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Banks drag down Wall Street stocks
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IANS | 18 Mar, 2023
Wall Street stocks have fallen, dragged down by banks. The S&P 500
financial sector index has lost 2.2 per cent while the KBW regional
banking index has tumbled 3.8 per cent, the media reported.
The
Dow Jones has shed 254 points to 31,992, a 0.8 per cent drop while the
S&P 500 is down nearly 20 points, or 0.5 per cent, at 3,942, and the
Nasdaq is flat at 11,709, The Guardian reported.
Among big US
banks, Goldman Sachs is down 1.9 per cent, Citigroup has lost 2.4 per
cent and Wells Fargo is 2.7 per cent lower as fears of a full-blown
banking crisis intensified, after SVB's parent filed for bankruptcy, The
Guardian reported.
Shares in First Republic tumbled nearly 21
per cent in early trading, despite Thursday's $30 billion lifeline from
major banks including JPMorgan Chase, whose shares have fallen 2.8 per
cent so far on Friday, and Morgan Stanley (shares down 1.7 per cent).
The
FTSE 100 in London is trading 56 points, or 0.8 per cent, lower at
7,353 while Germany's Dax has lost nearly 200 points, or 1.3 per cent,
and the French market is down more than 100 points, or 1.45 per cent.
The Italian borsa has slid 335 points, or 1.3 per cent.
Credit
Suisse shares are now trading 9 per cent lower at 1.83 Swiss francs,
after falling to 1.76 earlier. The Euro Stoxx Bank index has slid 2.2
per cent, The Guardian reported.
In the US, SVB Financial Group
has filed for a court-supervised re-organisation under Chapter 11
bankruptcy protection to seek buyers for its assets, a week after its
former division Silicon Valley Bank was taken over by US regulators.
The
move comes after the company said on Monday that it planned to explore
strategic alternatives for its businesses. SVB Securities and SVB
Capital's funds and general partner entities are not included in the
Chapter 11 filing and the firm said it planned to push on with the
process to evaluate alternatives for the businesses.
Banking
shares fell more than 1.5 per cent in pre-market trading. Regional banks
were hardest hit, with PacWest Bancorp and First Republic plunging
between 10 per cent and 20 per cent, The Guardian reported.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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