Sharp losses incurred by global stock markets during the past week, as all US and European market indices declined, and Japanese stocks were the only violators of the decline.
Markets fell due to global inflation concerns, as well as a wave of selling in the markets as investors worried about the conditions of US banks, after a regulator was forced to close an important bank for the technology sector, which nullified the impact of the February jobs report.
California’s banking regulator said it had shut down deposit-protection financial group SVB, in the biggest bank collapse since the financial crisis.
A capital crisis at SVB had already affected banking stocks worldwide.
stock movements
During the past week, the main stocks on “Wall Street” declined strongly, as the “Standard & Poor’s 500” index fell by 4.55 percent, to reach 3861.59 points, after it ended trading in the last sessions of the week, down by 1.45 percent.
The “Nasdaq” composite index also declined by 4.71 percent during the past week, to reach the level of 11138.89 points, after a decline in Friday’s session by 1.76 percent.
The Dow Jones Industrial Average fell during the past week by 4.44 percent, to reach the level of 31909.64 points, after it ended Friday’s trading down by 1.07 percent.
European stocks did not escape the decline, as the Stoxx 600 index fell by 2.44 percent during the past week, to end the week at 453.76 percent.
The Japanese stocks were the only violators of the decline, although the “Nikki” index fell during Friday trading by 1.67 percent, but it recorded a weekly rise of 0.78 percent.