Global financial stocks have lost $465 billion in market value in two days as investors cut exposure to lenders from New York to Japan in the wake of Silicon Valley Bank’s collapse.
There are concerns that financial firms could see an impact from their investments in bonds and other instruments on the SVB-induced worry. Treasury yields plunged Monday amid expectations the Federal Reserve will hold off raising rates due to turmoil in the banking system. The aggregate market value of companies included in the MSCI World Financials Index and the MSCI EM Financials Index has dropped about $465 billion since Friday. US regional banks were among the hardest hit Monday as the KBW Regional Banking Index sank 7.7 percent, its sharpest plunge since June 2020.
Shares of European banks and insurers also slumped on Monday. Credit Suisse Group AG’s stock tumbled as much as 15 percent to a fresh record low and the cost of insuring its bonds against default climbed to an all-time high amid concern about broader contagion in the banking industry from SVB’s collapse.
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