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/
Tehran has vowed retaliation for the “savage” attack by Israeli and US “aggressors”
Over 100 students have been killed and dozens injured in an Israeli airstrike on a girls’ primary school in the city of Minab, in southern Iran, according to the country’s news agency Tasnim. The attack comes amid ongoing airstrikes on the Islamic Republic by Israel and the US.
Israel launched what it described as a pre-emptive operation against Iranian military and nuclear-related targets on Saturday, saying the strikes were aimed at neutralizing threats posed by Iran. US President Donald Trump later said Washington was joining the operation, citing the failure of nuclear diplomacy as a direct trigger for the renewed bombing.
One of the strikes reportedly targeted an elementary school in the city of Minab, killing at least 108 students and leaving 92 others injured, according to local officials.
READ MORE: US-Israeli attack on Iran plunges Middle East into chaos: LIVE UPDATES, VIDEOS, PHOTOS...
Iranian forces have retaliated against American-Israeli attacks by targeting Washington’s military bases across the region
The US has suffered 200 casualties in Iranian retaliatory strikes on bases across the Middle East, the Islamic Revolutionary Guard Corps (IRGC) has claimed.
Backed by the US, Israel launched what was described as a preemptive operation against Iranian military and nuclear-related targets in the early hours of Saturday, claiming the strikes were aimed at neutralizing threats posed by the Islamic Republic in the region.
US President Donald Trump later confirmed that the White House had supported West Jerusalem in conducting the strikes, citing the failure of nuclear diplomacy as a direct trigger for the move.
“As a result of missile strikes on American bases, at least 200 US military personnel were killed and injured,” the Tasnim news agency reported Saturday, citing a statement by the IRGC.
Commenting on the retaliation, IRGC General Ebrahim Jabbari warned ...
