Asia markets tumble after Wall Street selling on Friday as investors weigh Silicon Valley Bank concerns

Japan -1.40%.

China +0.77%.

Hong Kong +1.59%.

Australia -0.50%.

India -0.05%.

Stocks tumbled Friday as tech-focused lender Silicon Valley Bank shut down following losses in its bond portfolio, prompting the biggest bank failure since the global financial crisis and sending shockwaves through the banking sector. The Dow Jones Industrial Average dropped for a fourth consecutive day, finishing 345.22 points lower, or 1.07%, to close at 31,909.64. The S&P 500 lost 1.45% to settle at 3,861.59. The Nasdaq Composite shed 1.76% to end at 11,138.89.

Silicon Valley Bank last week was shuttered by regulators, after customers withdrew a staggering $42 billion of deposits by the end of Thursday.

Friday’s jobs and wage data showed signs that previous interest rate hikes from the Federal Reserve have had the intended impacts of cooling the economy. The February employment report, released Friday, showed a surprisingly large 311,000 jump in payrolls. The leisure and hospitality sector was the star of February’s jobs report, adding more than 100,000 jobs.

Investor focus has now shifted to Tuesday’s release of the February consumer price index, as the last big data inflation report for the Federal Reserve to consider when it meets March 21 and 22.

South Korean central bank eyeing jump in the won says will stabilize markets if necessary.

Coming up in the Europe session - ECB speaker, BoE speaker, Eurogroup meeting.

US Futures jump after regulators announce backstop of SVB depositors. Dow Jones +1.33%; S&P 500 +1.87%; Nasdaq +1.97%.