Much of the world is panicking because of the failure of the two banks in the US that practiced extremely poor risk management. We'll see if a contagion spreads but right now there's no indication it will. There is a mechanism in which things could get bad because under the regulations enacted post-Great Recession, the banking system would be expected to capitalize itself if failures spread, something that would pose obvious problems, but currently that does not seem likely at all. Higher interest rates should be positive for inflows to banks provided they planned for a future where interest rates could rise, and there was no where to go but up when rates were essentially at rock bottom. Silicon Valley Bank was so badly run that they went a crucial 9 months without a risk manager after their former one left the position.
If anyone wants to watch a great explanation of what's happening, I highly recommend this video by finance professor, fund manager and master of sarcasm Patrick Boyle.
The ASX is down over 5% in the last week and index declines are usually magnified when it comes to speculative companies so it makes sense that we are down more than double that..
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