Asia markets fall as global banking fears widen

Stock markets across Asia fell on Thursday as troubles at international banking giant Credit Suisse intensified fears of a wider bank crisis, the BBC reports.

Major indexes in Japan, Hong Kong and Australia fell by over 1% amid heavier losses in bank shares.

This comes as Credit Suisse said it would borrow up to 50bn francs ($54bn) to shore up its finances.

Shares in the bank plunged after it found “weakness” in its financial reporting.

Problems in the banking sector surfaced in the US last week with the collapse of Silicon Valley Bank, the country’s 16th-largest bank, followed two days later by the collapse of Signature Bank.

Japan’s Nikkei 225 index fell by 1.1% at mid-day Asian trading. The Topix Banks share index fell by more than 4% after recording its worst day in three years earlier this week.

Shares in Mitsubishi UFJ Financial Group, the country’s largest lender by assets, were down by 3%. This was in line with losses at counterparts Sumitomo Mitsui Financial Group and Mizuho Financial Group.

Indexes in Hong Kong and Sydney fell by over 1.5%, while the Shanghai Composite was 0.5% lower.

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