Australian shares to shed another 1.5 per cent; Dow loses 809 points; FANG stocks crater; Tesla tumbles 12 per cent. Robinhood slashes staff. Follow updates here.
The combination of higher inflation and higher rates has caught up with bank stocks, now on course for their worst monthly performance in more than two years.P 500 Banks Index has fallen 9.2 per cent in April, on track for its biggest one-month drop since March 2020, erasing about $US120 billion in market value.
For some investors and analysts, the slump in bank stocks is particularly confounding as the surge in US Treasury yields, something that would typically help boost shares, is having limited effect. In fact, while the 10-year Treasury yield is sitting near its highest level since 2018, its 40-day correlation with banking stocks has become the most inverted in three and a half years.
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