Asia markets tumble led by Japan, South Korea and Hong Kong as investors weigh SVB concerns
Publishing timestamp: 2023-03-14 01:09:56
Summary
Asia-Pacific markets tumbled on Tuesday due to fallout from failed banks in the US, including Silicon Valley Bank, and concerns over interest rates and inflation. The collapse of Silicon Valley Bank has added to the woes of the tech sector, and many banks and financial institutions in the region saw sharp losses. However, some strategists see recent volatility as a buying opportunity. The US consumer price index for February is expected to be released on Tuesday, which could provide insight into the Federal Reserve's move ahead of its meeting on March 21 and 22. The Monetary Authority of Singapore said its exposure to Silicon Valley Bank was "insignificant," and the Federal Reserve's top regulator will be leading a review into events leading to the bank's implosion. President Joe Biden assured Americans that the US banking system is safe and called on Congress to strengthen banking rules to prevent similar events from happening in the future.
Sentiment: MIXED
Tickers: CBA-AU, UOBH-SG, @CL.1, 9984.T-JP, 8306.T-JP, .IXIC, OCBC-SG, .SZI, DBSM-SG, .DXY, .AXJO, 8316.T-JP, @LCO.1, 7203.T-JP, JPY=, .DJI, MQG-AU, WBC-AU, .KS11, NAB-AU, AUD=, .N225, 6758.T-JP, .SSEC, .HSI,
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