Media ININ Economy We Trust
Capitals 18 Shaaban 1444 AH corresponding to March 10, 2023 AD
European stocks fell to their lowest level in the past 7 weeks today, as financial stocks caused a general decline in the markets, after a US bank warned about the resilience of the sector’s balance sheets in the face of rising interest rates.
The Stoxx 600 index of European stocks closed down 1.4% today, bringing its weekly losses to 2.3%, which is the largest weekly loss recorded during the current year.
The banking sector index fell 3.8%, recording the largest daily loss in nine months, while HSBC, Deutsche Bank, Barclays, UniCredit and Commerzbank fell between 2.6% and 7.4%.
It is noteworthy that the wave of selling was caused by the failure of Silicon Valley Bank to collect new liquidity after losing $1.8 billion, in return for selling a package of bonds to meet the liquidity demands of its depositors.
