Page 7 - Tim Mayopoulos News Today

The immediate crisis for technology companies with deposits with the Santa-Clara bank appears to have passed, after the US Federal Reserve announced an emergency $US25 billion package.

Former Treasury Secretary Larry Summers said Silicon Valley Bank made an "elementary" mistake in banking that led to its collapse and takeover by federal regulators.

Credit ratings agency Moody's Investors Service downgraded its outlook for the U.S. banking system on Tuesday after the ...

By Trevor Hunnicutt and Tom Westbrook

An indicator of credit risk in the euro zone banking system leapt to its highest since mid-July, as worries about contagion risks from the collapse of two U.S. banks compounded investor concerns about the impact on lenders of rising interest rates. The VIX volatility index, Wall Street's "fear gauge", neared six-month highs overnight, although futures pointed to a higher Wall Street open and European bank stocks recovered from falls earlier on Tuesday.

Silicon Valley Bank’s (SVB’s) collapse continued to pound global bank stocks on Tuesday as investors fretted over the financial health of some lenders,

Assurances from Joe Biden and other US policymakers do little to calm markets

Stocks futures edge higher as SVB collapse echoes through global markets; February inflation report in focus as Fed rate bets crumble; First Republic rebounds as regional banks fight to assure

SVB's customers were given access to all their deposits on Monday.

Biden's efforts to reassure markets and depositors came after emergency U.S. measures to shore up banks by giving them access to additional funding failed to dispel investor worries about potential contagion to other lenders worldwide. Banking stocks in Asia extended declines on Tuesday, with Japanese firms hit particularly hard as anxiety about systemic risk sparked a wider rout in markets.