Global financial stocks have lost $465 billion in market value so far as investors cut exposure to lenders from New York to Japan in the wake of Silicon Valley Bank’s collapse.
Losses widened early Tuesday, with the MSCI Asia Pacific Financials Index dropping as much as 2.7% to the lowest since November 29. Mitsubishi UFJ Financial Group Inc slid as much as 8.3% in Japan, while South Korea’s Hana Financial Group Inc fell 4.7% and Australia’s ANZ Group Holdings Ltd lost 2.8%.
