“Credit Suisse” loses a quarter of its value during the middle of trading
European markets witnessed a sharp decline on Wednesday, with banking stocks continuing to slide into the red following the global fallout from Silicon Valley.
The pan-European Stoxx 600 index was down 1.7% in mid-morning trade, with most major sectors and stock exchanges trading in the red. Banking stocks continued their losing streak and fell by 4.6%, followed by the retail sector that fell by 3.9%.
Credit Suisse was the biggest decliner after the bank revealed “fundamental weaknesses” in its reports on Tuesday, and the share price fell by more than 21% by 10:30 am London time on Wednesday, according to CNBC. Al-Arabiya.net reviewed it.
This comes despite booming trading in Asia-Pacific markets overnight and on Wall Street on Tuesday, as US bank stocks rebounded amid optimism that contagion risks from a Silicon Valley bank collapse have been contained. US stock futures were also flat early Wednesday morning.
European banks stopped trading as stocks fell, as trading in the shares of many European banks was halted several times by stock exchange operators, including Credit Suisse, Societe Generale, Monte dei Paschi and Unicredit. Italians with lower prices.
Credit Seuss fell by as much as 23.8% at around 11 am London time, followed by Societe Generale, which fell by 9.9%.
