European markets close lower; bank stocks shed 4% on Silicon Valley Bank plummet
Publishing timestamp: 2023-03-10 11:31:08
Summary
European markets closed lower due to a sell-off in the banking sector, with all sectors and major bourses in negative territory. The plunge in banking stocks was led by Silicon Valley Bank's capital raise, which caused its stock to collapse 60% and wiped out over $80 billion in value from bank shares. US stock futures were mixed as investors look to upcoming job data for clues on how the Federal Reserve may move forward. The UK economy grew by 0.3% in January, exceeding expectations and avoiding a recession. Bond yields are surging, making it harder to find stocks that can compete on a yield basis. Bitcoin dipped below the $20,000 mark for the first time since mid-January, while the Bank of Japan left its monetary policy unchanged.
Sentiment: MIXED
Tickers: .FCHI, .GDAXI, .WORLD, .FTSE, US2Y, SIVB, .SPX,
Keywords: s&p 500 index, united states, wall street, investment strategy, cac 40 index, ftse 100, markets, banks, jerome powell, business news, dax, economic events,
Source: https://www.cnbc.com/2023/03/10/european-markets-open-to-close-earnings-data-and-news.html