Week InReview: March 10, 2023

Banking rout.

Stocks in Asia are poised to follow the sharpest decline in US equities in two weeks after a rout in bank shares picked up steam on concerns trouble in the sector could portend broader dangers. Treasuries rallied. Equity futures for Australia, Japan and Hong Kong all pointed to drops of more than 1%. The S&P 500 on Thursday fell to the lowest since Jan. 19, with financial companies in the index plunging. Banks came under fire after the collapse of crypto-friendly Silvergate Capital, amid growing scrutiny in Washington. That accelerated a selloff in Bitcoin, which fell for a fourth straight day to around $20,000.

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