London — Global stocks were pressured on Friday and safe-haven buying supported government bonds as concerns about the stability of the banking system lingered.
Shares in Deutsche Bank tumbled 8% after a sharp jump in its credit default swaps, which reflect the cost of insuring debt against the risk of default, the day before. US regional banks Silicon Valley Bank and Signature Bank failed this month and shares in beleaguered First Republic Bank have lost most of their value.
“Small banks are important to the real economy,” he added. “This takes us closer to a hard landing, to a US recession.”
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Global stocks up slightly as markets await outcome of Federal Reserve meetingWhile there are hopes that a banking crisis will still be averted, this outlook is being tempered by uncertainty about the US central bank’s decision on interest rates
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