Meanwhile, the rest of Europe’s banking sector continued to languish in the red.
Shares in French lender Credit Agricole dived 1.2 per cent and rival Societe Generale lost 1.1 per cent. German banks; Commerzbank dropped 0.4 per cent and Deutsche Bank shed 0.6 per cent.“Bank shares globally continued to feel the reverberations from the fallout from the Silicon Valley Bank issue, with general sentiment weakening as a result,” said Richard Hunter, head of markets at Interactive Investor.
The collapse of SVB, which specialised in venture-capital financing mainly in the tech sector, was largely the result of the Fed’s sharp interest rate hikes aimed at quelling inflation, which hit securities hard. As of 11:15 a.m. on Tuesday, these are how the markets were doing; London – FTSE 100: DOWN 0.3 per cent at 7,522.66 points. Frankfurt – DAX: UP 0.5 per cent at 15,027.77, Paris – CAC 40: UP 0.1 per cent at 7,015.07, Zurich – SMI: DOWN 0.2 per cent at 10,613.29. EURO STOXX 50: UP 0.2 per cent at 4,104.90, Tokyo – Nikkei 225: DOWN 2.2 per cent at 27,222.04 . Hong Kong – Hang Seng Index: DOWN 2.3 per cent at 19,247.96 , Shanghai – Composite: DOWN 0.7 per cent at 3,245.31 , New York – Dow: DOWN 0.
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