Global Financial Stocks Lose $465 Billion on SVB Impact Worry

Bloomberg2023-03-14

Mitsubishi UFJ Financial drops as much as 8.3% on Tuesday‘Markets are walking on eggshells,’ Credit Suisse’s Woods saysGlobal financial stocks have lost $465 billion in market value in two days as ...

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Comments

holybun
2023-03-14
holybun
I wonder who incurred the biggest loss
Chris Tan
2023-03-14
Chris Tan
🏃‍♂️🏃‍♂️🏃‍♂️on any technical Rebound. Can buy much cheaper later
HENRYCSC
2023-03-14
HENRYCSC
👍

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Mitsubishi UFJ Financial Group Inc. slid 8.6% in Japan, while South Korea’s Hana Financial Group Inc. fell 3.9% and Australia’s ANZ Group Holdings Ltd. lost 1.5%.There are concerns that financial firms could see an impact from their investments in bonds and other instruments on the SVB-induced worry. Treasury yields fluctuated afterplungingMonday amid expectations the Federal Reserve will hold off raising rates due to turmoil in the banking system.“The financial markets are walking on eggshells,” John Woods, Credit Suisse Group AG’s chief investment officer for Asia-Pacific, said in an interview with Bloomberg Television. “We really need to know precisely what impact this is likely to have around the broader market. My sense is that the Fed will probably pause because I think this is largely to do with liquidity risk.”The aggregate market value of companies included in the MSCI World Financials Index and the MSCI EM Financials Index has dropped about $465 billion since Friday. US regional banks were among the hardest hit Monday as the KBW Regional Banking Index sank 7.7%, its sharpest plunge since June 2020.First Republic Bank’s shares have plunged almost 73% in three sessions, making it the the top loser on the MSCI World Financials gauge in the period. Moody’s put all long-term ratings of the lender onreviewfor downgrade.Fed Will Probably Pause on Monetary Tightening: WoodsPlay4:25WATCH: John Woods of Credit Suisse discusses Fed policy and how it may change following the collapse of Silicon Valley Bank.Source: BloombergShares of European banks and insurers also slumped on Monday, with Credit Suisse Group AG’s stocktumbling9.6% to a fresh record low amid SVB contagion fears. Meanwhile, the company reported early Tuesday that it has identified “material weaknesses” in previous reporting and is adopting a remediation plan.Japan BanksMajor northern Asia banks mostly have “minimal risk of the sudden run on deposits that crumpled Silicon Valley Bank” given their solid deposits, asset mixes and liquidity, Bloomberg Intelligence analyst Francis Chan wrote in a note. “Smaller lenders may harbor liquidity and credit risks that could easily be overlooked.”Japanese financial stocks have been among the hardest hit in the region. That follows a strong run-up since December amid signs the Bank of Japan was pivoting toward tightening after years of ultra-loose monetary policy.Japanese banks feature prominently among the highest unrealized loss-to-equity ratios in the region, according to data on about 130 Asia Pacific lenders with more than $5 billion in assets compiled by Bloomberg. Jimoto Holdings Inc., Tsukuba Bank Ltd. and Fukushima Bank Ltd. are among those with unrealized loss-to-equity ratios of at least 9%. All three, which have market caps below $150 million each, have fallen more than 10% in three days.“I’m selling banks and insurers today,” said Taku Ito, chief fund manager at Nissay Asset Management Corp. “No doubt it’s a defeat but I think a lot of fund managers are also doing the same because bank shares had been rising and a lot of growth managers have been increasing bank shares.”","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9949498263,"gmtCreate":1678803144952,"gmtModify":1678803149131,"author":{"id":"4100142878992660","authorId":"4100142878992660","name":"holybun","avatar":"https://static.tigerbbs.com/8770ac73bdb77d59fbb74bf3e88d1ccd","vip":1,"crmLevel":8,"crmLevelSwitch":0,"idStr":"4100142878992660","authorIdStr":"4100142878992660"},"htmlText":"I wonder who incurred the biggest loss","listText":"I wonder who incurred the biggest loss","text":"I wonder who incurred the biggest loss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949498263","repostId":1111070749,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9949547198,"gmtCreate":1678788037815,"gmtModify":1678788041099,"author":{"id":"4100325483048030","authorId":"4100325483048030","name":"Chris Tan","avatar":"https://community-static.tradeup.com/news/234d0c8219838a66f0165bcb29277534","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4100325483048030","authorIdStr":"4100325483048030"},"htmlText":"🏃‍♂️🏃‍♂️🏃‍♂️on any technical Rebound. Can buy much cheaper later&nbsp;","listText":"🏃‍♂️🏃‍♂️🏃‍♂️on any technical Rebound. Can buy much cheaper later&nbsp;","text":"🏃‍♂️🏃‍♂️🏃‍♂️on any technical Rebound. Can buy much cheaper later","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949547198","repostId":1111070749,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9949542118,"gmtCreate":1678786083934,"gmtModify":1678786088209,"author":{"id":"3575091428590185","authorId":"3575091428590185","name":"HENRYCSC","avatar":"https://static.tigerbbs.com/6d47a6dec25b21dc547a5b982674c499","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575091428590185","authorIdStr":"3575091428590185"},"htmlText":"👍&nbsp;","listText":"👍&nbsp;","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949542118","repostId":1111070749,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":47,"commentSize":3,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1111070749"}