The S&P 500 banks index dropped 6.6% on Thursday and was set to open lower again on Friday
were halted on Friday after tumbling 66 per cent in premarket trading, as investors balked at the company’s efforts to raise capital, underpinning a broad selloff that wiped out billions in market value from lenders around the world.
In an unusual step, Commerzbank, one of Germany’s largest banks, issued a statement, playing down any threat from SVB, saying it did not see “a corresponding risk for us.” SVB, a major banking partner for the U.S. tech sector, was forced to raise fresh capital after selling a package of bonds at a loss to meet depositor demands for cash.
“It makes sense to me that a remote probability of a U.S. banking system-wide crisis should also come with a small probability of contagion to Europe,” he said.
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