Silicon Valley Bank collapse: Ripple effects to be felt by Canadian households

The ripple effect from the collapse of Silicon Valley Bank (SVB) continues to reverberate around the world. U.S. bank stocks jumped on Tuesday, recovering some ground after the failure of SVB and Signature Bank triggered heavy selling by investors who were already anxious about the impact on lenders of rising interest rates.

Worries about potential contagion had also slammed bank shares in Asia and Europe as investors re-examined their risks, despite assurances from U.S. President Joe Biden and other global policymakers that the financial system is safe.

The parent company of California-based SVB now faces a class action lawsuit over the lender's collapse.

As Global’s Anne Gaviola explains, a major downgrade of the entire U.S. banking sector from a major ratings firm will impact Canadian household finances.

For more info, please go to https://globalnews.ca/news/9548423/silicon-valley-bank-canada-impact/

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