- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Little progress at key meet ahead of COP29 climate summit
- 'Party atmosphere': Skygazers treated to another aurora show
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Thunberg leads pro-Palestinian, climate protest in Milan
- Stock markets diverge before China weekend briefing
- EU questions shopping app Temu over illegal products risk
- Han Kang's books sell out in South Korea after Nobel win
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
- Musk unveils robotaxi, pledges it 'before 2027'
- At least 11 dead in Florida but Hurricane Milton not as bad as feared
- Asian markets mixed after Wall St drop, Shanghai dips before briefing
- Automaker Stellantis says CEO will retire in 2026
- Musk's promised robotaxi unveil delayed
- On US coast, wind power foes embrace 'Save the Whales' argument
- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Wall Street stocks retreat from records on US inflation data
- Israel strikes central Beirut, killing 22
- Solar storm could impact US hurricane recovery efforts: agency
- Delta eyes Election Day travel pullback as profits climb
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- UK's William and Kate in first joint public engagement since cancer treatment
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Musk finally unveiling his long-promised robotaxi
- London's Frieze art fair goes potty for ceramics
- US, Europe stocks fall on US inflation data
- US consumer inflation eases to 2.4% in September
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- South Korea's Han Kang wins literature Nobel
- Ikea posts fall in annual sales after lowering prices
- Stock markets diverge, oil gains after China rebounds
- World can't 'waste time' trading climate change blame: COP29 hosts
- South Korean same-sex couples make push for marriage equality
- Mumbai declares day of mourning for Indian industrialist Ratan Tata
- 7-Eleven owner restructures to fight takeover
- Sri Lanka recovering faster than expected: World Bank
- Hong Kong, Shanghai rally as most markets track Wall St record
- Uniqlo owner reports record annual earnings
- Hong Kong, Shanghai rally as markets track Wall St record
- Indonesia biomass drive threatens key forests: report
- Mumbai mourns Indian industrialist Ratan Tata
- China opens $71 bn 'swap facility' to boost markets
- Asian markets track Wall St record as Hong Kong, Shanghai stabilise
- 'Denying my potential': women at Japan's top university call out gender imbalance
Stock markets in 'bloodbath' as bank fears resurface
Stock markets sank on Wednesday on renewed fears of a burgeoning banking crisis, snapping a one-day rally as Credit Suisse led a rout in shares of major lenders.
Global markets have been rattled by the collapse of tech sector lenders Silicon Valley Bank and Signature, which forced US authorities to intervene at the weekend to prevent contagion.
After Tuesday's rebound, equities fell again on Wednesday, with European indices falling more than three percent in the afternoon and Wall Street opening lower.
The euro slid while oil prices also tumbled, with the main US contract WTI sliding under $70 per barrel for the first time since December 2021.
"You get the picture: investors were panicking. Bloodbath, if you will," said Fawad Razaqzada, market analyst at City Index and FOREX.com.
"Concerns over another 2008-style financial crises have intensified," he said.
Shares of Credit Suisse, Switzerland's second biggest bank, crashed by 30 percent to hit a record low.
Credit Suisse, which was already mired in scandals prior to the US banking upheaval, was hammered by the markets after its main shareholder, Saudi National Bank, ruled out ploughing more cash into the bank.
SVB and Signature were the biggest banking casualties since the global financial crisis of 2008, forcing US authorities to take them over and step in to guarantee customer deposits.
"The financial sector in Europe is under significant turmoil today as a result of SVB's fallout," noted Naeem Aslam, chief investment officer at Zaye Capital Markets.
Bank shares tumbled across Europe, with Germany's Commerzbank and France's Societe Generale and BNP Paribas shedding more than 10 percent. British lender Barclays gave up almost eight percent.
On Wall Street, JPMorgan Chase fell 3.6 percent, Citigroup lost 5.0 percent and embattled regional bank First Republic sank 18.7 percent.
"What began as a regional banking crisis in the US has suddenly morphed into a European one," said IG analyst Chris Beauchamp.
"Surely the ECB are not going to hike yet again just as the crisis intensifies," he told AFP.
The European Central Bank is poised to raise interest rates again Thursday to tackle high inflation, but the banking crisis has fuelled concern about the health of the sector as borrowing costs increase.
"Extreme fear and negative sentiment have ramped up again as the sector fails to shake off liquidity worries and contagion fears, raising questions over the possibility of another financial crisis in Europe," City Index analyst Fiona Cincotta told AFP
- Key figures around 1340 GMT -
New York - Dow: DOWN 1.5 percent at 31,688.09 points
New York - S&P 500: DOWN 1.5 percent at 3,862.53
New York - NASDAQ: DOWN 1.2 percent at 11,289.49
London - FTSE 100: DOWN 3.0 percent at 7,405.45
Frankfurt - DAX: DOWN 2.8 percent at 14,813.89
Paris - CAC 40: DOWN 3.4 percent at 6,901.98
EURO STOXX 50: DOWN 3.2 percent at 4,047.62
Tokyo - Nikkei 225: FLAT at 27,229.48 (close)
Hong Kong - Hang Seng Index: UP 1.5 percent at 19,539.87 (close)
Shanghai - Composite: UP 0.6 percent at 3,263.21 (close)
Euro/dollar: DOWN at $1.0543 from $1.0735 on Tuesday
Pound/dollar: DOWN at $1.2088 from $1.2156
Euro/pound: DOWN at 87.22 pence from 88.29 pence
Dollar/yen: DOWN at 133.21 yen from 134.20 yen
West Texas Intermediate: DOWN 4.3 percent at $68.27 per barrel
Brent North Sea crude: DOWN 3.9 percent at $74.40 per barrel
burs-lth/giv
X.Wong--CPN