Despite funding from all parties to rescue the market, the decline in global financial stocks continued to widen in March.
(AFP)
[Financial Channel/Comprehensive Report] Since the outbreak of the epidemic, the financial industry crisis has followed, leading to a recent plunge in financial stocks, dragging down the global stock market value to evaporate US$459 billion (NT$13.98 trillion).
Global markets have been shaken by the failure of a Silicon Valley bank in the United States, with financial stocks plummeting this week.
Banks in the U.S., Europe and Japan have lost a combined nearly $459 billion in market value so far in March, the biggest drop of 16% since March 2020.
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The largest declines were in the United States, where the KBW Bank Index fell 18% in March, Europe's Stoxx 600 Bank Index fell 15%, and Japan's Topix Bank Index fell 9%.
Efforts by all parties to stabilize the financial sphere and stem market panics have met with only partial success.
JPMorgan Chase (JPM) and Goldman Sachs injected US$30 billion (NT$914.2 billion) into First Republic Bank on Friday (17th). Its stock price still fell by more than a quarter of the day, or 32.8% or US$11.24, to close at 23.03 Dollar.
Even though Credit Suisse received an emergency credit line of 50 billion Swiss francs (NT$1.65 trillion) from the Swiss National Bank on Thursday (16th), Credit Suisse shares continued to fall, falling 8% or 0.16 Swiss francs on Friday to close at 1.86 Swiss francs.
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