European stocks posted their worst one-day performance in more than a year today, with bank stocks selling resumed.
This came after renewed investor concerns about the pressures on the sector, following the drop in Credit Suisse Bank’s shares to a new record high.
The European Stoxx 600 index closed today down 3 percent, and the banking sector index fell 7.1 percent, recording its largest one-day drop in more than a year..
The banking indices in Spain and Italy fell by more than 4 percent each.
Efforts by regulators and CEOs failed to allay investor fears that other banks would collapse following the sudden collapse of Silicon Valley Bank..
Credit Suisse shares plunged 24.2% to below 2 Swiss francs ($2.18), after the bank’s largest shareholder said it could not raise its stake to more than 10%, citing regulatory issues..
Energy companies were also among the main factors dragging the market down, after Shell and BP fell more than 8 percent each as oil prices hit their lowest in more than a year..
Retail stocks fell 4.4% after Inditex, which owns Zara, the world’s largest fashion retailer, fell 4.6% after it announced higher investment spending.
