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Hank Williams
Mar 15, 2023 9:05AM ET
But Europe will not enter a recession.
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💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
European banks slide amid concerns over fallout from SVB failure
© Reuters.
By Scott Kanowsky
Investing.com -- European banking stocks slumped sharply on Wednesday, as concerns over potentially widespread contagion from the downfall of Silicon Valley Bank persisted and embattled lender Credit Suisse was hit by an announcement that its biggest shareholder was halting further capital injections.
As of 06:32 EST (10:32 GMT), the Euro Stoxx Banks index, which has been in focus recently as traders fretted over the health of lenders' bond holdings following the collapse of SVB last week, had dipped by nearly 5%.
France's Societe Generale (EPA:SOGN) and peer BNP Paribas (EPA:BNPP) dropped by over 10% each. ING Groep (AS:INGA) in the Netherlands, Spain's Banco Santander (BME:SAN), as well as German lenders Deutsche Bank (ETR:DBKGn) and Commerzbank (ETR:CBKG), all saw losses of over 6%.
Meanwhile, shares in Credit Suisse Group AG (SIX:CSGN) shed more than two-tenths of their value and touched a fresh record low after the lender's top stakeholder, Saudi National Bank (TADAWUL:1180), ruled out offering more assistance. The company had previously flagged this week that its auditor had found "material weaknesses" in its financial reporting controls.
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Comments (2)
Pawan Jhunjhunwala
Mar 15, 2023 7:40AM ET
Result of great unnecessary hurry in continuous aggressive rate hike without considering repercussions
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