Asia markets dive on lingering banking sector concerns

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By MG News | March 24, 2023 at 09:32 AM GMT+05:00

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March 24, 2023 (MLN): Asia markets witnessed a decline on Friday following a week of relative stability as concerns about the banking sector persisted despite pledges of support from authorities.

The collapse of two US banks and the takeover of Credit Suisse have left investors worried that a new financial crisis could be on the horizon.

Central banks have had to alter their monetary policy plans in order to prevent further problems in the finance industry. The US Federal Reserve announced a quarter-point rate hike on Wednesday, which was half of what had been expected prior to the recent upheaval.

The Fed also indicated that it could pause soon, with growing speculation that it may even begin cutting rates by the end of the year.

Market talk suggested that a tightening of credit in the finance sector would allow the Fed to step back. However, others have warned that a rate cut would require more turmoil in the banking sector and could negatively impact the real economy.

The Bank of England, the Swiss National Bank, and the Norges Bank all raised rates, following the European Central Bank's decision to do so last week.

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