March market view
Has recent banking sector turmoil redrawn the map?

There is great turbulence in the world’s financial markets after tech-focused Silicon Valley Bank (SVB) and crypto-focused Signature Bank were shut down by US authorities. Markets are highly concerned about whether more banks are in the danger zone and if the current inflation crisis could morph into a structural crisis that also engulfs the banking system, as in 2008. Below we summarise recent events and our view of developments going forward.
Has recent banking sector turmoil redrawn the map?