A selloff in global financial stocks paused Tuesday after a two-day, $465 billion wipeout.
A gauge of European bank shares fluctuated between gains and losses and US lenders rebounded in premarket trading, led by a 22% surge in First Republic Bank. Losses widened in Asia, sending an MSCI index of regional financial stocks down 3%. Mitsubishi UFJ Financial Group Inc. slid 6.9% in Japan, South Korea’s Hana Financial Group Inc. fell 3.9%, HSBC Holdings Plc dropped 1.3% in London and Spain’s CaixaBank SA rose 0.5%.
