Storm clouds are seen over the city skyline on October 01, 2021 in Sydney, Australia.
Mark Evans | Getty Images News | Getty Images
Asia-Pacific markets are set to fall on Monday, as U.S. regulators announced that depositors with shuttered banks like Silicon Valley Bank and New York-based Signature Bank will be able to access their money over the weekend.
This comes as investors continue to grapple with the fallout of the second-largest bank collapse in U.S. history.
Last Friday, U.S. regulators shuttered Silicon Valley Bank, after customers withdrew a staggering $42 billion of deposits by the end of Thursday last week.
The crisis further deepened when regulators on Sunday shut down New York-based Signature Bank, citing “systemic risk.”
In Australia, the S&P/ASX 200 fell 0.24%, while Japanese markets also look set to open lower.
The Nikkei futures contract in Chicago was at 27,635, while its counterpart in Osaka was at 27,530 against the Nikkei 225’s last close at 28,143.97.
Asian markets will also see China wrapping up its National People’s Congress with new Premier Li Qiang’s press conference scheduled today.
Overnight, stock futures of the major US indexes jumped on Sunday evening after the backstop announcement, with the S&P 500 futures gaining 1.18% and Nasdaq 100 futures up 1.35%. Futures tied to the Dow Jones Industrial Average were also up by 277 points.
—CNBC’s Jeff Cox, Tanaya Macheel, and Yun Li contributed to this report.