Credit Suisse’s 24% decline triggers over 3% fall in European stock markets


Credit Suisse Shares Plummet, Dragging Down Other European Banks

Credit Suisse shares plunged by 24% on the Zurich Stock Exchange, causing a ripple effect across European banks. The collapse came after the Saudi National Bank, its main shareholder, refused to provide further financial assistance. This dark day for the second largest bank in Switzerland contributed to a 30% loss, which led to additional decreases across the market.

Milan was impacted the worst with a decline of 4.61%, and Madrid followed closely behind with a 4.37% drop. London, Paris, and Frankfurt experienced declines of 3.83%, 3.58%, and 3.27%, respectively. The Euro Stoxx 50 index, which represents the largest listed companies, also saw a drop of 3.46%. This represents some of the largest decreases experienced so far this year.

  "Unleash Your Inner Style Goddess with Skims Bralette, Corset and Leather Pants Outfit"

The shares of the Zurich bank, which is ranked among the top 20 in Europe and the top 50 globally, ended the day at around 1.7 Swiss francs (equivalent to 1.74 euros), which is a record low. During the session, they reached an all-time low of 1.5 francs (1.54 euros), which is the first time they have been below 2 francs per ballot.

The Spanish Stock Market also experienced its biggest fall since November 2021, collapsing 4.37%. Banks played a major role in dragging the market down. Investors are fearful of a possible bankruptcy of Credit Suisse and the subsequent impact it would have on European banks. The IBEX 35, the main Spanish selective, dropped 4.37% or 399.9 points, the biggest decrease since the discovery of the Omicron variant of the coronavirus. It closed at 8,759.1 integers, the first time it has been below 8,800 points since January 13.

  "NYC Hate Crime: Gay Man Attacked and Stabbed by Seven Assailants"


Please enter your comment!
Please enter your name here