Major Asian stock markets fell amid the banking crisis

Major Asian stock markets posted losses on Monday, including a drop of more than 3% in Hong Kong, on concerns over the banking crisis that started in the US and recently hit Swiss entity Credit Suisse.

Red figures prevail in the region’s main indexes, according to Efe, despite the fact that last Friday’s agreement reached in Switzerland will allow the Swiss bank USB to take over Credit Suisse with the support of the Swiss government, and many analysts indicate that the situation is different from that of the 2008 crisis.

Main index of Hong Kong floor, Hang Seng, fell by 654.09 points, 3.35%despite the fact that the Monetary Authority of China’s semi-autonomous region today welcomed the agreement reached in Switzerland on the merger of Credit Suisse.

Although Hong Kong banks’ exposure to Credit Suisse is minimal, the local daily South China Morning Post He blamed the losses on “concerns about the growing global financial crisis following the losses imposed on investors in the forced merger of UBS and Credit Suisse”, reports Efe.

In Japan, the main index of the Tokyo Stock Exchange, Nickand which gathers 225 of the most representative titles on the market, ended with losses of 1.42%with declines in three major Japanese banks: Mitsubishi UFJ (1.84%), Mizuho (2.33%) and Sumitomo Mitsui (1.67%).

Japanese Finance Minister Shunichi Suzuki said today that the country is “cautiously” monitoring the trends that could occur in the financial market after the takeover of the Swiss bank.

IN South Koreareference indicator for the soil of Seoul, Kospi fell 0.69%while the selective STI of the Singapore floor accumulated losses of 1.29% at halftime.

Central Bank Singapore, One of Asia’s main financial centers alongside Hong Kong, today guaranteed that Credit Suisse will be able to continue operating in the city-state “without restrictions”, days after ensuring the strength of its financial system despite the crisis.

Most bags also in Southeast Asia accumulated red figuresincluding the main selectives from Kuala Lumpur (-0.64%), Jakarta (-0.92) and Manila (-0.29), according to Efe.

The current banking crisis was triggered in the United States when some entities went bankrupt, including Silicon Valley Bank (SVB) on March 10 and, two days later, the cryptocurrency-exposed Signature Bank.

The the fall of SVBexposed to technology companies and hit by a decline in the value of government bonds due to rising interest rates, it is the biggest bank failure in the United States since the collapse of Washington Mutual in 2008.

Credit Suisse, one of the banks least affected by the Great Recession 15 years ago, fell 25% on the stock market on March 15, sparking fears of contagion and a $54 trillion loan from the Swiss National Bank.