Credit Suisse troubles piled more pressure on the global banking sector, in the wake of the weekend crisis kicked off by Silicon Valley Bank
“They’ve tightened at the steepest, most dramatic rate that we’ve seen since 1980 and so I think this could be the opportunity for them to pause,” said Cresset Capital CIO, Jack Ablin.
A separate report showed U.S. producer prices unexpectedly fell in February, a day after another reading showed moderation in consumer inflation. This fueled investor hopes the Fed might slow its rate hikes. First Republic Bank tumbled 21.37% while PacWest Bancorp PACW.O slid 12.87%, and trading was halted several times for volatility, a day after shares of the battered banks staged a strong recovery.Article content
Big U.S. banks including JPMorgan Chase & Co, Citigroup and Bank of America Corp dropped, pushing the S&P 500 banking index down 3.62%. The KBW regional banking index declined 1.57%.
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