Multi-billion dollar lifelines for troubled U.S. and European banks shored up investor confidence and bolstered sentiment in battered stocks, although concerns now center on whether a global financial crisis has been fully averted. | Reuters
“I don’t think we are in the crux of a global financial crisis, balance sheets are much better than they were in 2008, banks are better regulated,” said Karen Jorritsma, head of Australian equities, RBC Capital Market. “But people are concerned that the contagion risk is real, and that rattles confidence.”
Banking stocks globally have been battered since Silicon Valley Bank collapsed last week due to bond-related losses that piled up when interest rates surged last year, raising questions about what else might be lurking in the wider banking system. The deal was put together by top power brokers including U.S. Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and JPMorgan Chase CEO Jamie Dimon, who together discussed the package on Tuesday, according to a source familiar with the situation.
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