Fear is gripping Wall Street about what's next to topple following the second- and third-largest bank failures in U.S. history in recent days.
Stocks are falling early Monday and Treasury yields are falling sharply as investors scramble to find someplace safe to park their money. The S&P 500 was 1% lower, with the heaviest losses coming from banks.
Markets in Asia ended mixed after assurances by U.S. officials that they were taking steps to protect depositors at Silicon Valley Bank, or SVB. France's CAC 40 lost 2.2%, Germany's DAX dropped 2.3% and Britain's FTSE 100 dove slumped 1.9% at midday. Hong Kong's Hang Seng jumped 2% to 19,695.97. The Shanghai Composite rose 1.2% to 3,268.70, as Chinese shares tracked earlier gains in U.S. futures that later were erased.
"With the market likely headed for a more turbulent period with U.S. inflation on a collision course with Bank `theater of tragedy,' now is probably not the best time for investor euphoria," Innes said.
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