Credit Suisse Shares , Drop Over 25%, , Stokes Financial Sector Fears.
Reuters reports that the lender's biggest shareholder, Saudi National Bank, .
recently said that a regulatory issue was preventing it from raising its 10% stake in the company.
CNBC reports that Credit Suisse shares fell by more than 25% on March 15 to below $2.17 as a result.
Dow Industrial Average futures fell 632 points (2%).
Nasdaq-100 futures dropped 1.6%,
and S&P 500 futures slid 2%.
In premarket trading, Credit Suisse's U.S.-traded shares sank over 27%.
The turbulence comes as American
financial institutions SVB and
Signature Bank collapsed last week.
The turbulence comes as American
financial institutions SVB and
Signature Bank collapsed last week.
The turbulence comes as American
financial institutions SVB and
Signature Bank collapsed last week.
Markets are wild. We move from the problems of American banks to those of European banks,
first of all Credit Suisse, Carlo Franchini, head of institutional clients
at Banca Ifigest in Milan, via Reuters.
However, some experts think
the issue can be resolved.
I believe Credit Suisse's crisis
can be solved and the bank
will not be let to go belly up, Carlo Franchini, head of institutional clients
at Banca Ifigest in Milan, via Reuters.
The fact remains still that European banks, and especially the bigger ones, have a much better management of their interest rate risk, which is what made the three U.S. banks collapse, and they have liquidity, Jerome Legras, head of research at
Axiom Alternative Investments, via Reuters