Asia markets fall as U.S. regulators seek to stem risk from Silicon Valley Bank

Asia-Pacific markets traded lower on Monday, as U.S. regulators announced plans to backstop both depositors and financial institutions associated with Silicon Valley Bank, seen as a move to stem further systemic risk.

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

In Australia, the S&P/ASX 200 fell 0.24%, while Japanese markets opened 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.