The Silicon Valley Bank collapsed, and the closure of Signature Bank and Silvergate Bank led to changes in the stock market. These changes in the stock market are to control the effect the banks have on the investors.
Due to the closure of both banks, there has been a huge fall in the Asian market. Japan’s most respected stock, Nikkei, dropped by 2.2%, and the Tokyo Stock exchange bank declined by 7%. Hong Kong shares in HSBC and Standard Chartered have fallen by over 5%. Singapore and Australia shares have dropped drastically.
The Fed has promised to return all money to the depositors and provide short-term loans to lenders struggling to get cash.
Some European stock markets are also affected, while some aren’t. Germany and France’s economies are not at risk of bank failure, while Italy and Switzerland are being influenced. Frankfurt and Paris’s stock markets have declined by 3%, Milan also by 5%, and Zurich has decreased by 1.7%.
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