Bank shares rebound on SVB sale FMTNews FMTBusiness
The International Monetary Fund said risks to financial stability had increased after the collapse of Silicon Valley Bank.
Shares in other US regional lenders surged, including those of San Francisco-based First Republic Bank, whose troubles have triggered efforts by Wall Street giants including JPMorgan Chase to rescue it. The news helped “lift sentiment across the banking sector after a rocky end to last week, though the pall of banking stress still hangs over the market”, said analyst Neil Wilson at trading firm Finalto.International Monetary Fund chief Kristalina Georgieva on Sunday warned that risks to financial stability had increased — and stressed “the need for vigilance” following the turmoil.
The turmoil prompted US president Joe Biden, German chancellor Olaf Scholz and other European officials to try and calm investors about the sector.Clifford Bennett, chief economist at ACY Securities, said it was unlikely the German government would allow Deutsche Bank to collapse or face restructuring but it showed the growing pressure on the banking system.
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