Investors dumped banks on fears of contagion after a capital raising at Silicon Valley Bank
London — Global shares hit a two-month low on Friday as investors dumped banks on fears of contagion after a capital raising at Silicon Valley Bank, with US payrolls figures also a focus ahead of the Federal Reserve meeting later this month.
The MSCI All Country stock index was down 0.6%, hitting its lowest level since mid-January, while in Europe, the Stoxx index of 600 companies tumbled 1.6%. “We are actually taking advantage of the panic induced selling and we are upgrading some of the regional banks,” he said. Powell has warned rates could rise further and faster if data shows that is needed to get a grip on inflation.
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