European markets were mixed Tuesday after a broad retreat in Asia as investors watched to see what’s next following the second- and third-largest bank failures in U.S. history.
FRANKFURT, Germany - Europeanwere mixed Tuesday after a broad retreat in Asia as investors watched to see what's next following the second- and third-largest bank failures in U.S. history.
While risks outside the U.S. appear limited, the collapses of Silicon Valley Bank and Signature Bank have shaken confidence in the industry at a time when the Federal Reserve and other central banks are struggling to fine-tune policies to crush stubborn inflation without snuffing out post-pandemic economic recoveries.
In Asian trading Tuesday, Japan's benchmark Nikkei 225 dropped 2.2% to finish at 27,222.04, extending losses from the day before. “There is escalating tension in the global financial world; this is despite non-U.S. banks' exposure to U.S. regional banks being minimal, with the global systems being well capitalized and flush with liquidity,” Stephen Innes, managing partner at SPI Asset Management, said in a report.
The collapse of Silicon Valley Bank also has rattled the technology industry that was its backbone. Shell-shocked entrepreneurs got a government reprieve that saved their money, but the bank's failure means that startups will have an even tougher time raising money after technology stock values fell and interest rates surged, causing venture capitalists to retrench.markets
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