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Global Banking Stocks Hold Steady After $465 Billion SVB Wipeout

  • First Republic jumps in US premarket trading, Asian banks drop
  • ‘Initial shock’ is fading, Wells Fargo strategist says
Bloomberg business news
Why the Silicon Valley Bank Collapse Matters
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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%.