London/Hong Kong
CNN
—
Markets in Europe and Asia tumbled Friday following a sharp selloff in banking stocks in the United States as a major tech lender said it had to sell shares to plug a hole in its finances.
SVB Financial Group
(SIVB), which is partnered with nearly half of all venture-backed tech and health care companies in the United States, was forced to raise capital after it sold part of its portfolio of US Treasuries at a loss to cover a rapid decline in customer deposits.
The Nasdaq exchange suspended trading in SVB shares at 8.35 a.m. ET Friday after they fell 49% in…
