Bank Contagion Fears Weigh on Stocks at Open.

The banking sector has found some stability at the start of the final week of a turbulent month and volatile quarter for world markets. First Citizens BancShares will acquire all the loans and deposits of failed U.S. lender Silicon Valley Bank, while reports suggest that U.S. authorities are considering expanding the Federal Reserve's emergency lending program to offer banks more support. Depositor flight from smaller banks towards bigger and better-regulated rivals and money market funds has prompted analysts to suggest that big rises in deposit rates at smaller banks or a severe cutback on lending may be the only viable solution. The yield curve between three months and 10 years briefly dipped to its most inverted level in 42 years, signalling heightened fears of recession ahead.