TOKYO — Asian shares mostly fell Monday, shaken by a Wall Street tumble that set off worries the biggest U.S. bank failure in nearly 15 years might have ripple effects around the world.
Japan’s benchmark Nikkei 225 NIK slipped 1.4% in morning trading. Australia’s S&P/ASX 200 XJO slipped 0.6% and South Korea’s Kospi 180721 fell 1%. Following two bank failures, worries about financial stability and liquidity concerns were dominating the market landscape, said Stephen Innes, managing partner at SPI Asset Management in Hong Kong.“With the market likely headed for a more turbulent period with US inflation on a collision course with Bank ‘theater of tragedy,’ now is probably not the best time for investor euphoria,” Innes said.
Some of the sharpest drops on Wall Street last week came from the financial industry. First Republic Bank FRC tumbled 14.8%, while Charles Schwab SCHW lost another 11.7% after dropping 12.8% Thursday. Larger banks, which have been stress-tested by regulators following the 2008 financial crisis, held up better. JPMorgan Chase JPM rose 2.5%.
Great Scott!
Bailout for the uninsured rich, yet again. Plus gov loans for banksters who do not understand interest rate increases and bond values. Sleep well bros, BailoutBiden BailoutYellen has your back.
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