Global Bank Stocks Slide As Regional Bank Losses And Auto Bankruptcies Spark Credit Market Fears

Benzinga

Global financial stocks fell as U.S. regional bank losses reignited contagion fears. Zions and Western Alliance triggered a selloff that spread to Europe, with Deutsche Bank and Barclays down 6% amid mounting credit concerns.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Global Financial Stocks come on Friday as a rout in U.S. regional bank shares

00:06reigniting credit crowding concerns and raise fares of broader contagion, according to Reuters.

00:11Solve began as Zions Bank Corp disclosed a $50 million loss tied to two commercial loans

00:16and Western Alliance found a fraud lawsuit against Cantor Group. Revelations came after

00:20the bankruptcy as a first brand in Tricolor, which unsettled investors already wary of rising

00:25private credit defaults. Spider S&P Regional Baking ETF fell 2.4% in pre-market trading

00:31after dropping 6% Thursday, and Sharpe's one-day decline in six months. Deutsche Bank and Barclays

00:36take about 6%, and Societe Generale lost 4.6% as losses spread to Europe and Asia. Analysts

00:43warn that weaker loan covenants are amplifying credit losses, but J.P. Morgan's Jamie Dimon

00:47cautioning them one problem often signals more to come.

00:50For all things money, visit Benzinga.com.

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