Banking stocks drove European markets lower on Monday as global investors weighed the consequences of the collapse of Silicon Valley Bank (SVB). The US lender imploded last week and had its assets seized after a bank run caused its stock to plummet.
The pan-European Stoxx 600 index dropped 2.56% at 13:00 GMT, with all major stocks trading in the red. Bank stocks slumped more than 6%, with Commerzbank, BAWAG Group, and Banco BPM among the biggest losers. Credit Suisse plunged 15% in early trading and UniCredit lost 9%, while Deutsche Bank and Raiffeisen Bank both declined by 7%.
The meltdown came despite the news that Britain’s HSBC, which is one of the world’s biggest banks and boasts $2.9 trillion in assets, has agreed to rescue the UK branch of SVB for a symbolic £1, vowing to protect client deposits as part of the deal. Following the announcement, HSBC saw its shares drop 3.5%.
“We’re seeing a liquidity withdrawal – the classic thing that you’d expect following a credit event like what’s happening at SVB. People get scared, reduce exposure to equities and move into government bonds,” Haig Bathgate, head of investments at Atomos, told Bloomberg.
https://www.rt.com/business/572907-us-banking-crisis-european-stocks/
Mohsen Rezaee, a member of the Expediency Discernment Council, has said preconditions include reparations and security guarantees
For the ongoing conflict between Iran and the US to conclude, the latter must withdraw its military forces from the Persian Gulf, according to a member of the advisory board of Iran’s supreme leader.
Mohsen Rezaee, a retired major general and former commander of the Islamic Revolutionary Guard Corps (IRGC), added that Tehran would also seek full restitution for the damage done and ironclad security guarantees from Washington.
In an interview with Iran’s SNN TV broadcaster published on Saturday, the member of the Expediency Discernment Council said that the “presence of the US in the Persian Gulf has been the main cause of insecurity over the past 50 years.”
“The end of the war is also in our hands,” Rezaee claimed, naming the “US withdrawal from the Persian Gulf” among the key prerequisites. Additionally, Iran expects to receive reparations from the ...
The spokesman for the Khatam al-Anbiya Central Headquarters has accused the United States and Israel of deploying a rebranded copy of Iran’s Shahed-136 drone, designated “Lucas,” to carry out attacks on civilian infrastructure in regional countries as part of a deliberate false-flag operation aimed at framing the Islamic Republic.
In an official statement released today, the spokesman explained that after suffering military setbacks on the battlefield and failing to build political coalitions against Iran, the enemy has resorted to deception.
The statement specifically warned that the objective of these operations is to “create doubt and accuse the Islamic Republic of Iran” while sowing discord between Tehran and its neighbors, thereby undermining the legitimacy of Iran’s defensive actions.
The spokesman pointed to a series of “suspicious attacks” in recent days on facilities in friendly neighboring countries, including Turkey, Kuwait, and Iraq, which Western media outlets and hostile ...
The Islamic Revolution Guards Corps (IRGC) has announced the execution of the 51st wave of Operation True Promise 4, launching missile strikes against US military installations across the region in retaliation for ongoing American-Israeli aggression against the country.
The IRGC announced the latest wave was carried out using a combination of liquid-fuel and solid-fuel missiles against US terrorist army forces at the Al Kharj Air Base in Saudi Arabia.
According to the IRGC statement, Al Kharj base served as the "origin of aggressions against the Islamic homeland," functioning as the staging ground for US F-35 and F-16 fighter jets involved in attacks on Iran.
The base also houses fuel supply aircraft and serves as the main hub for American AWACS surveillance planes.
Concurrently, the spokesman for the Khatam al-Anbiya Central Headquarters confirmed that the fiftieth wave of the operation struck multiple US terrorist army bases.
They include the Al Dhafra Air Base and Fujairah in the UAE, Jufair in ...
