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Financial stocks pulled Wall Street down yesterday, bank stocks continue to sell in Europe today. Credit Suisse was particularly impressed. On the Swiss stock exchange, CS shares fell to an all-time low in early trading, temporarily costing just 2,463 francs.
For comparison: shares of the bank in crisis cost as much as an Ovo bar. After the initial crash, CS games rebounded somewhat, but still dropped four percent. And for that reason, they are among the biggest losers in SMI right now, along with UBS.
Stock markets are under pressure
Yesterday, the collapse of crypto bank Silvergate Capital and the drop in the share price of SVB Financial made investors aware of the dangers such as credit defaults that could be associated with the recently rising interest rates. Generally, higher interest rates make bonds more attractive and put pressure on speculative investments such as stocks or cryptocurrencies.
The leading index, Dow Jones Industrial, therefore fell 1.66 percent to 32,254.86 points, and thus to the level of early November last year. The negative trend in the stock markets in Asia and Europe continued today.
Fifteen minutes after the stock market opened, the SMI dropped nearly 1.2 percent to 10,818.88 points. The index has dropped to its lowest level ever this year. (SDA/koh)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
