists as well as asset managers at the world’s largest actively managed bond fund from Pacific Investment Management said the Fed The S&P 500 closed on Monday down 0.2%, after bouncing between gains and losses amid a rout in bank shares while the policy-sensitive Nasdaq climbed 0.8%, the most in over a week. The fallout from SVB’s collapse prompted President Joe Biden to promise stronger regulation of US lenders, while reassuring depositors that their money is safe.

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UK races to minimise damage from Silicon Valley Bank collapse | BusinessBritish finance minister Jeremy Hunt said on Sunday he was working with Prime Minister Rishi Sunak and Bank of England Governor Andrew Bailey to 'avoid or minimise damage' resulting from the chaos engulfing the UK arm of Silicon Valley Bank.
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