Global banks stock slump despite Joe Biden’s pledge to do “whatever is needed” to protect US banking system
Bank shares in Asia and Europe have now slumped as well, with Tuesday trading seeing sharp falls in share prices globally.“Wells Fargo down 7%, Citibank down 7.5%, Bank of America down 5%.“All our UK banks were down between 4 and 5%.
The worst affected regional banks in the US were First Republic which fell by 62 percent, Western Alliance which closed with a loss of 47 percent and KeyCorp which dropped by 21 percent. The S&P 500 dipped 0.2% after whipsaw trading, where it careened from an early loss of 1.4% to a midday gain of nearly that much.The sharpest drops again came from banks and other financial companies.
Shares of First Republic Bank fell 61.8%, even after the bank said on Sunday it had strengthened its finances with cash from the Federal Reserve and JPMorgan Chase. Such a move could give the economy and banking system more breathing space, but it could also give inflation more oxygen. The fear was that stubbornly high inflation would force the Fed to get even tougher, and investors were bracing for the Fed to keep hiking at least a few more times after that.
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