An SVB Financial Group chart displayed on the floor of the New York Stock Exchange in New York on Friday. Photograph: Michael Nagle/BloombergEuropean stocks slid over uncertainty regarding tightening central bank policy, and looming worries over the health of the US banking sector.
An overnight sell-off of US banking stocks, prompted by troubles at the tech-focused lender Silicon Valley Bank , has seeped into European markets. Trading in shares of SVB were halted on Friday after tumbling as much as 66 per cent earlier in premarket trading. The rout spread concern about hidden risks in the banking sector and its vulnerability to the rising cost of money.
Irish bank shares fell as the failure of troubled tech-lender SVB Financial Group’s efforts to raise capital through a stock sale rippled through global markets on Friday.shed more than 2.8 per cent over the session, ending the week at €9.90.
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