As global stocks fall, Asia-Pacific's benchmark index erases all of its gains for 2023
Publishing timestamp: 2023-03-14 03:40:34
Summary
The MSCI Asia Pacific index has erased its year-to-date gains and is now flat in 2023 as bank stocks led declines on Tuesday. The decline marks a sharp reversal after the index entered a bull market during the second trading week of the year, fueled by optimism from China's reopening. The sell-off was driven by concerns of a spillover effect from Silicon Valley Bank's collapse, even after U.S. regulators stepped in to protect depositors over the weekend. Bank stocks in Japan declined sharply, weighing on the wider Topix, which led the sell-off in Asia-Pacific.
Sentiment: NEGATIVE
Tickers: 8411.T-JP, 8306.T-JP, .MIAPJ0000PUS, 8316.T-JP, DBSM-SG, UOBH-SG, OCBC-SG, .STI,
Keywords: financials, business news, mizuho financial group inc, economic events, straits times index, oversea-chinese banking corporation ltd, dbs group holdings ltd, sumitomo mitsui financial group inc, banks, united overseas bank ltd, world markets, central banking, singapore,
Source: https://www.cnbc.com/2023/03/14/msci-asia-pacific-erases-all-its-gains-for-2023.html