More than £383bn was wiped off the value of global financial stocks in two days following the collapse of Silicon Valley Bank - and markets continue to tumble.
Banking stocks across the FTSE 100 and 250 have fallen as much as 1.4pc so far today, erasing gains made since the start of the year as banking stocks reported huge profits.
Losses widened worldwide overnight, with the MSCI Asia Pacific Financials Index dropping as much as 3.1pc to the lowest since November.
The selloff comes amid concerns that financial institutions are heavily exposed to bonds.
Government gilts have seen their value plummet around the world as central bank raise interest rates to tackle high inflation.
Silicon Valley Bank collapsed after revealing it had taken $1.8bn in losses on US Treasury bonds, forcing it to try and raise money and triggering a bank run.
The aggregate market value of companies included in the MSCI World Financials Index and the MSCI EM Financials Index has dropped about £382bn since Friday.
Read the latest updates below.
https://news.google.com/rss/articles/CBMibWh0dHBzOi8vd3d3LnRlbGVncmFwaC5jby51ay9idXNpbmVzcy8yMDIzLzAzLzE0L3NpbGljb24tdmFsbGV5LWJhbmstbmV3cy1sYXRlc3QtZnRzZS0xMDAtbWFya2V0cy1saXZlLWplcmVteS_SAQA?oc=5
2023-03-14 09:41:08Z
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