SINGAPORE - Asian stocks rose, the dollar eased and gold hovered near record highs on Friday, as investors worried that a rout in shares of U.S. regional lenders earlier this week could herald more trouble for the banking sector.
"There is increasing nervousness about the banking problems in the U.S. and I fear that the central banks are going too far," said Shane Oliver, chief economist at AMP Capital in Sydney. Wall Street ended lower on Thursday after Los Angeles-based PacWest Bancorp's move to explore strategic options deepened fears about the health of U.S. lenders as pressure grows on regulators to take more steps to shore up the country's banking sector. [.N]
"There is a risk that we enter a self-fulfilling cycle of negative sentiment leading to lower stock prices, higher funding costs and deposit flight," said James Rutherford, head of European equities at Federated Hermes .
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