Europe's stock markets and the euro slump on renewed fears of contagion following the collapse of Silicon Valley Bank
Europe's stock markets and the euro have slumped on renewed fears of contagion following the collapse of Silicon Valley Bank.
Eurozone equities tumbled more than three percent in value and the euro lost one percent against the dollar. Shares in Switzerland's second-biggest bank hit 1.73 Swiss francs after the Saudi National Bank chief ruled out upping the key shareholder's stake in the Zurich-based lender, which has been rocked by repeated scandals.
It follows the demise over the weekend of US lenders SVB and Signature Bank – the biggest casualties since the global financial crisis of 2008. Having slumped at the start of the week, global equities recovered Tuesday and in Asia on Wednesday before Europe's latest slump.
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