US Regional Bank Results Weigh on World Markets

Investor confidence showed its first significant crack in some time yesterday, as concerns about lending practices and potential loan losses emerged among US regional banks reporting results. This sent the S&P 500 down 0.6% and the small-cap Russell 2000 down 2.1%.

Renewed fears over the potential impact of a slowing economy and continuing tariffs on corporate earnings and the health of banks sparked selloffs around the world overnight, including losses of 2.4% for the Hang Seng, 1.4% for the Nikkei, 1.5% for the DAX and 1.0% for the FTSE.

US index futures have been attempting to stabilize, ranging between a 0.1% loss for NASDAQ futures and a 0.2% gain for Dow futures. Today’s US regional bank results have been better so far, with numbers also due from American Express later today.

Trading in metals is mixed. While Gold is up 0.2% and trading above $4,300/oz, while other metals are under pressure, including losses of 2.7% for Silver, 5.2% for Platinum, and 1.2% for Copper. Crude Oil is up 0.3% but still trading down near $57.50/bbl. Cryptocurrencies are also down today, with Bitcoin falling another 2.4%.

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