Business Maverick: Global financial stocks lose $465bn on SVB impact worry

📆 14/03/2023 05:10 a. m.

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Global financial stocks have lost $465-billion in market value so far as investors cut exposure to lenders from New York to Japan in the wake of Silicon Valley Bank’s collapse.

📆 14/03/2023 05:10 a. m.
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Losses widened early on Tuesday, with the MSCI Asia Pacific Financials Index dropping as much as 2.7% to the lowest since Nov. 29. Mitsubishi UFJ Financial Group slid as much as 8.3% in Japan, while South Korea’s Hana Financial Group fell 4.7% and Australia’s ANZ Group Holdings lost 2.8%.

The combined market capitalisation of the MSCI World Financials Index and MSCI EM Financials Index has dropped about $465-billion in three days.

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