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Asian stocks fell on concerns that the U.S. and European banks were roiling. Investors are still reeling from the recent plunge in Silicon Valley Bank and the failure of Credit Suisse has further dampened market sentiment.
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Global financial worries and instability deepened and investors dumped equities globally to avoid sheer volatility. At the time of writing, Japan's Nikkei225 was down around 1.01%, followed by Shanghai which also fell 0.46%, Hang Seng down 1.65% and Nifty50 gave up 0.55% percentage point. The dictation of “material weakness” in Credit Suisse's internal control of financial reporting showed something bad about the banking company. The main topic was followed by Saudi National Bank which fell sharply as it poured more funds into Credit Suisse, a leading investor in Swiss banking companies, which accelerated concerns about some internal financial problems that caused Credit Suisse shares to fall sharply. Following the troubles that hit Credit Suisse, the China Securities Regulatory Commission has stopped approving the sale of GDRs as it could threaten the stability of the domestic market, as reported by Bloomberg. Meanwhile, the SNB has promised Credit Suisse a down payment of 50 billion Swiss Francs. However, investment banking firms are taking a long time to recover. Chinese stocks have seen a massive sell-off despite hopes of a recovery in demand. According to a Bloomberg report, China's housing prices rose in February for the first time in 18 months, a sign that government efforts to revive the once-sluggish market are bearing fruit. Overall, optimism in the battered economy is starting with rising real estate prices and extending to productivity.
On the crude side, prices have now recovered above $68.00 as the G-7 economies challenge further declines in Russian crude prices.
According to a Wall Street Journal report, US President Joe Biden told European Commission President Ursula con der Leyen at the White House last week that Washington has no interest in adjusting oil sanctions.
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