Asian equities extended declines on Tuesday, led by weakness in financial stocks as the collapse of Silicon Valley Bank continued to reverberate across global markets.
A gauge of Asian shares fell 1.7% and headed for the lowest close since early January. Financial stocks were the biggest drag as investors weighed risks in the sector. The KBW Bank Index on Monday logged its biggest fall since the start of the Covid-19 pandemic, underscoring the dangers.
A gauge of dollar strength rose 0.2% after erasing its gains for the year on Monday amid a reassessment of the outlook for interest rates. Goldman Sachs economists as well as asset managers at the world’s largest actively managed bond fund from Pacific Investment Management said the Fed The S&P 500 closed on Monday down 0.2%, after bouncing between gains and losses amid a rout in bank shares while the policy-sensitive Nasdaq climbed 0.8%, the most in over a week. The fallout from SVB’s collapse prompted President Joe Biden to promise stronger regulation of US lenders, while reassuring depositors that their money is safe.
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