Jitters over health of US banks spark global stock market sell-off

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Stock markets have gone into retreat globally over concerns for the health of US banks in the tougher economy.

Banking stocks had led Wall Street lower on Thursday afternoon after trouble at two Californian banks.SVB Financial Group, parent of startup-lender Silicon Valley Bank, then revealed an equity sale after noting aSVB stock lost 70% of its market value while shares of big US banks were dragged down with it.

JPMorgan Chase, for example, ended the day more than 5% lower and banking stocks in Asia and Europe followed in Friday deals.

 

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It’s all putins fault

I bet the ATMs go dark today!

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