Asian shares declined Tuesday, as investors around the world continued to be rocked by worries about what's next to break, following the second- and...
TOKYO — Asian shares declined Tuesday, as investors around the world continued to be rocked by worries about what’s next to break, following the second- and third-largest bank failures in U.S. history.
Japan’s benchmark Nikkei 225 NIK dropped 2%, extending losses from the day before. Australia’s S&P/ASX 200 XJO dipped 1.9% and South Korea’s Kospi 180721 fell 1.8%. Worries appeared to be focused on what might happen to interest rates, especially speculation on what the Federal Reserve might do, and how that might affect inflationary pressures that have been hitting many nations. Worries have been simmering for months about a possible recession.
The U.S. government announced a plan late Sunday meant to shore up confidence in the banking industry following the collapses of Silicon Valley Bank and Signature Bank since Friday. The broader market flipped from losses to gains as expectations built that all the furor will mean the Fed won’t reaccelerate its rate hikes, as it had been threatening to do. Such a move could give the economy and banking system more breathing space, but it could also give inflation more oxygen.
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