Global Bank Fears Trigger Stock Market Tumble and Interest Rate Uncertainty

Stock markets around the world tumbled on Wednesday as investors' fears over the health of the banking industry resurfaced and spread globally, undoing a rally on Tuesday. European markets were hit hard, with stocks of many of the region's biggest banks falling sharply. The catalyst in Europe appeared to be Credit Suisse, the mistake-prone Swiss bank that has struggled for years to turn around its fortunes. Anxiety persists about the fallout from the collapse of Silicon Valley Bank and Signature Bank, which were seized by regulators after suffering devastating runs on deposits.