Global stocks fell sharply on Wednesday, with embattled Credit Suisse tumbling to a new low, on renewed investor concerns about stresses within the sector triggered by Silicon Valley Bank's sudden collapse.
* In the United States, regional banks also fell, with First Republic Bank FRC.N down 23%, Western Alliance Bancorp WAL.N up 5% and PacWest Bancorp PACW.O off around 20%. Big U.S. banks such as JPMorgan Chase & Co JPM.N, Citigroup C.N and Bank of America Corp BAC.N slid by between 2% and 6%.
* Yields on U.S. government bonds fell sharply on investors' flight towards safe-haven assets. U.S. two-year yields, which reflect interest rate expectations dropped to 3.72%, the lowest since September and were last down 41 basis points at 3.817%. The yield on 10-year Treasury notes fell 21.1 bps to 3.426%.
* Euro zone bond yields also tumbled, with Germany's two year yield dropping 30 basis points to 2.61%, heading back towards the lows it touched a day earlier.* “It’s too early to know how widespread the damage is,” BlackRock CEO Laurence Fink wrote in an annual letter to investors. “The regulatory response has so far been swift, and decisive actions have helped stave off contagion risks. But markets remain on edge.
* Asked about the impact of Credit Suisse's problems on the U.S. banking system, U.S. Senator Bernie Sanders told Reuters: "Everybody is concerned." * "Key central banks have all the tools now necessary to stem contagion," said Salman Ahmed, Global Head Of Marco And Strategic Asset Allocation, Fidelity International, London. "There was a lot of progress made after the 2008-2009 crisis. So there's a variety of tools -- we've seen that in the eurozone, we've seen that with the Fed, the Bank of Japan, obviously, can deploy a lot more liquidity there.
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