The FTSE

[GornikDaze]

Four Biggest U.S. Banks Lose $52 Billion in Market Value

The four biggest U.S. banks lost $52 billion of market value Thursday, part of a broad rout across financial stocks. Bank investors were spooked by SVB Financial Group's [decision to sell a large chunk of its securities portfolio](https://www.wsj.com/articles/bond-losses-push-silicon-valley-bank-pa

www.wsj.com

Does this mean we're all fucked?

Depends if you have any money or not ;)

 

[TinFoilHat]

Depends if you have any money or not ;)

Being skint I'm basically fucked then?

:)

 

[Corky]

Bank shares in the UK have been rocketing up since October before the recent drop, so most investors should be well up.

 

[Gareth Barry Conlon]

Four Biggest U.S. Banks Lose $52 Billion in Market Value

The four biggest U.S. banks lost $52 billion of market value Thursday, part of a broad rout across financial stocks. Bank investors were spooked by SVB Financial Group's [decision to sell a large chunk of its securities portfolio](https://www.wsj.com/articles/bond-losses-push-silicon-valley-bank-pa

www.wsj.com

Does this mean we're all fucked?

Couple of things driving this.

Inflation still high and rates likely to be at higher end of forecasts. That is not good for investment.

The higher rates will drive more default and this has caused concern across the industry. But it hits hardest with high risk speculative stuff. The tech focused SVB bank is struggling to raise capital, this is further spooking the market.

 

[117 M34]

Bank shares in the UK have been rocketing up since October before the recent drop, so most investors should be well up.

My money is in a nutmeg account and is down about 7% from when I opened it in March 2021.
Seems to have dropped quite a bit today.

 

[Corky]

My money is in a nutmeg account and is down about 7% from when I opened it in March 2021.
Seems to have dropped quite a bit today.

I meant just with bank shares, they had a good time and a readjustment was probably inevitable. I don't bother checking investments like that on a regular basis, the work laptop is bad enough with the updates on the 100, 250 and 350, that I do not have permissions to disable, flashing up on the taskbar all day.

 

[flook]

Four Biggest U.S. Banks Lose $52 Billion in Market Value

The four biggest U.S. banks lost $52 billion of market value Thursday, part of a broad rout across financial stocks. Bank investors were spooked by SVB Financial Group's [decision to sell a large chunk of its securities portfolio](https://www.wsj.com/articles/bond-losses-push-silicon-valley-bank-pa

www.wsj.com

Does this mean we're all fucked?

from looking at my ISA's drop today I have to conclude "yes"

 

[dickie davies]

It's not affected my American fund and 12.5% of that is in financials, in fact it moved up by 0.5% today

Chart

www.fundslibrary.co.uk

 

[Gareth Barry Conlon]

It's not affected my American fund and 12.5% of that is in financials, in fact it moved up by 0.5% today

Chart

www.fundslibrary.co.uk

The fund is possibly up due to the good jobs figures. But those are also why rate forecasts are up. And high rates mean more defaults. SVB has gone bust today as it holds lots of high risk exposure. Banking stocks will be in squeaky bum territory for a wile after this.

 

[pluto]

HSBC bought Silican Valley bank UK subsidiary for £1. One pound