Asian stock markets are trading mostly lower on Tuesday, following the mixed cues from Wall Street overnight, on continued concerns over the fallout from the Silicon Valley Bank collapse, which triggered heavy selling, particularly in the banking sector. Traders now await key US inflation data due later in day with hopes the Fed will pause its tightening cycle due to the debacle in the banking sector. Asian markets closed mixed on Monday.
The U.S. Treasury, Federal Reserve, and Federal Deposit Insurance Corp. said they would "fully protect" depositors with funds in SVB, including those with assets above the federally guaranteed $250,000 limit, but traders were not reassured.
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