Hong Kong stocks gain 2% as China markets buck trend; investors weigh Silicon Valley Bank concerns
Publishing timestamp: 2023-03-13 00:16:13
Summary
Asia-Pacific markets traded mixed as U.S. regulators announced plans to backstop depositors and financial institutions associated with Silicon Valley Bank. Hong Kong's Hang Seng index rose, led by technology stocks, while Japan's Topix fell. U.S. markets closed lower on Friday due to the collapse of Silicon Valley Bank. The collapse has raised concerns over other banks that could be seeing similar risks. Veteran bank analyst Dick Bove said American banks have lost credibility with average investors due to what he described as "accounting tricks." Meanwhile, crypto climbed with stocks as U.S. regulators unveiled a plan to assure depositors at Silicon Valley Bank would get their money after the bank's collapse.
Sentiment: MIXED
Tickers: .SSEC, .AXJO, SBNY, .KS11, ETH.CM=, .DXY, 9984.T-JP, .SZI, JPY=, AUD=, .HSI, @CL.1, .N225, @LCO.1, BTC.CM=,
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Source: https://www.cnbc.com/2023/03/13/asia-markets-silicon-valley-bank-crypto.html