Share prices on the Helsinki Stock Exchange were down on Monday as the world's stock markets began to feel the effects of the collapse of two banks in the US, Silicon Valley Bank (SVB) and Signature Bank.
The market index OMXH had dropped by 2.5 percent about an hour after trading opened on Monday. Nordea, which is among the most traded in Helsinki's stock exchange, was also down by 2.5 percent.
Finnish marine and energy equipment manufacturer Wärtsilä suffered the biggest hit, dropping by 3.7 percent, with Nokian Tyres seeing a decline of 3.3 percent.
The economic tremors being felt on the Helsinki Stock Exchange come after one of the US's largest banks, Silicon Valley Bank, collapsed on Friday. Crypto-focused Signature Bank, based in New York, suffered the same fate on Sunday.
The US Treasury Department, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve have addressed concerns of a widespread banking crisis by guaranteeing all deposits of the collapsed banks' customers.
Would you like a roundup of the week's top stories in your inbox every Thursday? Then sign up to receive our weekly email.
