Bank stocks around the world plunged on Monday even as President Joe Biden vowed to ensure the safety of the U.S. banking system, after Silicon Valley Bank and Signature Bank collapsed.
*Government bond yields on both sides of the Atlantic fell on Monday as investors rushed into safe-haven assets while assessing the possible fallout from SVB's collapse amid bets on less aggressive tightening from the U.S. Federal Reserve.on the British biotech sector, executives said. About 40% of the UK's biotech companies were banking with Silicon Valley Bank's British arm, according to the UK BioIndustry Association .of SVB once they can.
The SVB collapse also affected commodities including gold and copper. Copper rose in London in volatile trading on Monday. The volatility in copper and other base metals prices is "the result of the overall risk aversion that is spreading in financial markets due to the collapse of SVB," said Julius Baer analyst Carsten Menke.
Emboldened by bets that the U.S. Federal Reserve may have to slow its rate hikes, and with investors seeking safe havens, the price of gold raced above the key $1,900 level.
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How Silicon Valley Turned on Silicon Valley BankThe fallout from Silicon Valley Bank threatens to engulf Silicon Valley—and has put the rest of the banking system on edge
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Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
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Can the Government Contain a Banking Crisis? - The Journal. - WSJ PodcastsWhen Silicon Valley Bank imploded last week, it was the second biggest bank failure in U.S. history. Then, over the weekend, another bank, Signature Bank, was also taken over by the government. WSJ financial editor Charles Forelle explains what kicked off this banking crisis and how the government is scrambling to contain it. Further Reading: - How Silicon Valley Turned on Silicon Valley Bank - Silicon Valley Bank Closed by Regulators, FDIC Takes Control - Were SVB and Signature Bank Just Bailed Out by the U.S. Government?
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Stock Market Today: Regional Bank Shares Tumble After Regulators Announce Silicon Valley Bank PlanRegional bank shares slid premarket and investors piled into the safety of bonds after regulators tried to limit the damage from Silicon Valley Bank's collapse
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Silicon Valley Bank's UK branch shut down by Bank of EnglandThe Bank of England (BoE) released a statement on Mar. 10 stating that it will be applying to the court to place Silicon Valley Bank UK branch (SVB UK) into a “Bank Insolvency Procedure.' It added that in the interim, the firm will 'stop making payments and deposits.'
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‘Nip the bank in the bud’: Calls to rescue collapsed Silicon Valley Bank galoreTech celebrities and pundits have urged the U.S. federal government to pressure other banks to take over the defunct Silicon Valley Bank (SVB) in order to protect uninsured deposits.
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