US banks tumble as weak economic data spark recession fears

Quick Summary:

US bank stocks slumped as fears of a recession sent investors fleeing from a sector closely tied to the health of the economy and towards safe-haven assets.

On Monday, the S&P 500 Banks Index was down 9.5% month-to-date, compared with a 6.3% decline in the benchmark S&P 500.

The KBW Regional Banking Index has lost about 10% over the same period.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaMali

Topics: /Business/Business News BankStocks CreditRisk USBanks RecessionFears Markets MarketVolatility EconomicOutlook InterestRates

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-07 @ 00:00:00 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 525 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 33 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Star

News ID: 21960358

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About The Star

Main Topics: EconomyBusiness

Official Website: thestar.com.my

Update Frequency: 75 posts per day

Year Established: 1971

Headquarters: Malaysia

News Last Updated: 1 hours ago

Coverage Areas: Malaysia

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

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Publisher ID: #22

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