- A measure of Asian equities fell marginally in tumultuous trading Friday, as the banking sector's woes put a pall over the economy and markets.
- In Hong Kong, shares fluctuated between gains and losses, as did US futures, but European contracts remained lower. In MSCI's Asia-wide index, financials were among the worst performing sectors.
- Despite the Nasdaq 100 approaching the threshold of a bull market Thursday, banking stocks lost out on the surge and a measure of US financial heavyweights plummeted to the lowest since November 2020. This tone was carried over to Asia.
- Treasury yields were volatile and headed for a third day of falls, but the dollar stabilised after falling in the previous six sessions as investors braced for the Federal Reserve to cut interest rates later this year. Short-dated Treasuries changed on Friday after posting outsized changes for the 11th straight trading day.
- Traders are still concerned about difficulties in the banking industry that have arisen as a result of the Fed's quick hike cycle. US lenders fell even after US Treasury Secretary Yellen warned Congress she was willing to take more steps to protect depositors if necessary.