European Bank Shares Plunge as Investor Worries Grow Amid SVB Crisis

US and European bank stocks dropped on Monday and traders raced into sovereign debt, as markets fretted over regulators’ moves to prevent the collapse of Silicon Valley Bank from spreading into the wider economy. The declines in some of the biggest bank shares pushed benchmark indices in Europe lower, with the Stoxx 600 down 2.1 per cent. However, US markets were more muted in early trading, with the S&P 500 down 0.2 per cent and the Nasdaq Composite flat as investors digested the impact of the collapse of SVB. The KBW Nasdaq Bank Index fell 12.2 per cent in early trading in the US and the European Stoxx banking index was down 6.8 per cent as investors worried about the value of banks’ bond portfolios.

Source : European Bank Shares Plunge as Investor Worries Grow Amid SVB Crisis