Asian stock markets plunged en masse due to the impact of the Silicon Valley Bank (SVB) bankruptcy. In particular, Korea’s KOSPI recorded the largest drop.
On the 14th, KOSPI of Korea, Nikkei of Japan, and ASX of Australia closed sharply down 2.56%, respectively.
Hong Kong’s Hang Seng Index and China’s Shanghai Composite Index, which are about to close, are also falling 2.20% and 0.45%, respectively.
This is attributed to the belated reflection of the shock of the US SVB bankruptcy.
Most Asian stocks closed higher the previous day. South Korea’s KOSPI rose 0.67 percent, Hong Kong’s Hang Seng Index rose 1.96 percent and China’s Shanghai Composite Index rose 1.2 percent, respectively. Only Japan’s Nikkei and Australia’s ASX fell slightly.
This is attributed to the U.S. government’s announcement the previous day that it would guarantee full deposits at bankrupt banks.
The U.S. government’s measures appear to have been reflected in the U.S. stock market after being pre-reflected in the Asian stock market.
As a result, the U.S. stock market also saw the Dow fall 0.28% and the S&P 500 fall 0.15%, respectively, but the Nasdaq rose 0.45%.
The U.S. authorities announced that they would guarantee full deposits, quelling market concerns, and expectations that the Fed could freeze interest rates this month seem to have limited the fall.
The U.S. stock market was mixed, but the contents were not good. Financial stocks plunged en masse, the Dow continued to fall for five consecutive days, and Bitcoin soared.
The surge in Bitcoin is attributed to expectations that cryptocurrency will become a refuge as the U.S. financial sector falters.
As a result, concerns have risen that the SVB crisis may spark Asia, and financial stocks have plunged en masse in the Asian stock market, and the Asian stock market seems to have plunged en masse. In particular, Japanese financial stocks plunged more than 8%, the biggest drop in three years.
