US sharemarkets tumbled on Friday after California banking regulators closed SVB Financial Group, parent of Silicon Valley Bank, after a run on its deposits. The failure of SVB, with US$209 billion of assets, is the second biggest US bank failure. The KBW regional banking index fell by 2.4% while the S&P 500 financials index lost 1.8% and the banks index fell 0.5%. The Dow Jones index lost 345 points or 1.1%. The S&P 500 index slid 1.5% and the Nasdaq index shed 199 points or 1.8%.
This content is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814 (CommSec) a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (the Bank) and a Market Participant of ASX Limited and Cboe Australia Pty Limited. All information contained herein is provided on a factual or general advice basis and is not intended to be construed as an offer, solicitation or investment recommendation in anyway. It has been prepared without taking into account your individual objectives, financial situation or needs. Past performance is not a reliable indicator of future performance. CommSec, the Bank, our employees and agents may receive a commission and / or fees from transactions and / or deal on their own account in any securities referred to in this communication and may make investment decisions that are inconsistent with the recommendations or views expressed within this communication. Any comments, suggestions or views presented herein may differ from those expressed elsewhere by CommSec and / or the Bank. The content may not be used, distributed or reproduced without prior consent and any unauthorised use of the content may breach copyright provisions. CommSec does not give any representation or warranty as to the accuracy, reliability or completeness of any content including any third party sourced data, nor does it accept liability for any errors or omissions. CommSec is not liable for any losses or damages arising out of the use of information contained in this communication. This communication is not intended to be distributed outside of Australia.
Market Close 27 Feb 23: ASX 200 sinks to fresh 6-week low
Pilbara’s Half Year Result 27 Feb 23: Lithium miner’s inaugural dividend
The CommSec Market Update 27 Feb 23: Wall Street posts biggest weekly drop in 2023 after hot inflation report
The CommSec Market Update 24 Feb 23: ASX 200 eyes a flat start following a choppy session on Wall Street
Market Close 23 Feb 23: ASX 200 slipped for a 3rd day
CommSec Insights 23 Feb 23: The Week Ahead
Rio Tinto Full Year 2002 Result 22 Feb 2023
The CommSec Market Update 23 Feb 23: US stocks under pressure as Fed signals more work required on containing inflation
Market Close 22 Feb 23: ASX 200 bounces off 6-week low
The CommSec Market Update 22 Feb 23: US shares slump 2% on fears of higher interest rates
Market Close 21 Feb 23: ASX 200 hits 5 ½ week low
BHP Half Year Result 21 Feb 23: Lower iron ore and copper prices drive dividend lower
Executive Series 13 Feb 2023: Transurban Group (TCL) CEO, Scott Charlton
The CommSec Market Update 21 Feb 23: Markets struggle for direction with Wall Street closed for a long weekend
Market Close 20 Feb 23: Cautious start to the week for ASX 200
The CommSec Market Update 20 Feb 23: Wall Street mixed on Friday as investors fret about interest rate hikes
Market Close 17 Feb 23: ASX 200 slumped by 1.2% this week
Telstra’s Half Year Result 17 Feb 23
Whitehaven Coal’s Half Year Result 16 Feb 23: Record profits but dividend disappoint
The CommSec Market Update 17 Feb 23: US stocks recover from steep losses following hot inflation figures
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
U.S Property Podcast
Aligned Money Show
Dubai Property Podcast
The Ramsey Show
The Clark Howard Podcast