Black Wednesday? Credit Suisse Stock Nosedives 78% from 1-year High, Sparks $60 bn Rout in European Banks
Trading was halted in some of the European banks including Credit Suisse on Wednesday March 15 to tame the steep plunging, however, that did not stop the company's stock to hit a record low.
Trading was halted in some of the European banks including Credit Suisse on Wednesday March 15 to tame the steep plunging, however, that did not stop the company's stock to hit a record low.
U.S.-listed shares of Swiss bank Credit Suisse hit a record low, after its largest investor said it could not provide more financing to the bank, starting a rout in European lenders and pressuring U.S. banks as well.
Credit Suisse troubles piled more pressure on the banking sector after U.S. authorities relieved investors with emergency measures to prevent contagion after the collapse of SVB Financial (SIVB) and Signature Bank (SBNY).
Some investors believe aggressive U.S. interest rate hikes by the Federal Reserve caused cracks in the financial system.
Big U.S. banks including JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Bank of America Corp (BAC.N) also dropped, pushing the S&P 500 banking index (SPXBK) down 3.62%. The KBW regional banking index (KRX) declined 1.57%.
Indian RBI May Go in for 25 b.p. Interest Rate Hike in Monetary Policy Meeting Next Month
With retail inflation remaining above the comfort level of 6 per cent and most global peers including US Fed continuing hawkish stance, the Reserve Bank of India too may go in for a 25 basis points hike in the bi-monthly monetary policy to be announced on April 6, opined experts.
JPMorgan Says U.S. is Probably Headed for Recession as Economic ‘Engines about to Turn Off’.
A series of banking crises this month headlined by the failure of Silicon Valley Bank has forced analysts from multiple banks, including JPMorgan Chase, to rewrite their recession forecasts from scratch,
Goldman Call on ESG Debt Paves Way for a Hedge Fund’s Big Short
Credit strategists at Goldman Sachs pointed out that the long-standing premium on debt targeting environmental, social and governance goals had been consigned to history.
