NEW YORK: Global markets took a beating on Friday (Mar 10) as US jobs data boosted the likelihood of further aggressive interest rate hikes, while bank shares wobbled amid the colla
After sharp losses on Thursday, Wall Street's top indices had managed to peek into the green before regulators closed the troubled Silicon Valley Bank, sending stocks tumbling into the red again.
The quick jump in interest rates meant that securities they had bought were selling for significantly less. In the United States, hard-hit banks included First Republic Bank which slumped 14.8 per cent, and Comerica, which slipped 5 per cent.In London, shares in banking giant HSBC slumped 4.7 per cent, while Standard Chartered fell 4.4 per cent, Barclays 4.1 per cent and Lloyds 3.5 per cent.
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