Asian Bank Stocks Regain Footing After US Peers Rally on Rescue
- ‘Banking jitters are fading quickly,’ Oanda’s Moya writes
- Mizuho, Hana Financial and ANZ Group shares advance Friday
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Asian bank stocks rose after a rescue package for First Republic Bank sparked a rebound in US shares despite ongoing concerns over the health of Credit Suisse Group AG and the collapse of Silicon Valley Bank.
The MSCI Asia Pacific Financials Index climbed as much as 1%, paring its weekly loss to 2.7%. Japanese megabanks were again among the gainers, with Mizuho Financial Group up as much as 2.3% after the biggest US banks pledged $30 billion of fresh cash for First Republic Bank. Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. each rose more than 1% before swinging to declines.