SVB’s troubles seep into nervous global markets

European stocks slid over uncertainty regarding tightening central bank policy, and looming worries over the health of the US banking sector.

An overnight sell-off of US banking stocks, prompted by troubles at the tech-focused lender Silicon Valley Bank (SVB), has seeped into European markets. Trading in shares of SVB were halted on Friday after tumbling as much as 66 per cent earlier in premarket trading. The rout spread concern about hidden risks in the banking sector and its vulnerability to the rising cost of money.


The Iseq index ended the week on a low note, losing more than 1 per cent by the end of the session as banking and building stocks weighed on the market.

Irish bank shares fell as the failure of troubled tech-lender SVB Financial Group’s efforts to raise capital through a stock sale rippled through global markets on Friday. AIB saw its stock dip just under 1 per cent to €3.82, while Bank of Ireland shed more than 2.8 per cent over the session, ending the week at €9.90. Permanent TSB saw its stock take a 4.2 per cent hit, dropping to €2.51.

There were other casualties elsewhere on the Dublin market. Smurfit Kappa fell almost 3 per cent, while Kerry Group shed 2.16 per cent and Glanbia lost 1.3 per cent over the day. Building stocks also suffered, with Kingspan down 1.6 per cent to €63.62, and CRH was off the pace, clocking up a 1.55 per cent loss on its share price before the closing bell.

One of the few bright spots on the horizon was Paddy Power owner Flutter Entertainment, which added half a per cent to €159.25.


The FTSE 100 slipped 1.7 per cent, with banks dropping 4.6 per cent to an eight-week low. HSBC, Barclays, Lloyds and NatWest Group dropped between 4.3 per cent and 6 per

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