Credit Suisse shares hit new all-time low as banks hit by U.S. fallout
ZURICH -Credit Suisse shares hit a new all-time low in early trading on Friday as the European banking sector suffered the fallout from a sharp sell-off in U.S. financial stocks.
The embattled bank’s stock fell to 2.463 Swiss francs on the Swiss Market Index amid the sell-off.
Rival UBS was down 4.7 percent as European banking stocks headed for their largest one-day fall in nine months.
Europe’s STOXX banking index was down 4.2 percent and set for its biggest one-day slide since early June, with declines for most major names including HSBC down 4.5 percent and Deutsche Bank off 7.9 percent.
U.S. lender SVB Financial Group scrambled on Thursday to reassure its venture capital clients their money was safe after a capital raising led to its stock collapsing 60 percent and contributed to wiping out over $80 billion in value from bank shares.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.
