Risk assets erased early gains during the European hours as shares in San Francisco-based First Republic bank nosedived in pre-market trading, reflecting continued investor angst over the banking sector's health.
Bitcoin pulled back to $22,000, having nearly tested the 50-day simple moving average at $22,900 during the Asian hours.
Futures tied to the S&P 500 fell from 3,971 to 3,887, reversing over a 1.5% gain. European stocks fell over 2%, with banking shares leading the way lower.
First Republic Bank fell nearly 60% in pre-market trading even as the bank said it secured additional funding through JP Morgan, giving it access to $70 billion in liquid funds.
(By Omkar Godbole)
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