Canada's main stock index fell 0.9% on Monday as investors sold banking shares amid a global sell off on fears of contagion risk from the collapse of Silicon Valley Bank (SVB), but gains in gold miners helped offset some of the declines.
provisionally closed down 186.02 points at 19588.90, recovering from the day's low of 19,427.53, which was the lowest since Jan. 5.
"The Canadian banks, most of them have some exposure into the U.S.. Bank of Montreal , TD all have exposure in the U.S. so there is some concern around those ones," said Mike Archibald, a portfolio manager at AGF Investments.
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JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank - AxiosJPMorgan Chase & Co and PNC Financial Service Group Inc are among those in talks about acquiring SVB Financial Group in a deal that would exclude its commercial banking unit Silicon Valley Bank that is currently under U.S. control, Axios reported on Monday citing sources.
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President Biden Calls for Stronger Bank Regulations in Wake of SVB, Signature Bank CollapsesWhile depositors were protected, managements and investors with collapsed lenders SVB and Signature Bank will receive no bailout, said President Biden on Monday morning. nikhileshde reports
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SVB collapse: The Treasury must make whole SVB investorsThe Treasury Department is right to ensure that investors at Silicon Valley Bank have access to their deposits.
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First Republic Bank's stock tumbles amid fears SVB turmoil will spreadFirst Republic Bank's stock craters 60% after it taps backstop billions to shore up liquidity
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US Dollar Index struggles to cheer SVB, Signature Bank news ahead of US inflationUS Dollar Index struggles to cheer SVB, Signature Bank news ahead of US inflation – by anilpanchal7 DollarIndex RiskAppetite YieldCurve Inflation NFP
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Dow futures unsteady as stock-market investors watch efforts to avert SVB-inspired bank crisisU.S. equity markets traded unevenly Sunday afternoon, in the aftermath of the failure of Silicon Valley Bank on Friday, which has cast a pall over the...
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