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/
Russian Foreign Ministry spokeswoman Maria Zakharova earlier said that the treaty provides for various forms of bilateral cooperation.
The comprehensive strategic partnership agreement between Russia and Iran has entered into force, Iranian Ambassador to Russia Kazem Jalali told Sputnik.
"It is already binding," Jalali said when asked about the date of entry into force of the agreement, as well as whether Iran had notified Russia of the completion of internal procedures.
He recalled that the treaty was ratified by both chambers of the Russian parliament, and Russian President Vladimir Putin signed it. At the same time, the document was ratified by the Iranian parliament, approved by the Guardian Council, and the president issued it as a law.
"Therefore, in both countries it currently has the form of a law and, naturally, has entered into force," Jalali said.
On January 17, Putin and his Iranian counterpart, Masoud Pezeshkian, met in Moscow to sign the Comprehensive Strategic ...
Defying the United States threats, ministers from more than 30 nations have packed Bogotá’s San Carlos Palace to charge the Israeli regime with genocide over its October 2023-present brutal military assault against the Gaza Strip.
The dramatic display of international solidarity saw dozens of high-ranking officials from across the globe convene inside the stately palace on Tuesday, determined to hold the regime accountable for, what they unequivocally called, a “war of genocide.”
The two-day emergency summit, organized under the auspices of The Hague Group -- a coalition co-chaired by Colombia and South Africa -- had representatives, ranging from such countries as Algeria and Brazil to Pakistan and Spain, in attendance.
The participants described the drive as a coordinated effort to stop the Israeli atrocities.
Behind closed doors, ministers and envoys, meanwhile, engaged in intensive sessions aimed at drafting collective measures to pressure the regime -- steps expected to be unveiled by ...
