Markets brace for banking chaos to extend into third week

World banking was plunged into crisis at the start of the month as the contagion caused by the collapse of three US banks spread to Europe.

IMF managing director Kristalina Georgieva.

Financial markets were braced for more shocks amid fears the global banking chaos extends into a third week, after European shares fell sharply late last week. 

European giant Deutsche Bank was the latest lender to face market turmoil when its shares fell sharply last Friday, prompting German chancellor Olaf Scholz to say the German flagship bank was safe.