[ロンドン／チューリヒ １０日 ロイター] – Demand for the dollar soared in the currency derivatives market on Monday, hitting the highest level since mid-December last year. The fall in U.S. bank stocks the day before led to investor risk aversion.
The euro/dollar basis swap (three-month) temporarily fell by 17 basis points (bp), its biggest negative since December 14. Minus 14 in recent times.
In European stock markets, major banks fell in line with U.S. banks, and the bank stock index is expected to fall for the largest one-day drop since June last year.
The STOXX bank index also fell 4.2%, its biggest drop since early June.
Credit Suisse hit a new all-time low. UBS fell 4.7%.
Most major banks fell, with HSBC down 4.5% and Deutsche Bank down 7.9%.
Money is pouring into the bond market looking for a safe haven. Two-year German bund yields fell 14 basis points to 3.14%. Yields on two-year US Treasuries fell 7 basis points to 4.83%.
In the US stock market on the 9th, the stock price of the US financial holding company SVB Financial Group plunged more than 62%. It came following it announced a $1.75 billion stock sale the day before to bolster its balance sheet and ride out declining deposits from cash-strapped startups.
“Does SVB Financial’s problems apply to big banks, and if so, to what extent? indicate.
“This is what we see as monetary and fiscal policy moves from ultra-accommodative to tightening,” said James Athey, investment director at abrdn in London.
