[Europe Open] Early Decline Amid SVB Aftershock... Bank Stocks Down 4%
Major European stock markets are showing a downward trend in early trading on the 13th. The collapse of the U.S. Silicon Valley Bank (SVB) has spread a sense of crisis across the financial sector, worsening investor sentiment.
As of 6:18 PM Korean time, the pan-European index Euro Stoxx 600 is down 2% compared to the previous close. Bank stocks are trading 4.25% lower than the previous trading day due to the impact of the SVB incident.
HSBC, which agreed to acquire SVB's UK branch, saw its shares fall 3.5%, while Commerzbank and Credit Suisse are down 12% and 9.4%, respectively.
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After SVB, based in Silicon Valley, experienced a 'bank run' involving massive deposit withdrawals, U.S. financial authorities took closure measures. The U.S. Treasury Department and the Federal Reserve (Fed) decided to protect all deposits and establish a 'new fund (BTFP)' to provide liquidity to the banking sector.
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