Bank stocks around the world plunged on Monday even as President Joe Biden vowed to ensure the safety of the U.S. banking system, after Silicon Valley Bank and Signature Bank collapsed.
*Government bond yields on both sides of the Atlantic fell on Monday as investors rushed into safe-haven assets while assessing the possible fallout from SVB's collapse amid bets on less aggressive tightening from the U.S. Federal Reserve.on the British biotech sector, executives said. About 40% of the UK's biotech companies were banking with Silicon Valley Bank's British arm, according to the UK BioIndustry Association .of SVB once they can.
The SVB collapse also affected commodities including gold and copper. Copper rose in London in volatile trading on Monday. The volatility in copper and other base metals prices is "the result of the overall risk aversion that is spreading in financial markets due to the collapse of SVB," said Julius Baer analyst Carsten Menke.
Emboldened by bets that the U.S. Federal Reserve may have to slow its rate hikes, and with investors seeking safe havens, the price of gold raced above the key $1,900 level.
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