The Australian share market is likely to start its day lower, following a modest fall on Wall Street, as investors continue to worry about the stability of the US banking sector. Follow live for the latest updates.
A top US regulator was questioned by politicians overnight and told them that Silicon Valley Bank did a "terrible" job of managing risk before its collapse.fended off criticism from lawmakers who blamed bank watchdogs for missing warning signs.
Senior members of the Senate Banking Committee agreed with Mr Barr that the banks had been mismanaged and former executives should be held responsible, but also questioned how the banks could collapse so quickly with regulators on the case. "The failure of Silicon Valley Bank, Signature Bank and the general turmoil in the banking sector are the direct result of the failure of regulators, including the agencies we have before us today," said Senator Steve Daines, a Republican.
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