Australia Markets
People are reflected in the window of the Australian Stock Exchange in central Sydney, Australia, Thursday, March 16, 2023. The Asian stock markets tumbled Thursday after Wall Street sank as a plunge in Credit Suisse shares reignited worries about a possible bank crisis following the failure of two U.S. lenders.
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Asian stock markets have tumbled after Wall Street sank as a plunge in Credit Suisse shares reignited worries about a possible bank crisis following the failure of two U.S. lenders. Shanghai, Tokyo, Hong Kong and Sydney all dropped, reversing Wednesday’s gains. Oil prices edged higher. Wall Street’s benchmark S&P 500 lost 0.7% after following a 30% plunge in Credit Suisse’s share price. That fueled jitters about the strength of global banks that are under strain from interest rate hikes to cool inflation. Chinese shares declined after government data showed the Chinese economy is recovering more slowly than expected following the lifting of anti-virus controls.
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