Global shares hit a two-month low as investors dumped banks on fears of contagion after a capital raising at Silicon Valley Bank, with U.S. payrolls figures also a focus ahead of the Federal Reserve meeting later this month. | Reuters
Silicon Valley Bank had sought on Thursday to reassure tech clients as its stock collapsed by 60 percent while it was attempting to raise funds to plug a $1.8 billion hole caused by the sale of a loss-making bond portfolio.Silicon Valley Bank raised questions over the unrealised losses on bond portfolios among U.S. banks, and what that could mean for capital requirements, analysts said.The STOXX index of European bank shares sank 4.
“We are actually taking advantage of the panic induced selling and we are upgrading some of the regional banks,” he said.A reclassification of the U.S. S&P index next week will increase the number of banks in the benchmark to support the sector, Spencer said. Powell has warned rates could rise further and faster if data shows that is needed to get a grip on inflation.
The benchmark 10-year JGB yield, which the BOJ pins within 50 basis points either side of zero, pulled back sharply from that ceiling to last sit at 0.445 percent. The yen was last down about 0.4 percentat 136.615 per dollar after a knee-jerk drop of as much as 0.6 percent.
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