Global shares hit a two-month low on Friday as investors dumped banks on fears of contagion after a capital raising at Silicon Valley Bank, with U.S. payrolls figures also a focus ahead of the Federal Reserve meeting later this month.
"I think it's panic and it's company specific," said Patrick Spencer, vice-chair of equities at RW Baird, adding it was a further sign of how the rise in borrowing costs and the end of cheap money was shaping markets.
A reclassification of the U.S. S&P index next week will increase the number of banks in the benchmark to support the sector, Spencer said.were due before the opening bell on Wall Street, and economists have forecast they have likely increased by 205,000 last month, less than half of the huge 517,000 added in January.ING bank said U.S. Federal Reserve Chair Jerome Powell has explicitly referred to Friday's jobs data as a key driver, together with next week’s U.S.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silicon Valley Bank spooks Silicon ValleySilicon Valley Bank, long one of the most popular financial institutions among tech and life sciences startups, saw its shares fall more than 60% on Thursday, wiping out a whopping $9.4 billion in market value.
Read more »
Silicon Valley Bank Rocked, Bank Shares PlummetA financial free fall is happening right now in the Bay Area. One of the most trusted local banks is in trouble and now there’s growing concern that some companies are withdrawing their funds, which could spell doom.
Read more »
Bank stocks plunge after implosions at Silicon Valley Bank and SilvergateBank stocks plunge after implosions at Silicon Valley Bank and Silvergate Capital send 'shock waves' through the sector
Read more »
Silicon Valley Bank launches new share saleSVB is an avatar for tech startup health, and right now it's calling for a doctor.
Read more »
Silicon Valley Bank shares plunge on stock-sale plan to stem cash burnSVB Financial Group shares plunged more than 62% on Thursday, a day after the lender launched a $1.75 billion share sale to shore up its balance sheet and navigate declining deposits from startups struggling for funds amid increased spending.
Read more »
Silicon Valley Bank's struggles spell further trouble for beleaguered tech startup marketSilicon Valley Bank's crisis is due to the challenges faced by its clients, though the problems could now get worse.
Read more »