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(Bloomberg) Asian bank stocks slid, resuming a selloff as worries over the health of Credit Suisse Group AG compounded concerns sparked by the sudden collapse of Silicon Valley Bank. The MSCI Asia Pacific Financials Index slid as much as 2%, headed for its fourth loss in five sessions. Japanese megabanks were again among the biggest drags, though Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. pared early losses of more than 6% after Credit Suisse said it secured funding support from the Swiss National Bank and offered to repurchase debt. Investors are on tenterhooks as troubles at Credit Suisse add to concerns about stress in the global banking system, which were sparked by the sudden collapse of three US institutions. Credit Suisse’s shares plunged by a record 24% Wednesday as Saudi National Bank, which became its biggest shareholder late last year, ruled out adding to its stake. The slide in Credit Suisse’s stock “sparked a crisis of confidence t ....
Global financial stocks have lost $465 billion in market value in two days as investors cut exposure to lenders from New York to Japan in the wake of Silicon Valley Bank’s collapse. Losses widened Tuesday, with the MSCI Asia Pacific Financials Index dropping as much as 2.7 percent to the… ....