SINGAPORE : Shares of banks in Asia slumped on Monday after the collapse of a U.S. startup-focused bank sparked a global flight to quality on fears of broader systemic risk, even as authorities tried to stem the contagion with steps to placate depositors.The U.S. administration stepped in on Sunday with a
SINGAPORE : Shares of banks in Asia slumped on Monday after the collapse of a U.S. startup-focused bank sparked a global flight to quality on fears of broader systemic risk, even as authorities tried to stem the contagion with steps to placate depositors.
After a dramatic weekend, U.S. regulators said the bank's customers will have access to all their deposits starting Monday and set up a new facility to give banks access to emergency funds.While U.S. stock futures and tech shares rose in Asia trade on the back of the news, banks in the region were unable to shake concerns about systemic risk and tracked losses in their Wall Street counterparts from the Friday session.
U.S. banks lost over $100 billion in stock market value late last week following the collapse, while European banks lost around another $50 billion in value, according to a Reuters calculation. "There's likely going to be further migrations to the stronger banks and those with a large asset base and low equity will continue to see depositors divest capital."
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