A disappointing US economic data and fears over the stability of European banks had traders hitting the sell button yesterday. European lenders faced some short-term lending stress, forcing some European banks to pay higher rates for US dollar loans. This must have brought about memories of the 2008 global crisis, says portfolio manager PN Vijay.
In an interview on CNBC-TV18, he says the extended contagion in the US and Europe is due to fears emanating from the instability in European banks. Global analysts have said they fear that this contagion may slowly seep into the Indian banking space, a comment Vijay refutes.
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