HONG KONG, March 10 — Asian and European markets sank again today following a rout on Wall Street with banks taking a hefty hit after signs of trouble at a regional US lender...
HONG KONG, March 10 — Asian and European markets sank again today following a rout on Wall Street with banks taking a hefty hit after signs of trouble at a regional US lender sparked concerns about the wider sector.
The firm’s shares collapsed 60 per cent in New York as it said it lost US$1.8 billion following the sales. Major US banks suffered hefty losses, with Wall Street titans including JP Morgan, Bank of America, Wells Fargo and Citigroup all deep in the red. “We have been in a zero-interest regime for a multiyear period and banks have operated in a certain way,” said Jens Nordvig, of Exante Data and Market Reader.And SPI Asset Management’s Stephen Innes said: “In days like this, ‘bad news is indeed bad news’, especially when the potential of massive mortgage defaults enters the market purview.
Hong Kong’s Hang Seng Index fell three per cent — wiping out all the year’s gains — while Sydney shed more than two per cent. London opened sharply lower even as data showed the UK economy rebounded in January to grow 0.3 per cent, having narrowly avoided a recession in the last quarter of 2022. Paris and Frankfurt were also sharply down.
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