US equities closed lower overnight in Thursday trading. Regional banks under immense pressure closing sharply lower amid renewed crisis fears. Heavyweight US bank stocks fall on regional bank woes, Goldman -4.25%, Bank of America -3.12%, and JPMorgan -1.69%. Global equities down broadly after the ECB raised interest rates by 25bps and signalled more tightening would be needed to reign in inflation. US treasuries lower while Brent crude oil prices stabilise after three consecutive days of sharp declines over demand concerns. Apple fell 1% leading up to the release of its quarterly results before rising ~2% in after-hours trade after its forecasts. Dow Jones down 287 points (-0.86%). Dow at worst down 477. S&P 500 down 0.72%. NASDAQ down 0.49%. VIX Volatility Index up 0.24%. European markets down.  Stoxx 50 -0.5%, FTSE -1.1%, CAC -0.9%, and DAX -0.5%. SPI Futures are down 29 points (-0.40%).

Shares of PacWest Bancorp plummeted by more than 40% dropping to a record low after confirming reports that it was exploring strategic options, including a potential sale or capital raising. Western Alliance also saw its stock drop 60%, after a report claiming it was exploring strategic options including a potential sale, the claims were denied by the bank, shares down 38%. First Horizon and Toronto-Dominion Bank Group terminated their $13.4bn merger due to uncertainty over regulatory approvals. The news caused First Horizon shares to drop by 32%. S&P 500 Banks index fell nearly 3% and the KBW Regional Banking Index dropped 3.3%.

• Wall Street ends down as PacWest fuels fears of deeper bank crisis.
• Stocks fall, dollar rises as investors eye weakening economy.
• Yields close lower as bank woes prompt economic worries.
• Apple iPhone sales rise, pushing results above estimates.
• Paramount Global disappoints on weak ad market, cuts dividend.
• PacWest stock plunges as US regional banking woes worsen.
• Lyft's weak forecast overshadows strong first quarter, shares slump.
• Pressure grows for regulatory intervention as US bank rout deepens.
• US jobs market softening; slumping productivity boosts labor costs.
• ECB slows rate hike pace but signals more to come.
• Buffett set for 59th shareholder marathon as big questions loom.
• Gold flirts with all-time highs as banking concerns deepen.
• Copper drifts higher on possible Fed pause, firm dollar weighs.
• Iron ore hits five-month low on weak China factory activity data, demand worries.
• Oil settles narrowly mixed after smaller ECB hike; demand concerns linger.

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