Global bank stock rout deepens as SVB collapse fans crisis fears

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Reuters UK

By Trevor Hunnicutt, Alun John and Rae Wee (Reuters) – Shockwaves from the collapse of Silicon Valley Bank pounded global bank stocks further on Tuesday as assurances from President Joe Biden and other policymakers did little to calm markets and prompted a rethink on the interest rate outlook. Biden’s efforts to reassure markets and depositors came after emergency U.S. measures to shore up banks by giving them access to additional funding failed to dispel investor worries about potential contagion to other lenders worldwide. Banking stocks in Asia extended declines, with big Australian banks A…

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