welcome to our viewers in the united states and around the world. this is early start. we begin with global markets in turmoil in the wake of the failure of two major commercial banks, svb and signature bank in the united states. global markets, asian shares closed down sharply as investors fear further bank collapses to come. european stocks have been climbing though in the last few hours, a mixed performance now, but trying to find some footing this europe. and look at u.s. futures, they are up slightly. we ll try to make sense of all of this for you in a moment. one place you don t want your investment dollars right now, regional bank stocks. first republic shares first more than 60%. western alliance bank corp down 47%. driving the u.s. market overall, extreme fear. according to cnn business fear and groeed index. clare sebastian is joining us now. explain why u.s. futures are up again. yes, and there has been five straight down sessions, basically a week of losses le
saw in rates and compression in some of the prices of the tech companies that exist, it was inevitable. and for years now, we ve known that this kind of concentration risk can be a challenge. certainly the regulatory community struggles to keep up with that kind of fast paced change. sort of a once in a generation set of circumstances. you had all this cheap money flowing. so whether into crypto, into startups or whatever, there is all this money going into deposits of these banks and putting it into super safe at the time treasury securities but now with interest rates rising quickly, those are less valuable. the three banks that failed in the last week were highly concentrated, two did business with crypto, svb it startups. is that part of the problem