SINGAPORE : Falling bank stocks drove Asian markets lower on Friday, while bonds rallied and expectations for U.S. interest rate rises were reduced after a surprise capital raising at a Silicon Valley startup lender unleashed fears of broader banking-system stress.
The U.S. dollar rose and short-end Treasuries extended sharp overnight gains - driving two-year yields down another nine basis points to 4.8068 per cent. SVB stock was still sliding after the bell and has lost about 70 per cent of its value in 24 hours. Titans' shares were dragged down with it, with J.P. Morgan Chase & Co losing 5.4 per cent, Citigroup down 4.1 per cent and big lenders in Asia and Australia on the slide - albeit to a lesser extent - on Friday morning.
"But it's a big move on the back of what seems to be some fairly woolly speculation...which just shows how antsy the markets are right now, and this has spilled into all the other markets."
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »