Stock markets fail to be reassured by Joe Biden’s intervention, as SVB failure is followed by Signature
down 0.8%. In Europe the FTSE 100 was down 2.5%, Italy’s FTSE Mib was down 4.5%, Germany’s Dax was down 3.3% and France’s Cac was off 3.2%.
Signs that the crisis is spreading came before markets opened in New York, with San Francisco-based First Republic shares losing 70% of their value in premarket trading after declines of 33% last week.
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