People walk by the Dah Sing Bank's electronic screen in Hong Kong on Friday, March 10, 2023. Asian stock markets followed Wall Street lower Friday ahead of an update on U.S. employment amid worries about possible further interest rate hikes. – Wall Street's benchmark S&P 500 index fell Thursday by its biggest one-day margin this year afterfaster than expected to cool stubbornly high inflation.
In early trading, the FTSE 100 in London fell 1.5% to 7,760.88 and Frankfurt's DAX tumbled 1.9% to 15,329.28. The CAC 40 in Paris fell 1.9% to 7,177.35.On Thursday, the S&P 500 fell 1.9%, further eroding this year's gains. Some 95% of companies in the benchmark index declined.SVB Financial Group lost 60% of its value after announcing plans to raise up to $1.75 billion to strengthen its financial position amid concerns about higher interest rates and the economy.
Yields on the two-year Treasury, which tends to track expectations for future Fed action, eased to 4.87% from about 5.05% just before the unemployment report's release. It had been hovering at its highest level in 16 years.advertised across the country last month was higher than economists expected.
Bidenflation
What about SVB? That feels like a story