Turbulence at Credit Suisse: Asian markets with losses

Tokyo Worries about the global banking sector hit Asian stock markets again on Thursday. Despite the SNB’s backing for the major Swiss bank Credit Suisse, investors remained nervous a few hours before the meeting of the European Central Bank (ECB).

In Tokyo, the leading index Nikkei fell 0.8 percent to 27,010 points. The broader Topix Index slipped 1.2 percent. The Japanese banking sector index lost 3.3 percent.

After the collapse of Silicon Valley Bank (SVB) and Signature Bank, investors fear further bank failures. Shares in Sumitomo Mitsui Trust fell 6.3 percent and Japan Post Bank fell 5.2 percent. Japanese banks have large bond positions in their portfolios.